The future of billing isn't about adopting new technology for the sake of it — it's about meeting the evolving expectations of the consumer. This key insight set the tone for a webinar featuring industry experts: Simon Banks, Managing Director at PayPal Australia; Ben Selwyn, Partner at Fifth Quadrant; and Shaun Dobbins, CEO and Founder of Glider.
Based on a research report commissioned by Glider and PayPal and conducted by Fifth Quadrant, the discussion explored five key insights that businesses can use to rise to the challenges of changing consumer attitudes and behaviours in bill payments.
1. Customer Expectations and Technology
Customers today expect seamless digital experiences, in line with the bar set by tech giants like Uber and Apple. While some organisations are excelling in this, most still have room to improve.
"When customers interact with businesses they expect every service to be just as smooth and user-friendly." — Ben Selwyn
Organisations, particularly those in services industries, struggle with legacy systems and siloed or manual processes that make it difficult to meet their customer's expectations. With 53% of consumers expressing a desire for one-click bill payments, companies that have complex payment processes risk further late payments and lower customer satisfaction.
2. Generational Preferences in Bill Payments
The study revealed clear generational differences in how bills are perceived and paid. Older consumers tend to view bill payment as a specific activity they set time aside for, while younger consumers treat it as something done on the go.
This generational shift necessitates different approaches to cater to varying needs — highlighting the importance of mobile-optimised bill payment solutions.
3. Exploring New Technologies
New technologies are bringing lots of opportunities for the world of billing and payments. Shaun discussed RCS (Rich Communication Services), which he described as "SMS 2.0" — bringing enhanced verification and richer messaging, making interactions more secure and engaging.
Shaun also touched on the power of AI and chatbots: "AI can make managing billing processes easier and faster." But it's not just about having the tech — it's about using it effectively to ensure a smooth customer experience.
4. Consistency and Simplicity Are Key
While new technologies offer great potential, the real challenge lies in execution. The objective should be to simplify billing processes — ideally enabling customers to complete transactions with just one click. Consistency is non-negotiable.
"Understanding individual payment behaviours allows you to reach out at the right time through the right channels, making the experience more personalised and engaging." — Shaun Dobbins
5. Navigating Legacy System Challenges
Outdated systems can make it difficult for teams to improve billing processes. These legacy systems often lack integration, resulting in fragmented customer experiences. While it may be challenging, organisations should not let this stop them — incremental updates and enhancements can have substantial impacts.
Embracing the Future of Billing
The future of billing and payments looks bright with ongoing tech advancements. Maintaining a high-quality customer experience will be key to staying competitive. As technology continues to evolve, businesses that combine customer-centric solutions with a commitment to consistent execution will lead the way in redefining customer expectations in billing and payments.
Ready to improve your billing experience? Speak with one of our experts to explore how the latest technologies can elevate your billing process.
