Digitally connected people expect their days to go something like this: Put on an outfit handpicked by Stitch Fix based on preferences, body type and budget. Order a few household necessities from Amazon, recommended from previous purchases. Prepare a Hello Fresh dinner with pre-measured ingredients chosen according to dietary preferences and household size. And at the end of the day, watch a movie recommended from previous Netflix selections.
As those kinds of experiences become the new norm, why would consumers expect paying bills to be any less tailored to their individual needs and preferences?
To meet those expectations, financial institutions are capitalizing on the deep data they have about consumers and their finances. The next generation of bill pay systems will use that information to create a tailored, advisory payment experience, building out connections to billers’ systems and driving behaviors to keep finances on track.
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