Whether it’s your first or third home, mortgage payments are an integral part of life – and people generally rank these bills as one of the most important payments they must make each month. According to the ACI Speedpay Pulse, a consumer billing and payments trends and behaviors survey of at least 3,000 U.S. adults responsible for two or more household payments a month, 20 percent of consumers would choose to pay their mortgage bill over any other bill if they could only afford to pay one bill next month. While consumers understand the importance of making their mortgage payments a priority, occasionally some homeowners may miss a due date. Mortgage providers have the opportunity to assist their customers in making easy, on-time payments with a variety of digital tools.
Providing Timely Digital Statements
Digital adoption is growing more and more every day. Today, consumers prefer and are more likely to receive digital statements rather than paper statements for their mortgage bills. Based on findings from the Pulse, 28 percent of consumers prefer to receive paper bill statements only, while 27 percent prefer to receive both paper and digital statements. Many enjoy digital billing statements because it provides convenience, speed, and simplicity.
When a mortgage payment is missed, 26.8 percent of survey respondents put the onus back on the billing company, saying the missed payment is due to receiving a bill statement too late. Mortgage companies can prevent this issue by offering – and encouraging users to adopt – digital billing statements. Digital statements allow providers to share bill statements in advance, avoid the lag in mail, and ensure customers have enough time between receipt of statement and payment due date. Digital offerings can help to streamline the process for mortgage providers to communicate with customers in a timelier manner.
Keeping Mortgage Top of Mind
Living in a fast-paced world, it can be easy to forget or lose track of a bill statement received several weeks in advance of a due date. Consumers claim one of the three main reasons they have made a late payment is due to not receiving enough payment reminders (10.1 percent).
Companies should meet their customers where they are – connected to personal devices. Through digital tools such as push notifications and email alerts, mortgage providers can keep upcoming bills top of mind as payment due dates approach. The majority of consumers (42.3 percent) prefer email alerts for bill notifications and reminders. By sending alerts after the initial statement, mortgage providers can ensure that an upcoming payment is on the customer’s radar through an easy and convenient digital notification.
Maintaining a Home Base on Your Website
In the midst of frequent technological advances and new tools, it’s important to maintain a constant for your customers. Many consumers rely on a company’s website as a secure and steadfast resource throughout digital transformations.
The Pulse revealed that the majority of consumers attribute missing a mortgage payment to the company not providing easy payment options (31.9 percent). The preferred method for consumers to pay their bills is through a company’s website, both for one-time (39.3 percent) and recurring (51.1 percent) mortgage payments. Mortgage companies should provide various payment options on their website that are accessible and easy to use. By ensuring your company’s website functionality, you can help your customers in making on-time payments through their preferred payment method and channel.
Whether it’s an email notification a few days in advance, or a digital statement sent in the weeks leading up to a mortgage payment, providers should leverage multiple digital tools to help their customers make on-time payments.
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