Enterprise payment management system

Description

We have kickstarted a large programme to understand the existing challenges and opportunities. The key findings of the current state assessment are:  Contract Management & Optimisation: Multiple contracts providing similar services creates several challenges including, increased costs and overheads.  Duplication of Services: Overlapping services (especially telephone payments and direct debits) lead to administrative complexity and unnecessary costs (economies of scale).  Inconsistent Customer Experience: Customers from different parts of the merged organisation face varied payment options, leading to confusion and potential dis-satisfaction.  Gap in Services: With closure of banks and post offices, local convenient options for customers to pay (pay point), alternatives to minimise handling of cash (card machines) etc.  Technical Inefficiency: Managing multiple systems creates increased complexity for our technical teams within Technology & Finance. As a result, the group have set out key justifications which revolve around implementing a single enterprise-wide solution for Payments and Collections  Offers the opportunity to reduce the technical complexity and contractual challenges resulting from several solutions across Payments & Collections.  Improves Customer Experience by centralising Collections through a single solution providing all Customers a single view.  Potential to improve collection routes available to customers in a changing banking environment.  Improves group's ability to report and track insights enabling wider recovery strategy improvements.  Simplifies internal Business Processes and business adoption activities because of a single-solution focus.

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About The Riverside Group Limited

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