As far as electronic invoice presentment and payment (EIPP) is concerned, an integrated yet configurable platform approach is the optimal solution.
On September 29, 2014, the CFPB ordered Flagstar Bank to pay $37.5 million in fines due to what it found to be violations of mortgage servicing rules. These fines include restitution of $27.5 million to approximately 6,500 borrowers who were serviced by Flagstar – 2,000 of whom lost their homes to foreclosure and a $10 million civil penalty to the CFPB Civil Penalty Fund.
Let’s face it, no one looks forward to receiving bills, but your customers do expect them. These essential communications provide your business with a captive audience – and many businesses aren’t taking full advantage of the value these documents provide. Taking into consideration what your customers want in regards to bills and other transactional communications could result not only happier customers but also increased business.
The insurance industry has a reputation – perhaps wrongly perceived – as being stodgy and stoic. In some ways, perception informs reality. Many leaders in the insurance industry are still relying heavily on legacy systems and disparate software and programs to communicate with policyholders. With companies across all industries looking to improve relations with their customers, the ones who are employing a multichannel strategy are finding success and widening their customer base.
Research and consulting firm Celent is presenting a webinar on a timely topic addressing the way financial services providers can improve doing business in today’s digital age.
The CFPB has issued a new rule to “simplify and improve disclosure forms for mortgage transactions” and recently introduced a new rule – Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) – otherwise known as TILA-RESPA. The changes laid out in this new act will be officially put into place on August 1, 2015.
A recent white paper entitled, “The End of the Banking Autocracy” uses research culled from worldwide survey to reveal that banks need to not only keep up with the latest technology, but to also listen to their customers’ rapidly changing needs in this increasingly high-tech world. Finance companies can no longer ignore the demands their customers place on them to deliver a customer service experience that not only meets, but exceeds, their expectations.
The benefits of electronic invoicing are still not fully realized by far too many US-based businesses. While e-invoicing is constantly evolving and is a wise business practice, many private enterprises are slow to adopt it. A recent study by the E-Invoicing Platform found invoices totaling over $1.2 trillion are currently outstanding in the US. With other
Forrester Research recently published “Trends 2014: North American Digital Insurance” which details the changes in consumer demographics and customer expectations that all insurers need to be aware of. The report concludes that customers – not insurers – are making the rules. Consumers have built solid, online-based relationships with other businesses – such as retailers, banks and other companies – and want their dealings with insurance providers to be no different.
In a recent report commissioned by Equifax, the credit reporting bureau discovered that there are currently 64 million auto loans outstanding with a balance of over $900 billion – a record high. In addition, new auto loans, originating in the first quarter of 2014 account for $163.5 billion in credit. Surprisingly, with record high balances on these loans, the delinquency rate is quite low – accounting for less than 1% of these outstanding balances.