Self-serve payment technology was developed and continues to evolve as a way to bring convenience and efficiency to consumers, businesses, and financial institutions. From a business standpoint, giving consumers and account holders a way to seamlessly make their loan payments, transfer funds across accounts, pay bills, and send money from peer to peer provides value and can create operational efficiencies.
For some financial institutions, however, increasing account holder adoption of proprietary payment systems can be a challenge. Much like moving a banking relationship from one institution to another, consumers can find it tedious and time consuming to transition their bill pay and peer-to-peer payment activity from existing websites and apps. With a concerted and strategic marketing effort, your financial institution can increase self-serve payment adoption across your account holder population. Here are a few ways to notify account holders that they have convenient payment options available to fit their busy schedules.
Promote Specific Features
It’s important to educate your account holders on the aspects of your payments tool that are unique. For example, if you have a single sign-on feature, express pay, or guest payments, make sure your borrowers and account holders know how convenient and easy your payments tool can make their lives.
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