Reduce billing-related care costs with a personalized video bill experience

Monthly bills and account statements can be confusing to consumers—especially if the statement is higher than expected and changes from month to month. This confusion and bill shock can lead to frustration as consumers don’t understand their bills, which can translate into increased calls to a contact center, higher churn rates as subscribers cancel their services, and consumer dissatisfaction which creates barriers to expanding the customer relationship.

Brands now have the opportunity to address this complexity and reduce related care expenses while increasing brand engagement and enhancing the customer experience with personalized video billing solutions.

What is video billing?

A video bill is a personalized video that provides a detailed explanation of the charges listed on a consumer’s bill—using the customer’s own unique account data—to proactively address any questions related to the statement. Video bills are automatically created for each individual and personalized to include the customer’s name, account usage details, recommended actions to take, and relevant promotional offerings or upgrades. The result is a highly personalized and relevant experience unique to every individual viewer.

What is included in a video bill and how does it work?

Each video bill story is compiled from a collection of scenes, each one focused on common inbound inquiries or addressing specific topics, such as: monthly recurring usage fees, one-time surcharges, pro-rated partial charges, and applied discounts. Additionally, the most relevant educational content may be included to further support the customer, such as adopting paperless statements or automating bill payments.

Personalized videos are created from modular video scenes and dynamic creative assets that are populated with a customer’s account data and information. Video bills are created on demand when needed, which means they don’t exist until the viewer clicks play to watch. And because the video is generated on-the-fly and in real-time, it’s always up-to-date which provides the viewer with the most accurate information based on his account data. For instance, if the viewer watches his video to see a balance of $142.37, then pays off the full balance and re-watches the video, the video bill is automatically updated to reflect a balance of $0.

How do video bills help new and current customers?

Successful customer relationships start with the first 90 days of a new customer coming aboard, yet are commonly the most costly from a care perspective as this is the time when the greatest volume of contact center inquiries are received, usually related to billing. For new subscribers, video billing can help streamline the onboarding process by proactively explaining the first month’s statement, reviewing purchased services, answering common questions and addressing the top reasons for contact center calls.

When existing customers change their service or expand their account by adding on new products and accessories, the first statement post-change can be confusing if it includes additional fees, surcharges, and taxes related to the account change but unexpected to the customer.

Video bills allow service providers to proactively address the complexity of bill, statement or invoice administration in a personalized and easily digestible manner, to turn new customers into brand advocates and retain existing customer relationships.

How do video bills benefit the business?

Video bills scale customer service and support to every single one of your customers, in a personalized and cost-effective manner. This leads to reduced calls to the contact center and decreased time spent on such calls, significantly reducing customer care costs related to bill or statement queries while improving overall customer experience. Personalized video bills have proven to:

  • Drive 10-20% reduction in targeted customer care costs, given deflection and decreased duration of billing-related calls
  • Reduce customer churn up to 10% as video bill viewers are less likely to cancel services than non-viewers
  • Increase brand stickiness through uptake in value-added services, such as paperless adoption and automatic bill pay
  • Lift Net Promoter Scores 5-10% when incorporated into customer care initiatives

 

Learn more about SundaySky’s SmartVideo billing solutions for telecommunications providers, financial institutions, and insurance carriers

To speak with us to learn more about SundaySky’s personalized video billing solutions, contact us now.