野花社区

Adapting to changing consumer sentiment is key for billers, especially as customer experience continues to play a key role in trust and loyalty. This year has demonstrated just how much consumer sentiment is changing. How do we 鈥� both as billers and consumers 鈥� take the growing list of lessons learned from this challenging year and most effectively apply them? What other issues will we face? How can we help ease tremendous consumer concerns? To answer these questions, I gathered insights from some of our 野花社区 experts, who shared their predictions and industry expectations for 2021.

2021 Will Be the Year for Real-Time Payments to Take Off in Certain Markets

鈥淎 major theme on the horizon will be the ability to make and receive payments instantaneously through real-time payments. We know that consumers have an appetite for faster transactions 鈥� according to our recent 野花社区 Speedpay Pulse survey, 24 percent of consumers are frustrated by the length of time it takes for companies to process bill payments, with 26 percent saying they would consider changing their payments channel or method if it meant the payment would process faster. Real-time payments can help facilitate the immediate transactions that have become critical in supporting people鈥檚 daily lives, including disbursements from insurance companies and government aid. As billers are faced with a choice 鈥� adapt their offerings to changing consumer preferences or stick with the status quo 鈥� I expect the demand for and adoption of real-time payments to accelerate.鈥�

Sanjay Gupta, Executive Vice President, Biller 野花社区

Expect Big Steps toward Digital

鈥�2021 will reaffirm and further accelerate the movement toward digital payments in the U.S. In an age when so many consumers expect an Amazon-like checkout experience 鈥� that is, quick and seamless 鈥� for every transaction, COVID-19 has expedited billers鈥� payment digitalization timelines. What they once planned for two years into the future, they鈥檙e realizing they need right now. And going digital isn鈥檛 limited to the array of online solutions billers might be most familiar with; I anticipate an even more drastic transition from 鈥渄ialing for dollars鈥� collections to virtual collection agent-type automated operations, especially as difficult times continue and customers require a more convenient and confidential response.鈥�

Andrew Sajeski, Vice President, Solution Consulting

Flexibility Is Key to the Future of Payments

鈥淎fter such an unprecedented year, I suspect that 2021 will bring a greater need for billers to act quickly to anticipate customers鈥� needs and provide the flexible solutions they have come to expect. In 2020, customer retention has been a direct result of a biller鈥檚 ability to evolve alongside consumers鈥� changing needs. For example, many auto insurers were quick to offer rebates or policy credits during the pandemic, when many people were under quarantine and driving less, in an effort to ease financial strain and discourage customers from switching providers. Trends around loan forgiveness and extensions will likely remain key differentiators as the pandemic continues to fuel uncertainty.鈥�

Alexis Blackstead, Vice President Product Management

Connection to Customers Will Rule 2021

鈥淚n 2021, billers will have to think long and hard about how they connect with their consumers, especially those who are concerned about their finances. Customer sensitivity will be more important than ever 鈥� billers must relay empathy to customers, some of whom may be forced to prioritize payment of their bills to get by. For example, increasing interest on payments when so many are struggling to make ends meet will certainly come under fire. Conversely, billers may actually have an opportunity to improve customer satisfaction by implementing payment options that help payers to proactively delay or manage payments.鈥�

David Baxter, Senior Vice President, Business Development 

As billers prepare for another year of uncertainty, they can find some of the answers they need by gaining greater insight into their customers鈥� preferences and behaviors. Whether it鈥檚 through customer support, payments flexibility, digital channels or adopting faster payment methods, billers must take the lead from customers鈥攐r risk getting left behind.

2020 has been a year like no other. What has this meant for billing and payments? Get more insights in the