Updated: Jun 6, 2019
Customer Analytics – Know Thy Customer
Knowing your customer is the golden rule. Billers are beginning to recognize the power that applied customer intelligence brings to customer relationships. By capitalizing on the powerful one-two punch of internet analytics and customer billing intelligence, billers can engage their customers with fresh, dynamic, behavioral-driven online experiences that improve both loyalty and top-line sales. In today’s technology-laden world, data drives everything. Whether it is relaying how a customer wants to receive their bills or highlighting which products your customers would most likely want to take advantage of, data is being used to create seamless experiences and improved products and services.
Internet Advances Continue to Make Mobile an Important Billing Channel.
Sometimes there’s an advantage in being late to the game. In many Eastern and Southern regions of Europe, and across much of Asia and Africa, the now classic terrestrial broadband internet never made that last mile to the home. As a result, Internet usage has lagged substantially over countries with a large fixed infrastructure. But mobile networks have taken off, and new advances have destroyed the Internet status quo. Your customers are on the move and they expect the companies they do business with to be moving with them. According to Statista, “The number of smartphone users is forecast to grow from 2.1 billion in 2016 to around 2.5 billion in 2019, with smartphone penetration rates increasing as well.”
Lean, Mean and Green.
The recession has forced both large and small companies to become lean and mean with green initiatives to drive cost savings. Well-thought-out e-billing, e-payment and online customer care consistently demonstrate huge cost-savings for companies while being eco-friendly. SaaS based e-billing is an important movement that allows smaller billers to move from print to online.
It’s Not Just About Green, It’s Also About Clutter.
Studies have shown that among 20 to 30 year olds, the key reason for moving to e-billing is not about helping the environment, but about reducing life’s clutter. And the clutter just isn’t paper, but includes remembering to make payments, organizing finances, and having the ability to get at account information anytime and anywhere. This new consumer generation is the future and they’re comfortable with the Internet.
Bill Clarity Rules.
Companies will continue to focus on reducing costs. According to J.D. Power and Associates, about 30 percent of inbound calls are related to billing. Companies will focus on reducing their call-center calls by offering simple and consistent bills to reduce those calls.
Customer Care Rules.
Billers will stop perceiving the billing event and e-bill as a commodity that drives cost savings, and start leveraging online customer care as a differentiating and transformational part of their total product offering. They’ve stop looking at bills as a cost of doing business, and look at the customer service event as a centerpiece of a total customer experience
Source: R. Grant, PB