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Tech Revolution Changing Utility Billing and Payment Systems
Bonnie Hensler, vice president of product management, biller solutions, Fiserv, spoke with POWERGRID International magazine about how technology is changing billing systems for utility providers.
Utility customers expect the same simple, seamless digital experience from their utility companies as they do from their non-utility interactions. To meet these expectations, utility company payment and billing systems are undergoing a technological revolution that will continue at an exponential rate.
- Utilities must change or risk losing market share, even in regulated, monopolistic markets, due to distribution options and other choices for customers
- The most challenging aspect to current payment and billing practices will be the ability to quickly adapt to future customer needs
- With the right technology and approach, utilities can provide a simple, seamless experience as an opportunity to strengthen relationships and boost customer loyalty
