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Last week we unveiled our latest innovation, Bill Navigator, a new and powerful tool for banks to leverage in their battle for primacy. With our ongoing work to deeply understand primacy and how consumers make decisions about their financial relationships, it became abundantly clear that the battle for primacy cannot be won by capturing direct deposits alone. That’s why we’ve been hard at work on the development of a comprehensive bill transition and management solution to help banks continue to activate and deepen their relationships with customers.
A long overlooked friction point
Customer pain points surrounding recurring bill payments have maintained a top spot in customer dissatisfaction reports for years. In our recent white paper, “Primacy in Personalized Banking: A Moving Target,” we uncovered some surprising insights which indicate that bill management plays an increasingly important role in becoming a customer’s primary financial institution:
- Bill switching enables account acquisition: 63% of consumers hesitate to switch to a bank they believe would be better for them due to the perceived hassle of transferring automatic payments
- Bill conquesting deepens primacy: “Where I pay most of my bills” is the #1 way consumers determine which bank is their primary bank
Additionally, the rise of streaming services and the subscription-based economy has further complicated consumers’ ability to manage their recurring payments. Latest estimates place the average amount wasted annually by unwanted subscriptions at a staggering $600.
Consumers have repeatedly reported concerns around transferring or managing recurring payments as reasons they don’t switch banks. And as they realize how much of their precious savings are going down the drain on unwanted subscriptions, they are seeking additional support from their financial institutions.
- 75% want in-app subscription management from their financial provider
- 50% of Millennials and Gen Z are willing to change banks to get a subscription management solution
Finally, subscription management built for your app
Today, we’re thrilled to announce the launch of Bill Navigator, a solution to help you save your customers money and drive primacy with embedded subscription management. Made up of five key functionalities, Bill Navigator addresses your customers’ most critical needs for transitioning and managing recurring payments.
- Identification: Once a consumer connects their external accounts, automatically detect any pre-existing recurring payments on the user’s behalf, and surface a clear list of those bills, as well as those bills’ expected due dates to the user.
- Switching: Support seamless bill switching for both ACH or card payment methods. One-click switches are supported for 100+ merchants, and guided switches are available 1000’s more.
- Cancellations: Offer users one-click subscription cancellations and tools to block future charges from unwanted merchants.
- Savings support: Identify bill optimization opportunities for users to save on existing subscriptions, and free trial insurance to prevent unexpected fees.
- Tracking and notifications: Allow users to keep track of upcoming due dates with calendar synching, and deliver proactive alerts for when an account is low on funds for upcoming bills, there is a change in price to a subscription, or when a free trial ends.
But there’s more…
Bill Navigator simplifies your customers’ financial lives and contributes meaningful savings. Offering this valuable service gives you a competitive acquisition advantage, while fostering long-term loyalty and ultimately, higher LTV.
At account opening, Bill Navigator’s identification and switching functionalities enable financial institutions to more quickly become top of wallet, maximizing interchange fees and incentivizing deposits. Capturing recurring bills earlier in the onboarding lifecycle accelerates the path to primacy and payback on acquisition investments. On an ongoing basis, the best-in-class subscription management capabilities provide a sticky retention moat, increasing visit frequency to your digital platform and improving NPS.
With Bill Navigator, financial institutions get access to a user-friendly Dashboard, which surfaces a 360 degree view of your customers’ external recurring transaction data. Our market leading recurring transaction detection algorithm was trained on over a billion transactions, over 4 years and 150,000 tagged merchants. We’re currently able to deliver 80% higher accuracy against other solutions in market, giving you the ultimate source of truth to power your cross-sell and proactive win-back campaigns. In a world where personalization is the new table stakes, accurate and meaningful insights are crucial to enable the level of targeting required to achieve and defend primacy.
What’s Next
By making it easier for consumers to manage their payments, financial institutions demonstrate their commitment to solving for their unmet needs and enhance long term loyalty. In a world where convenience is king, Bill Navigator gives financial institutions of all sizes a competitive edge by streamlining one of the most cumbersome aspects of personal finance. Contact us for information on how to get early access and preferred pricing for this new product.
