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The Innovation Center highlights some of the new ideas and cutting-edge technologies that The Clearing House, member banks, industry partners and technology companies are building to bring new solutions to the market for real-time payments, bill payments, consumer data privacy and more. On the following pages, you will find detailed information that covers every step of the innovation process: from defining the problem and ideation all the way through pilot and launch.
Driving Innovation on RTP: The Reinvention of Bill Pay (October 2019)
Summary
- Financial Institutions have seen a departure of ~40% of bank directed bill pay to biller direct of the past two years
- Customer demand for immediacy and transparency has grown to 76% of the customers expecting real-time capabilities for bill pay
- RTP represents an opportunity for Financial Institutions to provide a better end to end payments process for bills and payers and improve overall efficiency
- The Clearing House led design thinking sessions over the summer of 2018 with some of the early adopter banks to help re-envision the bill payment process leveraging the features of RTP
- On 31st Jan 2019, The Clearing House, along with 11 banks, continued its efforts and participated in the RTP MVP Wave 1 Pilot planning workshop, with representation from both retail and wholesale side of their business
- Financial Institutions have seen a departure of ~40% of bank directed bill pay to biller direct of the past two years
- Customer demand for immediacy and transparency has grown to 76% of the customers expecting real-time capabilities for bill pay
- RTP represents an opportunity for Financial Institutions to provide a better end to end payments process for bills and payers and improve overall efficiency
- The Clearing House led design thinking sessions over the summer of 2018 with some of the early adopter banks to help re-envision the bill payment process leveraging the features of RTP
- On 31st Jan 2019, The Clearing House, along with 11 banks, continued its efforts and participated in the RTP MVP Wave 1 Pilot planning workshop, with representation from both retail and wholesale side of their business
Innovation Journey At-a-Glance
Problem
Frame the problem and identify the core business issues
Ideation
Plan and conduct research, immerse the team in research, and identify a relevant set of insights using the design thinking methodology of empathizing with the customers and creating personas. Bring together and examine insights and generate their related implications
Design
Generate concepts, define concept elements, and articulate customer and consumer value propositions
Prototype
Conduct rapid prototyping exercises to build low fidelity prototypes and deepen the concepts, detail customer experiences and use cases for the personas identified
Pilot
Plan and run pilots for select customer cohorts to gather feedback and iterate on the final product
Launch
Plan launch activities, develop marketing collateral and bring the product to market for commercial use
Problem
Frame the problem and identify the core business issues
Ideation
Plan and conduct research, immerse the team in research, and identify a relevant set of insights using the design thinking methodology of empathizing with the customers and creating personas. Bring together and examine insights and generate their related implications
Design
Generate concepts, define concept elements, and articulate customer and consumer value propositions
Prototype
Conduct rapid prototyping exercises to build low fidelity prototypes and deepen the concepts, detail customer experiences and use cases for the personas identified
Pilot
Plan and run pilots for select customer cohorts to gather feedback and iterate on the final product
Launch
Plan launch activities, develop marketing collateral and bring the product to market for commercial use