It’s Time to Deliver the Experience for Billing and Payments that Customers Expect with Omnichannel

billing and payment trends

We’ve all seen the statistics.

It comes down to customer experience (CX) being a strategic imperative. To cite just one: 81% of companies are moving to compete mostly or entirely on the basis of CX. (Gartner).

So there’s no time to waste when it comes to making communications and payments CX a priority. After all, customers’ antennae are on high alert when they are about to part with money. And customers unhappy about how they are treated don’t stick around: 59% walk away after several bad experiences while it’s one and done after a single bad experience for 17%. (PwC)

To show how quickly CX trends in communications and payments are changing, Nordis Technologies put together a fun and informative infographic.

A big takeaway is that the pandemic boosted adoption of digital billing and payments, accelerating the trend toward digital that’s been building over the past few years. And it’s not just millennials who want easy access to digital communication and payments: 47% of consumers 55 and older are going digital.

Why is offering robust digital channels a CX issue? For people at every age, ease of use is driving this adoption. Convenience, speed and simplicity top the reasons consumers want digital billing statements.

But as our infographic shows, ease of use for consumers doesn’t always mean digital channels. That’s why it’s so important to offer omnichannel choices. Seventy-six percent of consumers say they want to decide how a biller communicates with them – paper or digital.

Drill down deeper and they want to choose from a variety of digital channels to boot, from text to email to mobile apps. Then, of course, you also need to pay attention to individual preferences on how often consumers want to get bill notifications and reminders. Vive la difference — if you can establish a way to make sure your customers’ preferences are being handled quickly and accurately.

That’s where customer communications management (CCM) software comes in. This technology lets you set, manage, and automate communication content and delivery channels and keeps you on top of executing against quickly changing trends in customer billing and payments.

Take a look at our infographic for more stats and food for thought.

Please contact us to discuss how we can help you leverage CCM and electronic bill presentment and payment (EBPP) software to better meet the needs of your customers.