BillGO’s Post

Consumers, on average, log into at least 12 different sites each month just to keep up with their bills. Not only does this practice put them at risk by sharing their login credentials a dozen times a month, it also increases the chance of late payments – something 48% of consumers say they are “very” or “extremely” stressed about.    Yet consumers increasingly opt to pay through individual biller websites rather than through their bank’s centralized #billpay. Why?     The answer lies in the outdated, legacy technology that most FIs offer their customers. The typical bill pay service offered by an FI hasn’t evolved since the iPhone was released in 2007. In that same amount of time, “the world has changed, consumer expectations have changed, but bank bill pay hasn’t changed,” says Dan Holt, BillGO Co-founder and CEO.     Read the full article to learn four benefits modernizing bill payment provides to your customers – and in return, the benefit it provides your FI.  

Consumers, on average, log into at least 12 different sites each month just to keep up with their bills. Not only does this practice put them at risk by sharing their login credentials a dozen times a month, it also increases the chance of late payments – something 48% of consumers say they are “very” or “extremely” stressed about.    Yet consumers increasingly opt to pay through individual biller websites rather than through their bank’s centralized #billpay. Why?     The answer lies in the outdated, legacy technology that most FIs offer their customers. The typical bill pay service offered by an FI hasn’t evolved since the iPhone was released in 2007. In that same amount of time, “the world has changed, consumer expectations have changed, but bank bill pay hasn’t changed,” says Dan Holt, BillGO Co-founder and CEO.     Read the full article to learn four benefits modernizing bill payment provides to your customers – and in return, the benefit it provides your FI.     https://lnkd.in/gGEMNRGD  

Digital card management addresses two issues: Making it easier to do business with a financial institution and making consumers’ lives more convenient. The goal is to ensure that customers are more willing to use your card over a competing card in their wallet. To understand where we are today, it helps to take a step back. During the COVID-19 era, many merchants amplified their touchless point-of-sale capabilities, and thus digital wallets such as Apple Pay and Google Pay became even more attractive. Read more: https://ow.ly/vp4q50RyArh #payments #digitalcard #digitalissuance #digitalwallets #mobilewallets

It's been awesome to watch the roll out of Tap to Pay on iPhone within our customer base. Autobooks customers are leading the way when it comes to helping #smallbusinesses get paid directly from their banking relationship. Enabling a #business to get paid directly into their account is like locking a consumer into a direct deposit relationship. It's the automated funds flow of the deposit into the checking account. When a business uses a third party provider, the funds flow is at risk. The third party provider gets the first chance of diverting those funds onto their platform and away from the bank. As Timothy Coleman says "By using Tap to Pay, a business can support payments, sending and receiving through their bank account with us rather than worrying about a third party. We think that's an advantage for us." Small business is a huge market opportunity for #banks. It's also highly competitive, requiring the right tools. Starting with helping a business get paid directly through their checking account is a great place to start. #bankingindustry #payments #smallbusinessbanking #smallbusinessobsessed #businessbanking https://lnkd.in/g3jxKa2d

More utility for credit card issuers via Apple's wallet - Interesting to note the card issuer processor relationship. Many don't realize the role that processors play behind the scenes in enabling card and payment transactions. The card issuer set should expand as additional processors work with Apple. #creditcards #digitalpayments #ecommerce #payments #banking

Debit cards are getting a fresh look, and it has nothing to do with plastic. As financial institutions move towards instant issuance programs that push newly issued cards straight to digital wallets, even before the physical card arrives, they help to seed the ground for the next generation of debit card use. The coming era will be frictionless, contactless, and highly digital. #DebitCard #DigitalWallet #FinancialInstitution #Payment https://lnkd.in/gkj7FiRv

ICYMI: "...researchers found that customers charged 9.4% more on average to their credit cards, through both online and in-person transactions, after they adopted a mobile payment method." https://ow.ly/t0cr50Ra391 #fintech #socialimpact #digitalpayments #retailtech #mobilepayments #ecommercenews

As a consumer, I reach for my phone to pay far more often than I grab my wallet. That level of convenience places the card available in my Apple Pay account as my primary card when checking out at e-commerce sites and in-store when they offer tap-to-pay.  Wondering how your financial institution can win that valuable placement in your cardholder's wallet? Read the recent article I authored to discover how Alkami is supporting banks and credit unions with digital card capabilities.

TD Bank's Head of AMCB Digital Banking & Corporate Products and Services Jo K Jagadish, sat down with John Adams at American Banker to discuss TD’s recent announcement of the Tap to Pay on iPhone solution. Consumers are shifting towards preferring contactless payment methods, however 33% of microbusinesses report that they do not have the necessary payment device to accept contactless payments. Read more about how TD envisions Tap to Pay on iPhone helping merchants meet increasing consumer demand here: https://lnkd.in/ebS__esh

I think by 2030, we'll see major improvements in digital wallets. Here are the features we could have much sooner: - Real-time transaction-level data analysis - Debt optimization - Loyalty program management - Identification - Gamified, personalized financial education These features would be a serious game-changer, but there are some challenges we would have to overcome first to get there. What feature would you want the most? #DigitalWallets #Payments #Finance #FortressPayments