A new study conducted by ACI
Worldwide (NASDAQ: ACIW) and Wiese Research Associates reveals that
56 percent of organizations use siloed electronic
bill presentment and payment (EBPP) systems that cost them more than
$1 billion annually. Study participants included leaders responsible for EBPP
in the U.S. within the consumer finance, government, higher education,
insurance and utility sectors.
Daily operations for many businesses include wrangling multiple EBPP
systems, each of which addresses numerous channels that are used to
interact with customers. Given the high cost implications, it is not
surprising that nearly half (48 percent) of the organizations surveyed
are open to replacing their EBPP systems with a single, integrated
system that can address diverse payment preferences efficiently and
cost-effectively.
-
Fragmented websites cost $630 million annually in decreased eBilling
adoption
-
Lost productivity from isolated EBPP systems robs companies of $380
million per year
-
Call centers operating disparate systems incur $180 million in
needless expenses each year due to longer call times
Critical Improvements with Integration
Many consumers use multiple payment options and expect their preferences
to be remembered across all channels. When disparate systems do not or
cannot communicate with each other, consumers are forced to provide
information multiple times, leading to potentially unsatisfying
experiences. Organizations recognize the value of an integrated EBPP
system to reduce costs and improve customer satisfaction; ranked in
order are the top four critical improvements survey participants
expected:
1. Faster payments
2. Increased consumer convenience
3. Higher compatibility with other systems
4. Mobile bill payments
“Our customers expect a wide range of convenient payment options,” said
Harold Concepcion, Chief Retail Customer Service Division, Miami-Dade
Water & Sewer Department. “We use an integrated bill payment system
across multiple channels to provide a consistent customer experience and
make operations much easier for our staff.”
“Today’s consumers want a reliable and seamless experience across
multiple channels and payment types,” said Scott Fitzgerald, Vice
President and Product Line Manager, ACI Worldwide. “It should come as
little surprise that integrating disparate (EBPP) systems not only
improves customer satisfaction and increases efficiency, but is also
cost effective—to the tune of potentially more than $1 billion each
year.”
Survey Methodology
ACI Worldwide & Wiese Research Associates conducted a phone-based
quantitative market research survey of 80 leaders responsible for EBPP
in the U.S. within the consumer finance, government, higher education,
insurance and utility sectors.
To receive a complimentary copy of the survey results, please click here
or visit http://update.aciworldwide.com/eliminate-costs
About ACI Worldwide
ACI Worldwide, the Universal
Payments company, powers electronic payments and banking for more
than 5,000 financial institutions, retailers, billers and processors
around the world. ACI software processes $13 trillion each day in
payments and securities transactions for more than 250 of the leading
global retailers, and 21 of the world’s 25 largest banks. Through our
comprehensive suite of software products and hosted services, we deliver
a broad range of solutions for payment processing; card and merchant
management; online
banking; mobile, branch and voice banking; fraud
detection; trade finance; and electronic
bill presentment and payment. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2014.
ACI, ACI Payment Systems, the ACI logo and all ACI product names are
trademarks or registered trademarks of ACI Worldwide, Inc., or one of
its subsidiaries, in the United States, other countries or both. Other
parties’ trademarks referenced are the property of their respective
owners.
Product roadmaps are for informational purposes only and may not be
incorporated into a contract or agreement. The development release and
timing of future product releases remains at ACI’s sole discretion. ACI
is providing the following information in accordance with ACI's standard
product communication policies. Any resulting features, functionality,
and enhancements or timing of release of such features, functionality,
and enhancements are at the sole discretion of ACI and may be modified
without notice. All product roadmap or other similar information does
not represent a commitment to deliver any material, code, or
functionality, and should not be relied upon in making a purchasing
decision.
Copyright Business Wire 2014