Imagine a world where upon being notified of an upcoming bill payment due date, you do not grimace or groan. Instead, you grin.
OK. We’re not suggesting you’ll actually be happy being separated from your hard-earned money, but we are suggesting that there may be life beyond a time when paying bills was a tedious, painstaking, anxiety-inducing part of your life.
In fact, the latest eBook from BillGO, Winning the Battle for Bill Pay, suggests that time is now. Key findings in the new eBook reveal not only how Americans currently manage their bills and subscriptions, but the eBook also offers key insights into how FIs can take advantage of the shifting bill pay landscape and win more business.
Paying bills is stressful
As we all know, most people use money just about every single day. They shop online, they buy groceries, eat at restaurants, make P2P payments to friends, and more. So why does paying bills specifically generate such a remarkable level of anxiety for people?
One big reason has to do with late fees. Recent data shows most Americans now live paycheck to paycheck. Billable services such as utilities and subscriptions generally involve a latency period between activation/delivery of the paid-for service and the payment itself. If your personal finances are in rough shape for any given month, it greatly increases the risk of incurring additional penalties due to late payments or missed bills.
Another issue is the downstream credit impact of a late payment. Even a single late payment can tank an otherwise impeccable FICO score with the implication of mild delinquency. Add to that the reality that in many cases you do not know if your bill payment has gone through (since most legacy bill pay tools cannot track payment status) and it is easy to understand why people lose their hair over bill payments.
The path towards improving bill pay
The good news is that FI partnerships with fintechs like BillGO can help streamline the bill pay process. BillGO already works with several top financial institutions (as well as other leading fintechs) to modernize the bill pay process. Improving bill pay means everything from offering real-time functionality to streamlining biller setup, providing transparent bill information, supporting multiple payment options, and instantaneously confirming payment completions.
In addition to detailing the modern bill pay experience, Winning the Battle for Bill Pay also includes expert recommendations from BillGO:
- Incentivize consumers to switch bill pay methods – Effectively marketing best-in-class customer experience features can differentiate FIs from the pack and entice new customers.
- Offer microloans – Easing the continued economic impact of COVID-19 with small, affordable loans between paychecks may help cash-strapped customers make ends meet.
- Help manage subscription volume – Responding to the recent uptick in subscriptions with a secure alternative for subscription bill pay can alleviate customers’ concerns about cancellation.
The bottom line? Bill pay is a relatively untapped market ripe for proactive organizations to meet the needs of financially challenged consumers. BillGO believes everyone deserves access to a healthy financial future and works to provide consumers with the speed, choice, and intelligence they need to stay ahead of their financial obligations. By integrating BillGO’s bill management and payments platform, forward-thinking FIs may be better positioned to meet the fast-paced needs of today’s consumers.
Read BillGO’s complimentary eBook, Winning the Battle for Bill Pay.