Improve customer satisfaction by using data analytics to refine the billing process
When looking to improve customer satisfaction, most telecommunications providers immediately think of the call center, reducing outages and increasing technician success. However, providers who are not looking to improve the billing process are missing a significant opportunity to make customers happier.
The billing process is important because it can impact customer satisfaction and reduce providers' overall costs. However, rolling out new billing programs or features can be time consuming and costly. It's important to understand how your customers are currently viewing and paying their bills, as well as what issues they have with the current process and features they feel are missing. The good news is that you already have all the information that you need to answer these questions in the form of data. By using customer analytics to analyze this information, you can take your billing to the next level.
Fiserv found that 60 percent of customers are more satisfied when they're able to pay via mobile devices. By increasing the number of customers paying by mobile, you can decrease your billing costs, because mobile payment typically requires less processing time and manpower. You may also see a jump in satisfaction because this process requires less effort from the customer.
To help move customers to mobile billing, you can use data analytics to determine which customers have mobile devices but are still not paying through this channel. You can then reach out to determine why those people are not paying on their devices and talk them through their concerns. Customers who have downloaded your mobile payment application but have not used it may benefit from a quick tutorial. In addition to making customers feel important, these calls will most likely increase your mobile billing adoption rates and subsequently decrease paper billing costs.
Emergency payment options
No one really wants to be late with bill payments, but almost everyone has been close to their payment deadline at some point and has needed a way to pay quickly. By increasing emergency payment options, you can improve customer satisfaction and reduce the amount of time and money your utility spends on collects and disconnections. This allows customer-focused employees to work on other areas that boost revenue.
The first step is to use data analytics on payment history, which will help you create customer profiles of those who paid late or near the deadline. You can then use this information to determine whether additional billing options or increased customer education on current plans would increase timely payment. Additionally, you can also solve the problem by sending out a quick survey, either over phone or online, to those who regularly miss payments. Through this, you can determine which emergency payment method would be most useful to your customers.
How many times have you remembered an important meeting because of a calendar reminder? The same concept can reduce late bills. According to Fiserv, "43 million households are interested in setting up mobile bill pay due date alerts to help avoid late or missed payments. Seventy-seven percent of respondents said that digital bill pay reminders would enhance customer satisfaction, and also increase the likelihood of adopting e-bills." Use analytics to find the customer segment that's most prone to late payments, and then determine the specific time and format of reminders that would be most effective to them.
Billing isn't just an afterthought. Because spending money can be emotional for people, it's important that you make this part of the process as painless and easy as possible. By using data analytics, you can be sure that you're making the adjustments necessary in your billing process to keep your customers as happy as possible.