Data-Driven Bill Management Feature Helps Consumers Pay On-Time
Payrailz, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, has launched its newest Action Insight®, Miss a Payment.
.@payrailz launches new Action Insight, Miss a Payment
Action Insights are an integrated product offering that helps financial institution users manage their finances by leveraging data-based intelligence, AI and machine learning capabilities to serve highly personalized recommendations to consumers based on their unique payment history and transaction data.
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Miss a Payment is a Payrailz Action Insight that proactively reaches out to a bank’s or credit union’s users about paying their bills on time. This feature uses machine learning to identify patterns in each user’s historic payment data to determine when they tend to pay their bills. With those insights, the Payrailz platform alerts individual users when they deviate from that pattern and, as a result, may have forgotten to pay a bill during that payment cycle. Instead of relying on due dates, AI alerts a user when that specific user normally pays that bill. The alert is also actionable, meaning users only have to click a “pay now” button to get that payment scheduled and get back on track.
“Personalization is key for today’s consumer,” said Kavita Singh, VP of AI Product Management at Payrailz. “At Payrailz, we built Miss a Payment, and all our Action Insights, to be highly personalized. Each user only gets alerts that are specific to them, exactly when they need them and in a manner that helps them better manage their financial health. This is just one of the many ways that AI can provide incredible value from the data financial institutions already have.”
Action Insights are presented to prequalified users via notifications on the platform. These notifications help users stay on top of their finances by saving money, managing bills effectively and reducing their financial stress simply by allowing AI to do the work for them. By simplifying the experience for the user, Action Insights also build a strong digital relationship between the user and their FI.
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“Miss a Payment is yet another way we are proactively helping keep consumers on track when it comes to paying their bills and taking control of their finances. Our mission has always been to not only make consumers’ lives easier, but to help banks and credit unions demonstrate their value,” said Fran Duggan, CEO of Payrailz. “Using the data that financial intuitions already have on hand, we can keep users from ever missing a bill or paying late again. We are very proud of our Action Insights and look forward to launching even more personalized and value-added features for our customers and their end-users.”
Earlier this year, Payrailz launched its first Action Insight®, Reduce my Bill, which prompts users who may be overpaying for bills and offers a bill negotiation service to help them save on monthly expenses.
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