A new study from Fiserv reveals that billing and payments have become key drivers of customer satisfaction and engagement, and to remain competitive, billers should optimize their billing and payment offerings.
In recent years, businesses have begun to view bill presentment and payment collection as more than just an administrative function, leveraging bills and statements to improve customer communications through better design and broader distribution channels. Today, the strategic value of billing and payments continues to grow as consumer technologies enable new presentment and payment options.
Managing the customer experience in the age of social networks and online reviews has become more critical, even in less-competitive industries, such as regulated utilities, because today's consumers are empowered and their voices are amplified. Whether they are delighted or frustrated, customers have the ability to broadcast their experiences to the world using their mobile devices.