Free app enables banks and credit unions to provide pay-by-photo capabilities to loan statements and billable documents
HC3, a data-driven tech company that makes complex financial data practical, meaningful and attractive to consumers, has partnered with mobile payments provider Papaya to allow banks to leverage mobile technology to streamline bill payment for physical statements.
“Through our partnership with HC3, banks and credit unions can make their loan departments more efficient and increase collections while also enhancing customer communication with optimized documents.”
HC3 works with banks and credit unions to redesign loan and DDA statement documents to enhance the consumer experience. Through HC3’s partnership with Papaya, financial institutions can provide their users with a free payment app that only requires a simple photo to pay a bill. The contactless payment process offers a new level of convenience expected by today’s consumers. This simplicity in the payment process leads to reduced inbound payment phone calls by more than a third and results in payments occurring twice as fast as traditional bill pay channels.
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“With Americans paying roughly 14.9 million bills a year, it’s important to offer a mobile capability to easily pay their statements,” said Joel Libassi, VP Strategic Partnerships at Papaya. “Through our partnership with HC3, banks and credit unions can make their loan departments more efficient and increase collections while also enhancing customer communication with optimized documents.”
HC3’s print and digital statements optimize customer communications by providing relevant information in a format that enhances readability and supports increased fulfillment. Papaya’s app is easy for the user to quickly take a photo of loan documents to make a payment with the card or account of their choice.
“HC3 strives to continuously bring technology and partnerships that make life easier for consumers while making bank and credit union operations more efficient,” said Griffin McGahey, president of HC3. “By working with Papaya, we are able to make payments as simple as taking a photo. Our expertise and innovation in designing and optimizing statements enhances customer understanding and prompts faster payments on those bills.”
