A payments platform that uses artificial intelligence to meet real consumer demand has earned Payrailz the honor of Top Innovator for Member Experience in Callahan’s 2019 Innovation Series.
The Connecticut company’s solution delivers electronic billing and payment functionality as well as personalized recommendations through online and mobile channels, voice-enabled devices, interactive messaging, and payment bots.
“We deliver a smarter, more predictive and engaging experience,” says Mickey Goldwasser, vice president of marketing for Payrailz. “We’re excited and beyond humbled that the voters of Callahan’s Innovation Series recognized us for that.”
The Payrailz software analyzes multiple data sources to provide actionable insight into how individuals can better manage their personal finances. For example, the platform recognizes when a member is paying more for cable services than others who live in the area. With a click, Payrailz provides access to bill negotiating services that can help lower those costs.
Our Smart UI leverages credit unions’ most powerful asset, their data, to deliver great experiences and individualized recommendations.
The software also analyzes a member’s spending patterns and can recommend debt consolidation and automatic payment plans that help smooth out payments or even reduce the debt load.
And, of course, it pays bills. Members can request push notifications when a bill is due. Payrailz sends that notification with a suggestion they pay the bill on the date they receive their paycheck. With a click, it’s done. Members can view billing information and choose their own delivery schedule, from right now to anytime in the future. Members also have access to “set it and forget it” autopay capabilities as well as account-to-account and peer-to-peer transfers, all accessing multiple payment rails to optimize the delivery of each payment.
“Our Smart UI leverages credit unions’ most powerful asset, their data, to deliver great experiences and individualized recommendations to their members,” Goldwasser says of his company’s cloud-based, API-driven platform. “We’re meeting consumers' expectations today with technology that can grow as they do.”
The Payrailz marketing chief credits his company’s clients with helping to both inspire and develop its solutions. He says their input provides validation as well as starting points for the company’s leadership team of financial services technology veterans.
“When you look at the makeup of Payrailz, most of us have spent our careers trying to help credit unions better serve their members and address the competition,” Goldwasser says. “We’re proud of our gray hair. Winning this competition shows the voters agree with our vision, and we deeply appreciate that.”
This article appeared originally in Credit Union Strategy & Performance. Read More Today.