One of the biggest challenges facing businesses today involves being able to predict and proactively address the needs of their customers. But billing and payment technology, which utilizes a data-driven and industry-proven approach to consumer trends, has made this once-challenging aspect of customer support much easier.
Are you using the data that you already have at your fingertips to make billing and payments simpler for your customers? Your competitors are likely doing this already.
Using Customer Data & Notifications to Increase Engagement
As a consumer, we all know how easy it is to forget to pay a bill when life gets busy. But as a biller, you can utilize the payment data and customer trends that you already have in your system to send helpful reminders and other account communications to your customers with ease.
Let’s say that Tom is a utilities customer who gets paid at the start of each month. Therefore, he tends to pay his bills at the same time, regardless of when the billing cycle runs for that utility. Sending Tom a notification when his bill is ready can help him plan accordingly and even ensure that Tom’s payments are made on-time.
This unobtrusive and polite reminder about upcoming bills are seen by consumers as a helpful account management tool, instead of as a nagging payment reminder. Offering them the ability to, in the same bill pay portal, check their usage, update account information or report outages gives consumers a streamlined and efficient account management experience, which includes bill pay.
From the biller’s side, the reporting dashboard can deliver real-time information critical to creating a smarter business strategy. Some of the most popular features of this dashboard functionality includes direct online access, role-based permissions and real-time report of billing and payment activity across all channels.
“One of the biggest benefits of our agent dashboard is being able to see details on call completion rates, call times and where customers tend to drop from the process.”, says Bob Means, Client Solutions Senior Architect at Paymentus. ”Our clients also love the Campaign Manager reports to see how many messages were delivered across the different channels like email, text and outbound calls.”
Predictive Payment Analytics as a Fraud Detection Tool
The obvious benefits of predictive analytics when it comes to payment data are on-time payments, increased customer satisfaction and decreased churn. But did you know that predictive analytics can also help detect and stop fraud as well as to mitigate risk?
Using analytics as a risk management tool is an aspect of data management that billers often overlook. But, according to a report in Payments Journal, it can also help “create models that proactively identify and prevent risks concerning fraud and the security of your business.”
If you’re not, don’t worry. You’re not alone. The vast majority of consumer payment data is not being utilized to its full potential. According to CFO Innovation, only 4% of the most disruptive frauds were detected by data analytics, despite its potential to become one of the most effective tools against fraud and economic crime.
Will you be an innovator or a follower?
Time for a Data Tune Up
The barrier of entry for data analytics and better data-based predictive consumer communications is usually time and knowledge. Everyone is short-staffed these days and, with the ever-evolving state of data delivery, it can sometimes feel like a job for a dedicated data analyst.
But that’s why choosing a trusted payments partner who can deliver that data in easy-to-understand and actionable ways can boost any billers’ approach to business. With streamlined portals, reports and dashboards, Paymentus offers an all-in-one centralized repository for all your organization’s consumer data.
Imagine the boost to your organization’s billing and customer service strategy that this organized and easy-to-digest customer payment data can give.
The information is already yours. Why not partner with a payment and billing solutions provider who can deliver that data to your team in easily digestible and actionable portions?