The Future of Billing: Meeting Consumer Expectations with Technology

The future of billing isn’t about adopting new technology for the sake of it - it's about meeting the evolving expectations of the consumer. This key insight set the tone for a webinar featuring industry experts: Simon Banks, Managing Director at PayPal Australia; Ben Selwyn, Partner at Fifth Quadrant; and Shaun Dobbins, CEO and Founder of Glider. 

Based on a research report commissioned by Glider and PayPal and conducted by Fifth Quadrant, the discussion explored five key insights that businesses can use to rise to the challenges of changing consumer attitudes and behaviours in bill payments, and also took a look at what new technologies are on the horizon.

Customers today expect seamless digital experiences, in line with the bar set by tech giants like Uber and Apple. "When customers interact with businesses they expect every service to be just as smooth and user-friendly," Ben noted. While some organisations are excelling in this, most still have room to improve.

Organisations, particularly those in services industries, struggle with legacy systems and siloed or manual processes that make it difficult to meet their customer’s expectations. For example, a company that only offers billing support during traditional office hours may alienate customers who want more flexibility. Or in another example, with 53% of consumers expressing a desire for one-click bill payments, companies that have complex payment processes risk further late payments and lower customer satisfaction.

Businesses must use technology to provide greater accessibility and convenience. Providing a consistent and high-quality experience across all customer touchpoints is key - whether it’s through phone, webchat, SMS, or other channels.

The study revealed clear generational differences in how bills are perceived and paid. “Our older consumers seem to view them as very much a specific activity that they do at a point in time that they put time aside for and it sits by itself.” Said Simon “Whereas for young consumers they're just part of life. It's something that you're doing much more on the go.”​

This generational shift necessitates different approaches to cater to varying needs. For instance, younger consumers are more likely to pay bills on the go, using mobile devices - highlighting the importance of mobile-optimised bill payment solutions.

New technologies are bringing lots of opportunities for the world of billing and payments. Shaun discussed RCS (Rich Communication Services), which he described as "SMS 2.0." He explained how RCS brings enhanced verification and richer messaging, making interactions more secure and engaging.

Shaun also touched on the power of AI and chatbots. "AI can make managing billing processes easier and faster," he said. But it's not just about having the tech; it’s about using it effectively to ensure a smooth customer experience.

While new technologies offer great potential, the real challenge lies in execution. The objective should be to simplify billing processes; ideally enabling customers to complete transactions with just one click. Consistency is non-negotiable. "The aim is to provide a steady, reliable experience no matter how customers choose to interact with you," Simon said.

Personalisation also plays a big role. Shaun encouraged using data to make communications more tailored. "Understanding individual payment behaviours allows you to reach out at the right time through the right channels, making the experience more personalised and engaging," he said.

Outdated systems can make it difficult for teams to improve billing processes. These legacy systems often lack integration, resulting in fragmented customer experiences. “Delivering an exceptional billing experience is challenging when constrained by such technology” Shaun said. While it may be challenging, organisations should not let this stop them - incremental updates and enhancements can have substantial impacts as organisations work towards creating a consistent and seamless experience across all touchpoints.

Embracing the future of billing

The future of billing and payments looks bright with ongoing tech advancements. Maintaining a high-quality customer experience will be key to staying competitive. "Even smaller organisations now have access to powerful tools," Shaun said. This opens up great opportunities for all businesses to improve their customer experience and stay ahead. Yet, with these advancements comes the challenge of consistent execution. Maintaining trust and delivering a secure, seamless experience across all channels is crucial for meeting customer expectations, and ultimately customer loyalty.

Key takeaway: As technology continues to evolve, businesses that combine customer-centric solutions with a commitment to consistent execution will lead the way in redefining customer expectations in billing and payments.

Ready to improve your billing experience? Speak with one of our experts to explore how the latest technologies can elevate your billing process.

Watch our full webinar for more insights and actionable strategies or download the report to read.