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Considering statistics like these, it’s essential your financial institution is offering online bill pay to your customers and members. What should you look for in an online bill pay provider? Here are seven key factors:
- It is valuable to have a bill pay provider that can integrate the look and feel of your online banking product. That approach means a lot to your customers and can alleviate any concerns they may have experienced by moving to an unfamiliar website to enter their bill pay data.
- Mobile integration is a must. Seek out a bill pay partner that has a mobile banking product or offers mobile banking integration to your product.
- Ask your bill pay provider to share with you their electronic-versus-paper ratio. If you are paying different per transaction fees per delivery method, that could mean a lot of money in savings to your institution.
- Work with a bill pay provider that provides low cost or even complimentary user adoption programs. Higher adoption rates costs more money, but it also means a more loyal customer base and more valuable customer to your institution. This should be a service your bill pay provider offers and can be embraced by you
- Look for a bill pay provider that has a track record of excellent customer service. Your bill pay provider should have a proven history of helping financial institutions and bill pay subscribers. Those phone calls are extremely valuable to customer loyalty and continued bill pay usage.
- Find a provider that is willing to see (and treat) you as a partner, not a customer. Feedback on functionality, customer service, and usage are all important aspects of a relationship between you and your provider. If the provider isn’t listening, then chances are, something is wrong.
- Ask your bill pay provider what is coming next. If they are looking ahead with you and your customers, you have a solid partner.
Finally, be sure you are asking the right questions when reviewing a product – with an eye toward the future. Bill pay is growing and will continue to grow. Regardless of the mechanism, your customers want access and desire a quality product and quality service. Asking questions up front while keeping in mind these seven attributes will help position your institution for success and a strong competitive position in your market.
We invite you to take a look around this Knowledge Center, which is designed to provide you with further information to help you address the key areas above and effectively reach today’s customers.
A native mobile banking application for both iOS and Android™ that offers a quick, cost-effective way to deploy innovative mobile services.
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Mobile and flatbed remote deposit capture solution that allows your financial institution to provide individuals and small businesses the best in Remote Deposit Capture (RDC) solutions, offering the convenience of easily depositing checks from a compatible smartphone, compliant tablet device or flatbed scanner, anytime or anywhere.