Updated: Jan 28, 2021
-- Data-Driven Bill Negotiation Offers Insightful Way to Better Manage Finances --
Glastonbury, Conn., January 6, 2021– Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, has launched Action Insights®, an integrated product offering that helps financial institution users proactively manage their finances.
Action Insights leverage data-based intelligence and AI to serve highly personalized recommendations to users based on their unique payment history and transaction data. Action Insights are presented proactively to prequalified users on the platform via notifications to help them stay on top of their finances. This value-added service helps users save money, manage bills effectively and reduce their financial stress by allowing AI to do the work for them. By making transactions simple for the user, Action Insights also builds a strong digital relationship between the user and their FI.
The “Lower My Bills” Action Insight, saves money for financial institution users who are overpaying for their household bills. Users are prequalified by Payrailz and shown a bill reduction Action Insight that includes an estimate of the actual savings they can achieve. If interested, the user can accept the offer and lower their bill without changing their provider or the level of service they receive. Lower My Bills is powered by a backend API integration with Billshark, a bill negotiation service that will negotiate with service providers on the user’s behalf to lower their bill.
“Action Insights are unique in that they use the power of artificial intelligence to target individual people and meet their specific needs,” said Kavita Singh, VP of AI Product Management at Payrailz. “Data-driven solutions like Action Insights are the key for adding value to relationships between financial institutions and those they serve.”
Indiana-based Evansville Teachers Federal Credit Union deployed Lower My Bills for its members in December 2020. “Making our members’ lives simpler is a huge competitive advantage for us, however, allowing them to save money every month is even better,” said Bill Schirmer, President & CEO of Evansville Teachers Federal Credit Union. “After what has been a challenging year economically, we are thrilled to put solutions in place that help ease the financial burden for our members.”
“Action Insights illustrate what we mean by a ‘smarter digital payments experience’ and how we have reimagined the payments experience. ‘Lower my Bills’ is one example of how we have responded to today’s consumers ‘do it for me’ attitude. Select users are made aware they are overpaying for specific household bills and given the option to let the system lower their bills if they choose to – from there, the system does it for them. Action Insights are a game-changer for financial institutions and can be used to build stronger digital relationships,” said Fran Duggan, CEO of Payrailz. “Action Insights, like Lower my Bills, leverage the AI component of our platform to make offers based on user specific data, meaning every insight is relevant and targeted to the specific individual.”
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.