Connect and collect: Driving collections and improving AR efficiencyBrittney Keating, CPPWholesale eReceivables Consultant

Emily OttoWholesale eReceivables Consultant

May 23, 2017

© 2016 Wells Fargo Bank, N.A. All rights reserved. For public use.

11

Economic TRANSFORMATION

Millennial effect

Exponential growth of

mobile

Consumer technology driving B2B

change

Constant threat of data compromise

Automation opportunities

Digital strategy is essential

More than ever, electronic technologies offer you the ability to connect with and collect from your customers.

Customers expect anytime, anywhere, and any-channel access to your organization.

33

The average company manages six customer channels

Source: Aberdeen Group, “Next-Generation Customer Experience Management,” March 2013

Point-of-sale

Brick and mortar

Website

Call center

Mobile device

KioskSocial media

Email

Omni-channel

receivables

44

Organizations with omni-channel customer engagement outperform the competition

Source: Aberdeen Group, “Omni-channel customer care: Empowered customers demand a seamless experience,” October 2013

Customer lifetime value

Average customer profit

Customer retention

2xgreater

4xgreater

6xgreater

55

Channel/Capture

Point of Sale

Mobile

Mobile App

Text

Social Media

IVR / Automated Phone

CSR / Customer Service

Web

Collections channel

Collections channel

Collections channel

Collections channel

Collections channel

Collections channel

Collections channel

Collections channel

More opportunities to collect

66

Where payment data is sent and stored

Laptop/Tablet

CSR

Mainframe

Smartphone

Field SalesApp

API

Web Bill

AP

PO

Invoice

Coupon

Mobile

IVR

77

Laptop/Tablet

CSR

Mainframe

Smartphone

Field SalesApp

API

Web

IVR

Capabilities – Many channels and one stop

Omni-platform

Omni-platform examples

99

What is a gateway?A payment gateway is software that connects a front-end system (such as a website or POS device) to a back-end network to authorize and settle a credit card, debit card, or e-check payment.

POS system

Call center

Web store Payment Gateway

Your business

Customer initiatespurchase

Customers are directed through the Payment

Gatewayfor payment processing

Online reporting data files

1010

Electronic bill presentment and payment

Your business

Online invoice/bill presentment

Email billnotification

Your customers

PresentmentInvoice/bill file

Online ACHand credit/debit card payment

ACH and credit/ debit card payment by phone

PaymentAR posting file

via E-Bill orReceivables Manager

EBPP

1111

Web/Mobile channel

Point-of-sale

Brick and mortar

Website

Call center

Mobile device

KioskSocial media

Email

Omni-channel

receivables

1212

Web trends

Enhanced search functionality

Access to website through Mobile App or responsive design

Personalized product and service recommendations

Multiple payment options

Integration with back-end accounting, OMS, and ERP

How organizations are maximizing their web channels

1313

Web and mobile working togetherResponsive design = page formatting that renders properly across all mobile operating systems (i.e., iOS, Android, etc.)

1414

Biometric authentication

Technology is changing the way we engage customers

Reservations/Location Services/Loyalty

Notifications and offers

1515

POS collection point

Point-of-sale

Brick and mortar Website

Call center

Mobile device

KioskSocial media

Email

Omni-channel

receivables

1616

Card-present payments

MagStripe processing EMV/Chip card processing

Mobile phone card processing

1717

Mobile wallets at point of sale

1818

Text collection point

Payment confirmed

Hi! This is Jeff from The Magazine. Your subscription to The Magazine will end next month. Reply yes to renew and pay with your Visa ending in 1234.

Yes

1919

Social media

Point-of-sale

Brick and mortar Website

Call center

Mobile device

KioskSocial media

Email

Omni-channel

receivables

2020Source: Socialnomics, by Erik Qualman

Social media B2C

93%of shoppers influenced by social media

90%trust peer recommendations

of shoppers trust advertisers

14%

2121

Social media B2B

54%B2B marketers generate leads via social media

71%B2B shoppers buy based on emotional and personal value

$100BSocial media advertising by 2017

Source: Webmarketing123 (2013) & www.business2community.com (2014)

2222

B2B marketers choose LinkedIn over Facebook% of respondents naming platform the single most important for their business

41%

30%

19%

4% 3% 2% 0% 1%

9%

65%

10%4% 4% 4% 3% 2%

LinkedIn Facebook Twitter YouTube Google Pinterest Instagram Others

B2B Marketers B2C Marketers

Source: Social Media Examiner

A omni-channel delivery does not have to result in an inefficient A/R process.

2424

Omni-channel

Fewer platforms = Increased Efficiency

Automated cash application

Reduced exceptions

Expedited cash availability

consistent customer experience

Improved data securityOmni-platform

Web

POS Mobile

MobileApp Text

Social Media

IVR

CSR

2525

AR efficiency – Simplifying the process

Current technology

Reduced exceptions

Automated posting

Multiple payment channels

Electronic billing

Single data file

Thank you