Andrew Greene
JERICHO, NY (USA)
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pi-COMM LLC
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Startup
Location:
JERICHO
Industry:
Internet
Year Founded:
2006
Number Employees:
1-10 people
Description:
pi-COMM LLC has developed a proprietary consolidator user interface solution- ClickandPay™ (patent pending) that enhances current Bank online offerings and drives the next generation of e-Commerce through the leveraging of their existing under utilized and cost prohibitive “bill pay” only platforms.
pi-COMM’s ClickandPay™ platform transforms a Bank’s current EBPP cost/commodity driven service into a differentiated, powerful and profitable e-Commerce site. ClickandPay™ establishes a new revenue generating and cost efficient Bank portal where the “user experience” enables a “user” friendly way for the Consumer to carry out all financial/e-Commerce transactions such as online banking, EBPP, e-shopping, dispute resolution, point reward/hospitality account interaction without ever having to leave the secure confines of Bank’s branded platform. This Bank portal creates a stronger Consumer value proposition, leading to higher retention rates, significant reduction in operational costs while driving multiple forms of revenue streams for the Bank.
Bank Benefits By;
1. Dramatically reducing the high operational costs associated with current “bill pay only” platforms as follows;
? Reduce maintenance fee by as high as 75%.
? Reduce per transaction costs by approximately 17%
? Eliminates (for those who use it) aggregation fees completely. Cost could be as high as $1.50 per account per month.
2. “Cost effective” marketing opportunities whereby bank can significantly reduce current advertising/ marketing costs by $100’s per acquired Consumer while increasing effectiveness of their campaigns through increased conversion rates of marketing opportunities into actual revenue generating transactions.
3. Significantly increasing the number of cross-sell/ up-sell opportunities to existing customers who regularly utilize the Bank’s website.
4. Establishing a “New” & significant e-Commerce revenue stream that will enhance the Bank brand, increase retention rates and drive new customer relationships.
5. Enhancing the Bank brand and increase the number of Consumers who consistently utilize the Bank’s website through a more comprehensive, efficient and easy to use online experience for their Consumers.
6. Establishing a Consumer service experience for Bill Payment that is a seamless, direct and with detailed “Bill Presentment” while enabling the consumer to utilize the Bank as its portal for all online e-Commerce transactions.
7. Establishing a new channel that will drive consistent Consumer transactions utilizing Bank credit and debit accounts.
In short, the ClickandPay™ platform enhances their consumer online experience, drives revenue from multiple sources, dramatically reduces current operational expenses for Banks while they receive less service and positions the Bank’s brand for present and future Consumers who conduct financial transactions on a regular basis utilizing the Internet either through their computer or mobile device.
Value Proposition for Merchants;- Merchants have been disenfranchised from the growing number of their own Consumers who only utilize Bank consolidator sites for paying bills, the ClickandPay™ platform provides the Merchants the ability to;
1. Re-establish direct access to growing numbers of their own Consumers who only pay bills at Bank EBPP sites.
2. Speak directly to the exact Consumer they are currently trying to reach through other more costly Internet verticals with highly relevant, timely & analytically based advertising/marketing capabilities.
3. Speak directly to competitor’s Consumer with own up-sell opportunities while Consumer is viewing bills from that direct competitor.
4. Receive a wide array of “Biller Direct” capabilities within Bank Consolidator model depending upon individual Bank’ e-commerce philosophies.
5. Retain Customers.
6. Increase the number of Online Sessions & Activity Time With Consumer.
7. Increase Revenue & Profits.
8. Reduce Operational Costs.