Automating Payment Collection
Collecting payments is a big part of servicing, which is why it cries out for automating. To this end, CCG Catalyst, a bank consulting firm providing strategic guidance for financial organizations, is offering Payment Strategy services to help financial institutions boost profitability through the more efficient management of payment processes and systems.
With elements of interdependence taking hold of more bank services, products and functions, CCG Catalyst has designed its Payment Strategy service to reflect an integrated view of delivery channels and access devices in an effort to enhance the most profitable revenue channels for financial institutions and aid them in sustaining important customer relationships. Payment Strategy services focus on five core areas: profitability, interrelationships, externalities and delivery and support.
The profitability area enables banks to proactively manage payments, assists in defining and measuring payments business and helps gauge their own performance against peer institutions. Interrelationships centers on the co-dependencies of products within the bank and assures that payment models reflect these underlying connections. Externalities positions banks more competitively by utilizing strategies that recognize the influence of outside occurrences, such as third-party vendors and regulators. Investment advises clients on new product, channel and infrastructure investments, while delivery and support guides clients through the servicing requirements of payments businesses, assessing the optimal mix of channels for service delivery.
"A major trend among progressive banks is that they are taking a more integrated view of the way they manage payments," said Paul Schaus, president of CCG Catalyst. "CCG Catalyst's Payment Strategy service also takes this approach, enabling financial institutions to adopt strategies that closely mirror interrelated payment functions across their organizational silos. In turn, this approach helps generate greater revenue growth and margins from their customer base."