Key Topics Covered
- Earlier when ratepayers did not have the option to choose their utility provider, the utility firms weren’t very concerned about how customers and consumers engaged with their product.
- Now, in a digital-first world, utility providers need to re-evaluate their traditional methods of consumer communication, in order to meet the demands of today’s ever-demanding customers who think and expect differently. the demands of today’s customers who think and expect differently.
- The users now expect quick billing, multiple payment options, personalized communication and easy payment processing which is all possible through the adoption of digital payment options and Omni-channel communication.
Improving the Customer experience is quite a new buzzword among businesses, particularly in the utilities sector. Earlier when ratepayers did not have the option to choose their utility provider, the utility firms weren’t very concerned about how customers and consumers engaged with their product. This scenario still exists in some local governments even today, but many have realised the enormous advantages of modernising their customer-facing systems.
We live in a civilization that is entirely digital. While this paradigm change has a lot of advantages, it also necessitates re-evaluating the utility industry’s traditional methods of consumer communication, in order to meet the demands of today’s customers who think and expect differently.
From our needs to wants, we have automated our lifestyles from every angle to bring things at our finger tips. Starting from online groceries to medicines, doctor consultation, movie ticket booking, accessing bank accounts, making online payments and everything else, we get our things done at the click of buttons. This shift is not small and it only triggers higher customer expectations in every industry.
The bottom line is; people prefer more comfort in meeting their daily responsibilities and this expectation comes true even with a utility company. Their users expect quick billing, multiple payment options, personalized communication and easy payment processing.
The ratepayers across the board have different payment preferences. While some still want to continue payments through traditional methods like cheques, others are adopting gradually to mobile digital payments.
Offering multiple payment options simply allure the customers with choices they get. When they are offered the choice to interact with a service in their preferred mode, they are more likely to stick with the provider, instead of getting enticed to others in the industry.
You send payment reminders for electricity bill to your customers through emails. They might not check it and the bills remains unpaid for two weeks.
Now, consider a scenario, when you send an email or a message asking your customers to download your mobile app instantly. The app gets downloaded and your customers receive notification about the bill, which prompts them to make the payment instantly from their devices.
By doing this, you are simply opening up one more option for your customers to make quick payments in a very convenient way. They might like it and continue doing so always!
These digital adoptions, not only keep your customers happy, but also help you reduce your daily sales outstanding (DSOs). Your customer care centre also remains less overwhelmed with fewer people making daily calls to pay their bills. Overall, you reduce your operational cost too, while ensuring more frequently cash inflows.
The downloaded app also helps your customer get a snapshot into their electricity usage, bill, and the ways to figure out energy-saving measures. The long-term result is freedom from un-wanted pressure on utility companies, a lot of cost saving, and reduction in DSO.
The bottom line is that, today’s customers are savvy, they want options and convenience in everything they do. The utility companies need to keep pace with the changing digital era and the changing expectations of the customers. They must scrub out the notion of “traditional” with them and slip into the digital age for better operations, customer experience and outcomes.
If you are also willing to level up your customer communication or digital payment experiences, ask for a MonayPayments demo today!
