Billing is a crucial function in financial and business organisations. Making this process much more efficient can help financial institutions reduce the occurrence of customer disputes, revenue leakage, and inaccuracies in reporting and forecasting, among others. More than just a backend process, billing can be transformed into a strategic enabler of financial innovations and an accelerator of frictionless customer experience. In an age when financial institutions are expected to respond to their customers’ needs and deliver their products and services with speed, banks cannot risk getting left behind.
Agile billing refers to a flexible billing model that makes use of the cloud and addresses the real-time needs of a financial institution’s clients and customers. By using this billing model, banks have the freedom and capability to effectively and quickly calculate fees, make the right pricing decisions, and efficiently track balances and invoice their customers. Here are three reasons why financial institutions should seriously consider using billing management solutions that are geared for accuracy, flexibility, transparency, control, and real-time service.
The Days of Straightforward Billing of Products and Services Are Long Gone
Pricing financial products and services are more complicated than ever. Much like commercial establishments, financial institutions must also offer sophisticated pricing schemes so that they can stand out from the competition and provide their clients with customised options. However, developing complicated pricing schemes is a process that can take a lot of time. While waiting for their primary bank to come to a decision, corporate clients may feel inclined to look for other options and banks that are capable of responding faster to their application.
To remain competitive, then, modern corporate banks must acquire agile billing solutions that will enable them to come up with pricing schemes in a timely manner. This will help them respond more readily to corporate clients who are looking for banks to partner with for their next endeavour.
Aligning Frontend and Backend Services is Crucial to Elevating Customer Experience
While backend and frontend office functions are traditionally set apart from each other, the lines are not so clear-cut today. These two office functions must be aligned well enough so that the bank, as a whole, can deliver better services to their clients. If customer-facing teams like marketing, sales, and customer service have access to the bank’s back-office system, they can provide their customers with a better view of their individual accounts and have a better chance of resolving disputes that a customer may bring forward. At the same time, enabling frontend and backend offices to work together can help improve employee productivity and eliminate the bottlenecks between these offices.
How does an agile billing solution come into play in this scenario? Using application programming interfaces (APIs) or custom connectors, the solution enables banks to integrate critical front-end functions like customer relationship management (CRM) and enterprise resource planning (ERP) to the bank’s enterprise ecosystem. This, in turn, streamlines the relationship between the frontend and backend offices.
A Real-Time View of The Company is Essential to Assessing Business Health
Last but not least, having access to an agile billing system can provide a bank with valuable business insights. Using the data and analytics from the agile billing solution, decision-makers can get a real-time view of the bank’s performance. They can also see how their previous offerings fared, the products and services that were in-demand among their customers, and the emerging trends that they can employ when designing new products. Also, by studying the dips and spikes in their monthly or yearly billing records, banks can accurately predict expected revenues, handle churns, and manage billing trends.
Does Your Company Need to Improve Its Billing Agility?
Is now the right time to invest in agile billing solutions for your financial institution? If your pricing models require customization, you can do this immediately with the assistance of an agile billing solution. The same can be said if you want to instantly reduce the friction caused by delayed or inaccurate billing services between your bank and the companies that you work with.
You can also consider investing in agile billing options in the near future if you want to expedite the process of developing new products, packages, and bundles and introducing them to your bank’s market. Access to a highly customizable and flexible billing model will enable your organization to refine the pricing details of the products you are offering in a much quicker manner, all while showing you how these minute changes can affect your revenue. Because you’re more certain of how the new products and their prices will impact your business performance, you can be more confident in releasing your new offerings to the public sooner than later. Check out your options for agile billing services today and find the most expedient means of solving some of your financial institution’s most pressing challenges.