Regions Bank has introduced new ways for business clients to manage customer billing and communications.
The company announced Monday (Aug. 7) that its business clients now have access to customer communications management software, called Expresso from Nordis Technologies, that lets clients create, deliver and track communications to initiate customer payments.
“At a time when business clients often need to do more with less, automation and technology provide efficient alternatives to the manual process of billing and receivables,” Bryan Ford, head of treasury management for Regions Bank, said in a news release.
“This, in turn, helps companies focus more on customer service and product development while we step in and make their cash flow simpler.”
According to the release, the solution lets clients in a range of industries — including healthcare, real estate, and manufacturing — to manage the entire lifecycle of accounts receivables from one integrated platform.
This new platform builds on the company’s BillerXchange product, an automated bill presentment and payment tool powered by Mastercard. However, customers don’t need to be enrolled in BillerXchange to use Expresso, the bank said.
The launch comes at a time when a majority of consumers say they want a single bill pay platform, with research by PYMNTS showing 52% of consumers say they experience frustration when trying to pay bills.
“Most billers that use holistic bill payment systems like what they see. A convenient payment experience will likely result in lower churn and more completed customer transactions, positively impacting revenues,” PYMNTS wrote last month.
“Eighty-three percent of billers report that using a holistic payment platform gave customers access to more payment methods and options.”
But not all billers are on board, with research showing that 26% of billers are not interested in providing these platforms. Among this group, 43% worry it would be too complicated to integrate and 47% do not believe holistic options give customers more convenience. This data shows a disconnect between what billers think and what consumers want.
“The level of billing friction that customers experience determines their level of satisfaction with the biller,” the report said. “The more bill payment frictions a consumer experiences, the more likely they are to switch providers. For example, 43% of consumers say they would be highly likely to switch providers after experiencing one or two bill payment frictions.”