The shift to modern, real-time payments is changing how organisations manage both customer experience and operational processes to realise efficiencies.
GT Insurance is part of this shift, adopting PayTo to move beyond some of the limitations of traditional direct debits.
Offering instalment payment options is central to GT Insurance’s customer proposition, but the previous direct debit model created friction. Customers had limited visibility into their payment arrangements, including when instalments were due or if payments were missed. At the same time, dishonours introduced operational effort, requiring manual processing, journal entries and complex reconciliation.
To address these challenges, GT Insurance worked with NAB to implement PayTo, enabling customers to authorise payments directly from their bank account via their banking app.
Customers are able to set up their payment agreements themselves. It’s a much simpler experience for them and for us. And from a backend perspective, we’re able to perform bank reconciliation without any issues.”
Marc Gross, Chief Financial Officer, GT Insurance
With PayTo, customers can set up and manage their payment agreements themselves through a simple, self-service experience, eliminating the need for back-and-forth communication. PayTo provides visibility of payments, enabling GT Insurance to keep customers more informed of upcoming and missed instalments.
The shift to real-time payments has also reduced timing discrepancies and removed many of the issues associated with dishonours. As a result, back-office processes have been streamlined, including making bank reconciliation faster and more accurate.
Outcomes
- Improved customer experience through self-service setup and enhanced payment visibility
- Reduced operational effort by eliminating manual dishonour processes
- Simplified reconciliation with real-time payments and fewer timing differences
