Today’s e-commerce experiences are fast, easy and frictionless. Consumers are exchanging money with family and friends using peer-to-peer payment applications such as Cash App, Venmo and PayPal, and they rely on digital wallets to effortlessly make e-commerce transactions from their mobile devices. So, why do so many bill pay experiences still feel dated?
It’s no secret that today’s consumers expect convenience in virtually all aspects of their digital lives. Want that new book your co-workers are raving about? A few taps on your phone and it’s on your doorstep by dinner.
Your customers expect the same ease when managing their finances.
As profit margins tighten and operational costs rise, lenders are under more pressure than ever to streamline their payment operations. One often-overlooked area with outsized impact? The bill pay experience.
What are some of the biggest loan payment problems for millennials? Here we’ll highlight some key issues, and what you can do to remove friction and increase acceptance rates.
The new reality in payments is mobile wallets. But why are so many lenders still clinging to outdated payment options that frustrate borrowers and minimize efficiency? Some common misconceptions around usage, security and costs may be keeping lenders from adopting wallets as payment options. But that resistance is also keeping them from gaining critical advantages.
One of the most important questions decision makers have when considering a technology upgrade is can you build in-house a solution that better meets your needs than what’s on the market? The answer to this question is: It depends. When it comes to a payments platform, many organizations find it can be too challenging to go it alone.