Making up a third of the workforce and with a projected annual net income of more than $8 trillion, millennials have surpassed Generation X as the largest group of consumers in the United States. They are also the largest group of consumers who demand a simpler and more seamless payment experience.
The term used in technology for meeting these new and evolving payment preferences is digital transformation. Digital transformation is the adoption of digital technology by an organization to digitize non-digital products, services or operations. The goal for its implementation is to increase value through innovation, invention, customer experience or efficiency. And it’s critical that organizations are taking digital transformation seriously in order to stay competitive.
Easier Payments Powered by Easy-to-Deploy Solutions
With the widespread adoption of mobile technology, offering your customers the ability to pay their bills through mobile-friendly digital channels like apps and websites has become a necessity. Whether you need to launch a new payments portal to enable those in-app or website payments or just need to improve the user experience for existing payment portals, this all falls under the umbrella of digital transformation.
Sometimes, apprehension about the adoption and deployment of these modern payment options can seem daunting. These perceived pain points - whether they are cost or technology related - can cause an organization to drag its feet on committing to a full digital transformation.
That’s why it’s important to understand that improvements made as part of a digital transformation are powered by Application Program Interfaces (APIs), which simply integrate advanced payments solutions into your existing billing technology framework.
As a result, businesses can easily integrate this enhanced functionality into the customer experience wherever and whenever they prefer without having to worry about downtime or incomplete transactions.
Lead the Pack with an Evolving Customer Experience
It’s no secret that enhanced biller/bill-payer connectivity leads to more on-time payments, decreased delinquency and a better customer service experience. But let’s look at just how widespread and impactful digital payment transformation can be (via Zippia):
70% of organizations either have a digital transformation strategy or are currently working on one.
Global spending on digital transformation is expected to reach $6.8 trillion by 2023.
87% of business leaders think that digital transformation will disrupt their industry.
For those who have adopted a digital model, the biggest immediate positive impacts were improving operational efficiency and helping meet customer expectations.
Quite simply, it will be nearly impossible for businesses or organizations who are dragging their feet when it comes to a digital transformation to remain competitive or keep up with customer demand over the next few years.
And there’s one more statistic which makes a compelling case for a faster digital transformation:
Billers with digital-first strategies are 64% more likely to achieve their business goals than their less-innovative competitors.
Getting Started With Your Digital Transformation
Now that you know how imperative digital transformation is to the growth and success of your organization, what are the next steps? You know your bill-payers better than anyone else. So why not work with a trusted billing and payment partner who can customize your strategy to address the specific needs of your customers? No one size fits all solutions here but instead a unique road map for your needs.
No matter your industry, if you are a biller, you should be delivering your customers the billing experience with the widest range of payment channels, customer service communication tools and methods to pay available on the market. Schedule a conversation to find out how to get your digital transformation started.