Changing the Landscape of Bill Pay Data for Credit Unions
Payveris and CU*Answers were named the winner of the 2021 Tearsheet Data Award in the category of Best Customer Data Implementation, final submission below.
Payveris is an established fintech company founded in 2011 that supports more than 300 U.S. financial institutions with digital money movement and money management technology. Its vision is to enable financial institutions to help consumers simplify their financial lives and improve their financial well-being. Payveris continues to stand out in its field as the fintech partner credit unions are relying on to keep members satisfied, signing 27 new credit union customers in 2020 alone - bringing its total to 227.
Through conversations with its fast-growing credit union customer base, Payveris recognized the massive opportunity for them to leverage bill pay data - a treasure trove of member behavior insights that credit unions have historically struggled gaining access to. This blocked access is partially because most members today don’t pay their bills through their credit union. According to a study conducted by Aite Group and BillGo, 76% of online bill payments occur at biller sites.
To find a solution to this bill pay data access problem, Payveris worked with CU*Answers, a Credit Union Service Organization (CUSO) that pools together resources from a large number of smaller credit unions to provide services that aren’t accessible to individual credit unions. Payveris and CU*Answers exchanged data to make bill pay data available to its 151 mutual credit union customers through multiple dashboards.
Most notably, the “Where Your Members Pay Bills” data dashboard helps credit unions identify bill pay transactions where members may be paying nance companies or other financial institutions that charge higher interest rates for loans and credit cards. These insights unlock opportunities for the credit union to educate members about lower rate loan and credit card options available in-house, helping credit unions increase their loan volume and helping members gain more financial freedom. The dashboard is also an effective tool for reviewing bill pay and P2P activity that may be considered high-risk or fraudulent, quickly see any activity that may require a further look.
Another key tool is the “Bill Pay Subscriber Analysis” dashboard, which uses the bill pay data provided by Payveris to break down the demographics of credit unions’ members. This ultimately helps credit unions easily analyze behavior from any group of members to see information such as:
1 - When the membership was opened, what zip code the membership comes from, what tiered service level the member is associated with, etc.
2 - What sub-accounts/account types the members own, their balances by product, average rate of all loan products, etc.
3 - What the average credit scores are for bill pay members and whether their credit scores are increasing or decreasing.
4 - How many bill pay/P2P members are enrolled in eStatements compared to the membership, and how many bill pay/P2P members have an aggregate loan balance greater than $10,000, etc.
The bill pay data dashboards Payveris and CU*Answers developed are used by 151 credit unions. Both Payveris and CU*Answers remain committed to delivering products and services that help credit unions prove the value of analyzing bill pay data works.
In 2021, Payveris is doubling its product development capacity to accelerate a next-generation consumer bill management and payment solution that will help financial institutions re-capture market share from direct billers. Consumers will be able to consolidate all of their electronic bills and statements under one roof, make instant payments using their preferred debit card, credit card, or digital wallet (e.g. PayPal, Venmo, Apple Pay, and Google Pay), and get payment confirmations from those billers.