Special Report: Electronic Bill Presentment
Electronic bill presentment is a technology that is gaining traction in the mortgage industry. As with any business, lenders are looking for ways to better serve their customers, and with an increasing number of borrowers looking to simplify the process of paying bills each month, servicers are under pressure to give them ways to receive and pay bills online or through e-mail.
But it's not just the consumer side of the business that is affected by electronic bill presentment and payment trends. Mortgage servicers do business with a variety of vendors to the industry, and companies that are involved in business-to-business billing also want to improve service with electronic billing options.
Today, anyone who dines at a restaurant is likely to form a lasting impression of the establishment based upon the service they receive. And mortgage companies face much of the same pressure. The homeowners and the vendors that do business with you are going to form impressions based on the service they receive. They want their service to be faster and more user friendly. Companies themselves hope that implementing EBP technology will cut costs. If you cannot deliver the kind of options that people are used to getting from other companies or business partners, your reputation will suffer.
At least one lender, Wells Fargo, has more than one million customers paying their mortgage bills online today. And other lenders similarly report growing demand for electronic billing. Studies suggest that consumers, as well as businesses, are gaining confidence that they can receive invoices and make payments online without sacrificing security. Is your company ready to compete in this new environment? We hope this report might highlight some ways to do that.
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