The COVID-19 pandemic has reshaped the way people across the country interact with the world around them. For many, digital banking has gone from being a convenient way to bank to the only way to bank. Demonstrating this shift, digital banking transactions have increased by a remarkable 50 percent since the end of last year.
A convenient, reliable solution for immediate and evolving needs
Even with the substantial growth in the digital channel, many account holders remain accustomed to paying their bills via mail or at payment centers. As social distancing guidelines continue, these customers and members should be encouraged to use digital bill pay, a reliable, secure, and safe alternative that eliminates the need to leave the house in order to keep accounts current.
Taking stock of the bill pay experience you’re providing
Increased reliability on digital banking increases the need for an FI to evaluate the type of experience their bill pay solution provides. At Q2 we’ve been receiving more questions on ways to improve the bill paying experience for account holders.
To reach account holders that haven’t yet adopted online bill pay, FIs may want to consider whether their solution offers features such as an easy-to-understand payment interface, the ability to add payees and track payments within a native app, and a seamless experience across all their devices. As account holders continue to pivot to the digital channel, FIs may benefit by proactively providing bill pay solutions that meet their growing and changing needs.
Additional resources for evaluating your bill pay offerings
- Learn about the ways Q2’s innovative Biller Direct API can help FIs provide easy-to-use bill pay solutions that are both compliant and secure.
- Discover five essential reasons to rethink your bill pay solution.
