The Data Point: 97% of Billing and Collections Execs Say Digitization Raises Satisfaction

Billing and collections have impacts extending beyond the transactional, governing much of the experience that gets reflected in Net Promoter Scores for utilities and financial services firms.

In The Digital Payments Edge: How Utilities And Consumer Finance Companies Can Enhance The Bill Payments Experience, a PYMNTS and ACI Worldwide collaboration, we surveyed 207 billing and collections executives from consumer finance and utilities companies with annual revenues ranging from under $100 million to over $1 billion, getting to the heart of digital transformation efforts in billing and collections in these two very different sectors.

  • Ninety-seven percent of billing and collections executives at utilities and consumer finance companies say digitized payments and billing processes will positively affect customer satisfaction.

While power and gas utilities are very different from consumer finance companies, perceptions around billing and collections practices are highly impactful for both.

Per the study, “Respondents expect a range of benefits from their digitization efforts,” with 87% of billers seeing digitized processes helping in customer acquisition, and 62% reporting that digital billing and collections can help increase revenues from existing customers.

Improved operating efficiency was cited by 91%, while 86% pointed to a reduction in collection times and 82% acknowledged a better-targeted collections process.

  • Ninety-three percent of billing and collections executives at utilities and consumer finance companies say ease of access to customer service is a key strength of their digital capabilities.

Consumer finance brands compete with others while utilities tend to be the only game in town for electric and gas, but both believe delivering better customer service is key to their growth.

We found that 93% of executives consider ease of access to customer service “a key strength of their digital capabilities, and 80% say the same about payment portals with billing details. In addition, companies say areas like autopay (75%), billing and payment systems integration (71%) and flexible payment, repayment and collection plans (66%) are strong suits. Giving customers a variety of payment options helps ensure that bills get paid on time.”

  • Seventy percent are concerned that the technology they need to implement digitized financial processes may not be available, and 58% worry employees lack key digital skills.

Digital modernization of billing and collections adds value for stakeholders, but a high number of utility and consumer finance professionals are concerned about costs and in-house talent.

The study states that “companies’ billing and collections executives understand that they may have to overcome serious obstacles to seize the benefits that digitized billing and payments processes offer,” finding that 70% are concerned that needed tech may not be available, and 58% are anxious about internal skills sets, leading more companies to partner in these areas.

Get the study: The Digital Payments Edge: How Utilities And Consumer Finance Companies Can Enhance The Bill Payments Experience