Today’s consumers are online and always connected. With the advent of mobile technology and the constant connection with the internet that they supply, consumers have come to expect an "anytime, anywhere" experience when dealing with friends and businesses. This includes paying for purchases, making payments on a debt and doing any kind of financial transactions. As a result, financial service providers can no longer consider Web-based financial technologies as an “additional service”; it is now becoming key to staying competitive.
Consumers have raised their expectations in terms of working with financial institutions. They are no longer satisfied with a smaller version of the bank’s website on their mobile devices. They want immediate access and speedy service, and sometimes lenders can even put themselves at risk if they find themselves unable to respond to changing consumer demands.
How can you provide the consumer with a flexible, compliant, and overall seamless process when making payments? Offer the customer or member a wide variety of methods to service their payment. Adding a variety of payment options makes it easy for the client to make their payments and therefore speeds up the collection process. One or two methods is not enough. Offer payment gateways, an interactive voice response (IVR) system, payment portals and mobile payment technologies. By offering a number of options the client can select which payment method works best for them at that particular time and make the payment quickly and easily.
Delivering easy and satisfying online interactions with clients creates the opportunity to retain current customers or members, as well as gain new ones in this competitive environment.