Did you know that the COVID-19 pandemic and subsequent statewide lockdowns have accelerated the adoption of digital products and services by six years? Digital channels have revolutionized what your borrowers have come to expect from a payments experience—they’re now demanding payment options that are dynamic, fast, and resonant. In this blog post, we’ll discuss how incorporating these three qualities can help your institution improve its digital payments experience.
Dynamic Payment Options for Our Multifaceted Lives
Between work, side-hustles, getting the kids to school or daycare, staying active, and enjoying hobbies, we all wear many different hats in a day. Today’s “do everything” borrowers expect to have multiple options for making loan payments. This demand for more dynamic choices is due in large part to the very high growth in electronic payments of all types, across all markets. If you want every facet of your payment experience to shine, you need to make sure it’s multifaceted to begin with.
Omnichannel is a comprehensive and intentional strategy to support payments across the board at critical customer service touch-points at a financial institution, including online. Omnichannel ensures there is a plan to support customers for in-person, phone (live or IVR), mobile, desktop, and more; the plan will ensure that business requirements (i.e. risk controls and operational capabilities) are built into each channel. This allows omnichannel support, even if 100% functional parity cannot be attained because of external factors.
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