The rapid modernization of digital billing and payment processing is evident across the economy, with utilities being prime examples. Fifty-five percent of utility company billing executives say the digitalization of the business environment is the top factor that will affect industry growth over the next five years.
These companies know where they need to invest to drive growth, which may explain why more than half of utility companies are investing or planning to invest in digitized payment platforms. Ninety-three percent of executives at these companies say digital invoicing capabilities are key to driving growth. Digitized payment platforms are integral to customer satisfaction, and customers expect these platforms to deliver other benefits, such as speeding up the payment process and bill collection.
These are just some of the conclusions of “The Digital Payments Advantage: How Utilities Can Succeed in the Payment Processing Revolution», a PYMNTS and ACI in the world collaboration. We surveyed 103 billing and payment managers at utility companies that send more than 30,000 customer bills every month from October 26 to November 19, 2021. We looked for data on these companies’ efforts to provide customers billing and payment experience.
Some additional key findings include:
Ninety-three percent of utility billing executives say having digital billing capabilities is important to improving their business growth rates over the next five years. Companies have been investing for years in the digitization of payments to improve the security, efficiency and profitability of their operations. Companies that support these digital modernization efforts will position themselves to get the best returns on their investments.
Ninety-seven percent of billing executives say innovating with digitized processes will improve customer satisfaction. Utility companies that successfully use digitized billing and payment processes to improve customer satisfaction and accelerate the bill collection cycle will position themselves for success as digitized processes become more critical to all business operations.
Ninety-three percent of utility billing executives say their customers are “very” or “extremely” interested in the security of their payment processes.. At the same time, 99% of these companies say payment security is one of their strengths. Utility companies implementing digitized systems that provide the features customers expect, including the security of personal and financial information, will stand to succeed.
Utilities have spent years developing and investing in digitized bill payment systems. These systems have helped improve operational efficiency and customer service. Utility companies that successfully leverage their digitized platforms to continue to improve billing processes will better position themselves to meet customer expectations, build loyalty, and improve their competitive positions. These findings will also be increasingly important as the energy and utility sectors undergo more rapid change over the coming decades.
To learn more about how utility billing and payment executives are using digitized payment platforms to drive growth, To download The report.