Billers have struggled for years to overcome the underwhelming paperless statement adoption rate as consumers continue to use the paper bill as a reminder and source of information. The reason for this is two-fold: today’s reminders are not effective and getting the information contained on that billing statement is too difficult for customers.
We have revolutionized this problem by using the power of the mobile wallets native to every smartphone in the world. Billers can deliver their billing data automatically to a centralized location on customers’ phones while lighting up the device with a message. The message capability can be used over and again throughout the course of a billing cycle and when the customer is ready to pay, we’ve removed the need to authenticate so payment is two taps away.
What can you expect?
- 900 basis points reduction in paper statement print and mail costs
- Decreased bucket 1 roll rate by 10 basis points (or 1 day decrease in day sales outstandings)
- Electronic payment rate increase of 50 basis points