Digital payments are now getting accepted everywhere, from local vendors to big shopping malls. Utilities are one of the leading ones in the same domain. A report suggests that 55% of digital payments are the key factor of the industry growth. The data details the next five-year plan.
Today, companies tend to invest in driving growth. And digital payments have proven one for the utilities. We also see almost half of the utility companies either investing or planning to invest in them. 93% of these companies recall executives discussing the effects of the benefits. Digital payments fast track the bill payment and overall collection process.
Some of the findings also identify the booming utility company with help from digital payments. A total of 103 billing and payment will call the boost growth. We all see the digitized payment platform offering integral customer satisfaction. With better customer satisfaction, there are benefits of security, efficiency, and cost-effectiveness. The companies will also disclose digital modernization efforts in a way to get the best investment returns.
97% of billing executive marks this innovation as a digitalized process. It will enhance customer satisfaction. The companies will successfully demonstrate billing and payment processes. It will improve customer satisfaction by speeding up the bill collection cycle.
They feature digitized processes to recover a more critical business operation. And, also 93% of utility company calls the executive a very or extremely interesting security. Digital payment offers a more protective atmosphere to deliver the right services to the customer.
The business operation just got demystified. 99% of the company also recalls this as a security of personal and financial information. It will offer a more stable position for utility companies to succeed.
Digital payment is one-step forward to a more effective and channeled service platform. As a result, the companies are today successfully leveraging and meeting customer expectations.