The days of impersonal, one-size-fits-all financial transactions are numbered. The question is no longer whether to personalize, but how quickly a financial institution can implement Payment Experience Management to deliver personalized experiences.
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.
Choosing a new bill payment platform is a major strategic decision. It requires building alignment across numerous stakeholders to support competing priorities and your overall vision for company growth.
Payments used to be just transactions between consumers and businesses. If the process was slow, inflexible or required manual work, that was part of the deal. Now, however, payments are a central focal point in the customer experience.
Payment options are rapidly evolving for many consumer experiences. Unfortunately, bill pay lags behind this evolution. As lenders and billers try to catch up to offer more modern options, they often end up with a patchwork of payment platforms that is complicated and costly to manage.
Demand for consumer credit is still on the rise, despite recent years of escalating inflation and recession rumors. And as interest rates may start easing downward, competition among lenders will heat up. Banks, credit unions and consumer lenders are all vying for a piece of the consumer credit pie, estimated to top $24 billion by 2032.
Many credit unions face steep challenges to remain competitive and profitable—and it’s growing more difficult as loan delinquencies rise. Indirect lending is an important source of revenue, making up over 22% of credit unions' portfolios.