The customer experience is king!

By Robin Amlot

A recent poll by BIAN found that over half (55%) of professionals from the finance, technology and consultancy sectors believe that Covid-19 has encouraged their organisation or customers to prioritise digital transformation initiatives. Hans Tesselaar, Executive Director of BIAN, said:  At such a difficult time, customer experience will be paramount to a bank’s success both now and in the future. The coronavirus has forced a lot of changes to our everyday lives. I expect, when we start to recover from this pandemic, that many of these changes will stick, including our continued use of digital services.”

Indeed, demand for digital transformation is evidenced by payments platform, Paysafe’s latest Lost in Transaction Report, in which 1,100 SMBs around the world were asked about the effects of COVID-19 on their business. It is perhaps no surprise that, overall, the number that said the pandemic will have a negative effect on them (45%) outweighed those suggesting it will have a positive impact on their business (31%).

However, we should add to the outlook seen by Bian, noted above, among financial prpfessionals, data from Paysafe suggesting that, in the UK alone, 78% of the businesses questioned had specifically diversified their payment offerings and as a direct result, 66% saw an increase in sales. Those businesses offering a seamless digital experience that boosts the appeal of ecommerce services to the largest possible audience are gaining a competitive edge. The bottom line is all about improving the customer experience.

Paysafe said it found that more than half of businesses (57%) now view their payment offerings as a priority.  This may be surprising. One would have expected that this percentage would have been significantly higher.

Over a quarter of businesses surveyed (32%) think consumers are using new methods to track their spending more accurately, while 27% believe consumers are re-evaluating the role technology plays in their lives. As people are becoming more familiar with digital payments, according to businesses almost a third (29%) of consumers are valuing a more seamless customer experience online. This should be significant food for thought for any financial institution contemplating whether to rein in its investment in tech in the face of the pandemic. The short answer is you cannot afford to do so and you need to make the payment process simple and attractive. Retailers both online and offline have known this for some time. Banks need to understand it too.

According to recent PPRO data, over half of US and UK consumers will stop the checkout process if it is too complicated or their preferred methods are not available. Consumers prefer having multiple payment options, whether it be using a bank transfer, a credit card, a mobile wallet or even cash. Payment flexibility is a crucial factor in offering a seamless customer experience.