Utilities…Slowest Adopters of Digitalization?
- Feb 25, 2022 4:44 am GMT
Today, customers are digital experts. Daily they navigate, operate and are very accustomed to, mobile devices, apps, machine learning and automation. Accepting that reality, 38 percent of executives plan to invest more in technology that will give them a competitive advantage. In fact, net global spending on digital transformation is expected to increase from $1 trillion in 2018 to $2 trillion in 2022. PYMNTS’ research shows that nearly half of the billing and collections executives at utilities and consumer finance companies believe digitizing payments will drive growth for the foreseeable future. While COVID has accelerated the need for digital transformations and executives say they agree, research shows 47 percent of companies haven’t even started on their digital journeys.
Utilities are among the slowest to adopt digital technology for billing and customer engagement. “About one-third of large utilities still do not have an app,” said Jon Sundberg, senior digital manager at J.D. Power. “This is inexcusable in the current environment in which consumers are controlling virtually every other aspect of their lives via smartphones.”
The City of Toronto teamed up with SaaS provider of government services and payments, PayIt, to create digital and convenient payment options for customers. The PayIt platform consolidates services and payments into on connected experience for customers. ”We are thrilled that the City of Toronto has put its confidence in PayIt to deliver a truly modern experience. MyToronto Pay provides citizens with a safe, secure and easy way to pay their bills from anywhere, using their desktop or mobile device." said John Thomson, Founder and CEO PayIt.
Billing is one area utilities are looking to improve. However, customers continue to have problems with other tasks like researching energy-saving information, updating service and locating information on leaks. J.D. Power found customer satisfaction scores decline where there is a lack of digitalization. How is your utility providing digital options, and improving customer satisfaction to the “always-connected consumer?”