innovation, changing customer behavior and privacy · bill presentment preferences 2013 aite 2018...
Post on 29-Sep-2020
0 Views
Preview:
TRANSCRIPT
Innovation, Changing Customer
Behavior and Privacy
Leah Phillips, Brenda Magri
and Andrea Whisler
© 2019 Fiserv, Inc. or its affiliates.
Deliver best-in-class payments experiences to customers
Deliver value to your customers
Increase customer satisfaction
Data driven innovation and prioritization
Digitization & automation
Supplier diversity
Cybersecurity and privacy
Utility industry aspirations
2
© 2019 Fiserv, Inc. or its affiliates.
Expectations & behaviors, along with technology, have evolved with respect to bill payment
Offline
Online
DigitalBroad
NarrowPaper bill Cash Check
60s, 70s, 80s Mid-2000s–Today
Debit
Mobile
Text
Apple Pay
Google Pay
PayPal
Reach / Engagement
Mid-90s–Mid-2000s
FI bill pay BillerE-bill
IVRCSR
Credit
Walk-in
ACH
Wave 1
Wave 2
3
© 2019 Fiserv, Inc. or its affiliates.
How are consumers paying their bills today? An evolution of methods, channels & experiences …
>75% of payments are now electronic (ACH, debit card, credit card)
~60% of payments are happening online (Biller Direct, FI Bill Pay, 3rd Party)
Digital delivery continues to rise
1Aite - How Americans Pay Their Bills, Jan 2013/2017 | Aite - Sizing eBill Adoption, June 2017 | InfoTrends - NA Transactional Consumer Survey, May 2018 | E&E - Consumer Payments, December 2018
4
40%
15%2%
10%
23%
10%
Direct Debit/IVR
FI Bill Pay3rd Party
Walk-in
Bill payment preferences1 Payment method preferences1
6%4% 4%
40%26%
19%
36%
36%46%
7%
10%15%
11%20%
15%
2010 2013 2016
Biller DirectDebit Card
Credit Card
ACH
Check/MO
CashOther
Online bill pay trend1 Bill presentment preferences
62%68% 72%
38% 30% 25%
2% 3%
2010 2013 2016
3rd Party
FI Bill Pay
Biller Direct68%
19%
13%
36%
34%
30%
2013Aite
2018E&E
■ Paper Only ■ Paper & Digital ■ Digital Only
Aggregate EBPP behaviors
© 2019 Fiserv, Inc. or its affiliates.
Utilities bill pay behaviors
1Aite - How Americans Pay Their Bills, Jan 2013/2017 | Aite - Sizing eBill Adoption, June 2017 | E&E - Consumer Payments, December 2018
5
40%
15%2%
10%
23%
10%
Direct Debit/IVR
FI Bill Pay3rd Party
Walk-in
Bill payment preferences1 Payment method preferences1
6%4% 4%
40%26%
19%
36%
36%46%
7%
10%15%
11%20%
15%
2010 2013 2016
Aggregate EBPP behaviors
Biller DirectDebit Card
Credit Card
ACH
Check/MO
CashOther
Bill presentment preferences
2013Aite
2018E&E
■ Paper Only ■ Paper & Digital ■ Digital Only
Utility Specific EBPP behaviors
Utility specific behavior callouts
44%
12%
16%
21%
5%
ACH
Credit Card
Debit Card
Check/MO
Cash
25%
16%
59%
Digital Only
Paper & Digital
Paper Only
6%
38%
15%
12%
24%
IVR
Biller Direct
FI Bill Pay
In Person
■ E&E■ Aite
81%Charge fee for
credit card payments
25%Are considering absorbing card
fees
30%Reduction of card fees in past 2 years
46%
Are offering mobile app bill payment
BILLING & PAYMENTS MAKES UP ~20% OF
JD POWERSCUSTOMER SATISFACTION SCORE
Online bill pay trend1
3rd Party
FI Bill Pay
Biller Direct 62%68% 72%
38% 30% 25%
2% 3%
2010 2013 2016
68%
19%
13%
36%
34%
30%
© 2019 Fiserv, Inc. or its affiliates.
But consumers are changing how they interact with the digital world…
Consumers expect multi-channel, multi-modal - multi-experience -NOW.
6
© 2019 Fiserv, Inc. or its affiliates.
What will billing and payments look like in 5 years?
- “State of the Connected Customer,” Salesforce, June 2018
Percentage of consumers who believe that technology has transformed, is transforming or will
transform their experience within five years:
7
77%
(Chatbot)
87%
(AI / cloud)
87%
(Voice assistants)
© 2019 Fiserv, Inc. or its affiliates.
Key technologies to driving a frictionless customer experience
Technologies reaching
critical mass adoption
• Mobile bill presentment
• Apple Pay, Google Pay, direct debit with bank
• Analytics/dashboard capabilities
Emerging technologies
• Digital assistant
• Field payments
• AI/predictive analytics
• Biometrics
8
© 2019 Fiserv, Inc. or its affiliates.
Balancing Innovation with Security and Privacy
9
© 2019 Fiserv, Inc. or its affiliates.
Certified PCI compliant
Certified HiTrust compliant
Get the AOC and review the SOC
Talk to the security/privacy professionals and muzzle the buzzwords
Security training and evolving threats
Security and privacy investment
Key security attributes for a payments partner
10
© 2019 Fiserv, Inc. or its affiliates.
Be sure of PCI compliance
11
© 2019 Fiserv, Inc. or its affiliates.
HITRUST isn’t just for healthcare
• Originally established to test an organization against HIPPA controls – the gold standard of security and privacy
• Aligns with NIST Cybersecurity, PCI and HIPPA control requirements
• Certification requires assessment by 2 entities
In short – It’s a big deal!
12
© 2019 Fiserv, Inc. or its affiliates.
Ensure you get the AOC (not the congresswoman) and review the SOC.
AOC
• A form for merchants and service providers to attest to the results of a PCI DSS assessment.
• It must:
• Be provided on the council’s official AOC document
• Clearly identify the service(s) being supplied to you
• Clearly identify summary of requirements tested
• Clearly identify date completed (must be less than 1 year from your ROC or SAQ)
SOC
• Internal controls on financial reporting
• Internal controls for Security, Availability, Processing, Integrity, Confidentiality and/or Privacy
13
“Bottom line, if your service provider refuses to provide you with their AOC…then find another service provider.”
- “Who Needs an AOC and Why?” Proofport.com 2019
© 2019 Fiserv, Inc. or its affiliates.
“Muzzle the buzzwords and talk to the
professionals…this isn’t a part-time job.”
– Brenda Magri, Sr. Director and ISSO, Fiserv
14
Bank-level
CASTLE
FORTRESS
Armored
© 2019 Fiserv, Inc. or its affiliates.
Security and privacy are not destinations…it’s a never-ending journey
Be certain to know the level of security
training and ongoing commitment from your
partner organization.
Investment is critical in a world of constantly
evolving threats and an ever-changing
landscape.
15
© 2019 Fiserv, Inc. or its affiliates.
Q&A
16
© 2019 Fiserv, Inc. or its affiliates.
In This Session
17
Brenda MagriSr. Director, Security StrategyISSOBrenda.Magri@Fiserv.com
Leah PhillipsVice President, General ManagerLeah.Phillips@Fiserv.com
Andrea WhislerVice President, Client Management Andrea.Whisler@Fiserv.com
FORTUNE Magazine World's Most Admired Companies®
2014 | 2015 | 2016 | 2017 | 2018 | 2019
top related