Electronic bill presentment and payment (EBPP) has revolutionized the way businesses and consumers interact with their bills. For credit unions, staying up to date with EBPP trends is crucial for enhancing member experiences.
The earliest forms of EBPP emerged in the 1990s. However, their adoption was initially slow due to limited internet access. By the early 2000s, with the internet boom and the need for paperless billing, EBPP started gaining traction. Initially, these solutions were siloed, causing increased operational challenges and a fragmented view of payments.
With time, providers responded to the demand for integration. Modern EBPP solutions now offer a plethora of direct and indirect channels, such as customer websites, mobile payments, chatbots, and more. Such advancements help businesses choose appropriate channels tailored to their needs, offering an integrated bill payment experience.
In today's digitally driven world, EBPP is a prime example of how technology can elevate the user experience, increase efficiency, and offer powerful insights. EBPP isn't just about paying bills; it’s about optimizing a critical touchpoint.
Credit unions who modernize their bill pay systems benefit from:
For credit unions, embracing a modern EBPP solution is more than just an upgrade—it's a pathway to heightened member satisfaction, insightful data analytics, and operational excellence. As the digital realm evolves, ensuring a proactive stance in adopting state-of-the-art payment solutions is paramount. It's not just about staying ahead; it's about setting the standard.
To explore the history and future of EBPP and gain insights into its most important aspects, watch the full webinar, The Evolution and Opportunities of EBPP for Credit Unions, hosted by NACUSO and featuring Alacriti.
Kristen Jason is director of product marketing at Alacriti.