Leverage AI to build customer loyalty, trust
The Green Sheet Online Edition
February 08, 2021 • Issue 21:02:01
Article can be access on the original publisher’s site by clicking here.
Payrailz, a digital payments solutions provider to U.S. banks and credit unions, launched Action Insights, an integrated product offering designed to help financial institutions enhance their digital relationships with customers. The AI-based solution delivers personalized messages at scale, sending targeted notifications and recommendations to customers based on their unique buying patterns, payment histories and transaction data, the company stated.
Kavita Singh, vice president of AI product management at Payrailz, remarked that Action Insights can boost customer confidence and reduce stress. “Action Insights are unique in that they use the power of artificial intelligence to target individual people and meet their specific needs,” Singh said. “Data-driven solutions like Action Insights are the key for adding value to relationships between financial institutions and those they serve.”
Fran Duggan, CEO at Payrailz, agreed that Action Insights facilitate a smarter digital payments experience. For example, an Action Insights feature called “Reduce My Bills,” powered by a back-end API integration with Billshark, is designed to appeal to tech-savvy customers and their “do it for me” attitude, she stated.
“Select [Reduce My Bills] users are made aware they are overpaying for specific household bills and given the option to let the system reduce their bills if they choose to—from there, the system does it for them,” Duggan said, adding that Action Insights are a game-changer that can help financial institutions leverage the power of AI.
Payrailz described the technology suite’s billing solutions as follows:
- Business Smart Pay: This next-generation solution combines electronic bill and invoice presentment and payment within a business bill pay solution. It also includes the ability to interact conversationally with digital assistants and messaging bots. The company’s Do It For Me AI-driven capabilities can help business owners improve cash flow and deliver insights related to invoices and payment accounts.
- Business Bill Pay: This commercial-grade solution is designed to help business spend less time on finances and more time on high-value business activities. The solution’s intuitive design makes bill and invoice presentment and payment simple and engaging. Businesses can establish user entitlements; view billing information; and make one-time, future-dated, recurring and automatic payments and invoice payments.
- Customer Pay (Disbursements): This digital pay-out solution is designed to enable frictionless digital payment experiences between business clients and their customers. The solution enables users to disburse payments electronically to accountholders at U.S. financial institutions by providing an email address or mobile phone number to initiate real-time, same day, next day, or future scheduled payments.
‘Do It For Me’ solutions
Duggan described Action Insights as a key part of the Payrailz family of intuitive, intelligent “Do It For Me” solutions, from voice interactions to mobile functionality, all of which are designed with both consumers and businesses in mind. Advanced payment capabilities include consumer and business bill pay; external and internal transfers; new account funding; and P2P, B2B, B2C and other related solutions to banks and credit unions, she stated.
Today’s consumers are becoming comfortable with technology enablement, which is creating a “do it for me” culture, Duggan noted. The Payrailz suite of financial services industry solutions is built on API-first and cloud-native technology and designed to be predictive and engaging. We help financial institutions meet today’s payments expectations while effectively planning for tomorrow’s payments innovations, she added.
Following a successful pilot program, Bill Schirmer, president and CEO of Evansville, Ind.-based Teachers Federal Credit Union, deployed Reduce My Bills to its members in December 2020. “Making our members’ lives simpler is a huge competitive advantage for us; however, allowing them to save money every month is even better,” Schirmer said. “After what has been a challenging year economically, we are thrilled to put solutions in place that help ease the financial burden for our members.”
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