Bill Pay, in its essence, is a financial transaction between a biller and the customer. The customer can be a consumer or a business and it’s a payment transaction that is part of every exchange of goods and services. Though banks have offered online bill payment services to their customers since 1990’s, the adoption of bank bill pay has declined despite bank apps being used by most customers. In lieu of using the bank’s Bill Pay solution, customers have opted for paying bills online directly on the biller’s websites. With the near ubiquity of mobile devices, there can be a better centralized experience all within a phone.
The biller party has a different problem. They want to be paid on time or as quickly as possible.
They also want to establish a relationship / connection with the customer. Billers can be sophisticated with many options of payments to a local gardener who only takes cash or checks. While electronic payments have overtaken paper checks, paper check payments still number in the billions.
The questions to answer are:
1) Consumers: What experiences are consumers looking for to manage their bill pay experience? What experiences or features (gamification) will keep customers engaged?
2) Small businesses: What do small business billers need and are willing to pay for in an invoicing solution. What verticals and “closed loop” businesses can benefit from a better bill pay solution?
TiFiPay is looking for a team of 2-3 students for a 3 month engagement to create an Acquisition Strategy for a consumer facing FinTech app based on synthesized best
practices of successful product launches. Key areas of research need to be:
• Top 5 things consumers look for in an app that prioritizes usage & engagement
• Benefits and key messages that will resonate
• Top 5 ways to create awareness and generate demand. Ex. Best use of marketing channels SEO/SEM, influencer marketing/PR, social media, email, web advertising, content marketing, word of mouth and relative costs.
• Benchmark of FinTech customer acquisition costs and acquisition rates
• Top 5 customer onboarding experiences
Features and functionality of the product are a combination of “Personal Financial Management”, “Accounting/Budgeting”, “Money
Saving” and “Person to Business Payments”. Value prop includes:
• Saving time and giving back time
• Reducing money anxiety, not wasting money and maximizing benefits
• Being in control of own data, paperwork and financial decisions
THE CUSTOMER SEGMENT
• Mass Affluent Millennials and Gen-X
• Life events include marriage, childbirth, change of residence, buying a home, taking care of parents, younger siblings.
Initial Presentation in PowerPoint/Slides format (30min)
Tasks identified by the TiFiPay leadership team in relation to the outcome of the above
Interested candidates are encouraged to apply as soon as possible.