How can payment services be designed to automatically remind customers of payments?

Any amount of gratitude to the one who invented the concept of reminders, is less. The amount of information overload we do to our brains, this comes as a life saver in all aspects of life. And payments due is no exception, especially when customers hop from one payment method to another faster than the blink of an eye. But one - then, there needs to be a level of uniformity and standardization amongst the service providers to ensure the the customer doesn't require a super reminder app to track for all the reminders! Second, there needs to be a way to avoid clutter in mailbox, sms inbox, whatsapp and all those places where you get a reminder!

Automatic payment reminders need to be seamlessly integrated into the payment solution. Meeting customers where they want to be met (mobile, SMS, email), making the reminder tailored to individual preferences, and enhancing the overall user experience.

Send confirmation or acknowledgment notifications once the payment has been successfully processed. This helps reassure customers that their payment was received and acknowledged.

Gather customer feedback through surveys or feedback forms embedded within the payment reminder notifications, enabling customers to provide insights on their payment experience and suggesting improvements for future interactions.

Technology can solve anything, Unified Payments Interface (UPI) autopay feature has revolutionized digital payments in India. It allows users to set up automated, recurring payments for various services like utility bills, subscriptions, and loan EMIs. With UPI autopay, customers can effortlessly manage their financial commitments, reducing the risk of missed payments and late fees. This feature enhances convenience, streamlining the payment process, and ensures timely transactions. Moreover, it significantly contributes to financial inclusion by promoting digital payment adoption, making it easier for a broader population to access and utilize a wide range of services, ultimately fostering economic growth and convenience for all.

This is where user-centricity really shines! When designing a payment system, it's important to take note of the frequency that users want when it comes to reminders but also their preferred channels. For example, some users might prefer to get email reminders in addition to in-app reminders. I've seen some airlines do this well when there's a sudden gate change as you're in transit. You get a timely, accurate text in addition to an in-app message as you're heading to catch the next flight. In the payment world, payment solutions can provide a greater user experience to their users with timely reminders to avoid payment delays, cash flow disruption, and disputes.

Create automated reminder systems that send notifications to customers via email, SMS, or in-app notifications to remind them of upcoming or overdue payments. These reminders can be scheduled at specific intervals based on the payment due date.

Some considerations when implementing such payment reminders: 1. Consent and Privacy:Ensure that customers have given consent to receive payment reminders.Respect their privacy and provide an opt-out option for those who do not wish to receive reminders. 2. Channel Selection:Offer multiple communication channels for reminders,such as email, SMS, in-app notifications, or even automated phone calls. Allow customers to choose their preferred channel. 3. Customization:Allow customers to set their own reminder preferences, such as the timing and frequency of reminders.

Provide customers with the option to customize their notification preferences, allowing them to choose their preferred communication channels and set the frequency and timing of payment reminders according to their preferences.

One thing I have found very useful is Email reminders a few days to the renewal of the service. Once a direct debit has been set on the payment platform preferred option. A reminder few days to and on the day to make funds available will be a good approach..

I recently found a virtual assistant that tells me the estimated time to get home after months of always checking Google Maps. It knows when I close and where I will be going. I believe that with AI and predictive models, the pattern of payments can be set for an assistant to announce or flash due payments.

They key is meeting people where they are and having a solution and system that is set up to do such. If a person is an email person, than set up the reminders via email. If they are a snail mail person, then do it there. However, we see that the most success comes with those that meet people in their most common “place”, the mobile phone. And when you do such in a way that utilizes the native apple and google wallet capabilities, you see the best communication and response from bill payers because that is what so many people are used to today.

My view is that The banks/Neo banks should have a simplified integration solution where then you should be able to instruct the bank to make the payment (fixed or variable amount shouldn’t be an issue). The banks should be able to provide this solution and allow its customers to enable auto payments with their provider(recipients) or even one off payment at a certain date and time No need to keep an additional agenda for due payments reminder, life isn’t about keeping agendas and reminders

That's awesome! It's amazing how AI is making our lives more convenient and tailored to our needs. I can totally relate to your experience with the virtual assistant. It's like having a helpful friend who knows your routine. AI's predictive capabilities are indeed promising. Besides predicting your estimated time to get home, it can be a valuable tool for managing finances too. Setting up payment reminders based on spending patterns is a great idea. Imagine having an AI assistant that not only reminds you of upcoming bills but also suggests budget adjustments to help you stay on top of your finances. The possibilities with AI seem endless, and it's exciting to see how it continues to evolve and simplify our daily tasks.