Digital elements are an increasing integral part of modern customer communications and bill payments. However, digital adoption doesn’t mean companies must completely eliminate paper. Instead, it’s about meeting customer expectations for personalization, control and ease.
There are a few customer behavior trends that can help businesses understand how to achieve this balance. First, it’s important to recognize that while digital usage is rising, many consumers aren’t fully there yet. There are many reasons why someone may prefer print or avoid going completely digital. For example, approximately 40 percent of customers avoid digital due to privacy concerns.1 Consumers also cite safety as a potential red flag. Almost half of U.S. consumers are uncertain about the safety of checkout when using digital payments. And, 42 percent are uncomfortable storing card data on e-commerce.2
For some consumers, digital wallets are bridging this gap. While current adoption rates are low, digital wallet usage is growing across most age and income groups. Nine percent of U.S. consumers report using digital wallets daily.2 Digital wallets are also a common solution for bill payments from unbanked consumers. Many customers are considering the possibilities of digital wallets, as almost 60 percent of consumers say they would pay their loans using this method.3
Finally, and perhaps most importantly, customers value simplicity. However, many report that most bill payment methods are too complicated. More than half (60 percent) say managing and paying bills should be easier. One specific area that was flagged is payment details. Eighty percent say fields such as the loan number and amount due should be pre-populated to reduce complexity.
It’s clear that consumers preferences are shifting. While digital is becoming more prevalent, customers want options and ease of use. To adjust, businesses can prioritize self-service options and customer simplicity. That means easy access to both account and business information as well as flexible billing options. For communications, offer a variety of ways for customers to receive information including online portals, mobile apps and email. Payment options should be versatile as well, encompassing methods such as digital wallets, autopay and cash.
These options can help billers and service providers modernize without alienating their customer base, building customer satisfaction and loyalty. Matrix can help you improve your customers’ billing experience. We provide your customers with flexible, convenient bill presentment and payment options while giving your company the resources to enable this service.
With our proven solutions, customers can choose to receive their bills by mail or email or opt for safe and secure seamless mobile billing with mobile payment options. They can also retrieve and view bills, make one-time or recurring payments, pay by text and see real-time account activity.
By combining comprehensive, integrated e-solutions with proven print strategies, we can help you cater to customers’ preferences and simplify billing. Contact us to get started.
