New marketing support program designed to help institutions increase bill pay adoption rates
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry worldwide, announced the availability of a new Adoption Marketing Program for its Paytraxx™ electronic bill payment solution, which delivers a premium user interface, robust administration tools and tight integration to other Fiserv products and services. The Adoption Marketing Program includes a complete suite of first-class marketing toolsdesigned to assist financial institutions in successfully promoting bill pay services to their customers. Fiserv has signed 214 new Paytraxx clients since January. The company now has more than 650 financial institutions using the solution to provide convenience and value to their customers.
“Offering an online bill payment service has many tangible benefits for financial institutions and the customers they serve. Studies show that on average, bill pay users maintain higher balances, have more accounts, buy more products and services, and are significantly less likely to leave their financial institution,” said Kim Killingsworth, business line president for Fiserv’s Paytraxx. “But we recognize that bill pay services are most beneficial when there is widespread adoption of the offering among the financial institution’s customer base. Our new Adoption Marketing Program is designed to help our clients maximize the results of their bill payment offering. And we expect this compelling suite of marketing support tools, combined with our ongoing development efforts, to enable us and our clients to continue to experience steady market momentum for the Paytraxx bill pay solution.”
The Adoption Marketing Program includes an intuitive online tutorial directed to consumer audiences. The online tutorial walks customers through the bill pay service, promoting the general benefits of electronic bill payment, while explaining how to use the Paytraxx system. Paytraxx clients can link to the demo from their web sites, simplifying the rollout of the new service by providing a convenient tool for customers to learn more about bill payment and the Paytraxx service. Financial institutions that have incorporated the online tutorial into their promotion strategies have experienced notable success. PIMA Federal Credit Union, a $244 million institution in Tuscon, Arizona, has experienced 1200% user growth since introducing Paytraxx to their customers four months ago. PIMA FCU used multiple elements of the Adoption Marketing Program, including the online tutorial.
“The online tutorial is a great tool to showcase all of the reasons why our members should consider becoming a bill pay user. It also shows them how easy it is to use the Paytraxx service to pay their bills quickly and conveniently online. And the other supporting print and web promotional materials gave us a head start on our marketing campaign for this advanced new bill pay service,” said Paul Kramoski, marketing director for PIMA Federal Credit Union. “Not only have we experienced a dramatic increase in bill pay adoption with this program, we have also received a lot of positive feedback from our members about the online tutorial’s easy-to-understand screens and approachable format.”
Developed with support from Beavercreek Marketing, the basic Adoption Marketing Program is free to all Paytraxx clients and includes the online tutorial, sample print materials—including statement inserts, newspaper ads, direct mail postcard, and lobby displays—as well as web banner ads and an educational presentation for the institution’s staff members. Financial institutions can add their own logos and photography to the print materials, or can choose to work directly with Beavercreek Marketing to customize the materials to match their institution’s brand for a nominal fee, plus printing costs.
In addition to the Adoption Marketing Program, Fiserv recently added several new features to the Paytraxx solution, including expedited payments, business bill payment services, and account to account transfer capabilities.
About Paytraxx
Paytraxx is the premium online bill payment solution from Fiserv, designed for financial institutions that demand flexibility, robust integration and leading-edge functionality from their bill payment provider. Delivering a broad range of functionality, unique features and seamless integration with Internet banking, Paytraxx is a proven solution for both retail and commercial customers. Paytraxx offers flexible branding, customer service and funding options, enabling institutions to capture and retain the most profitable customers in the growing bill pay market. Backed by the financial strength of Fiserv, the Paytraxx solution delivers industrial-strength reliability, quality and security, packaged with service flexibility and premium support.
About Beavercreek Marketing
Beavercreek Marketing provides financial institutions with the unique solutions needed to effectively market and educate customers about the advantages of adopting new financial technologies. At the heart of the product mix is the Online Education Center, a web-based library delivering interactive audio/video banking product tutorials. The Education Center tutorials have a proven record of success for financial institutions looking to increase enrollments and provide staff training. The company also provides Deployment Programs, plus print and Web-based marketing materials for most banking products. Beavercreek Marketing, a division of Beavercreek, Inc, is located in Grand Island, Nebraska. For more information, visit the Web site at www.bankall.com.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.4 billion in total revenue for 2006. For more information, please visit www.fiserv.com.