A key priority for banks and other payments providers is customer centricity, with companies seeking to differentiate themselves by offering a faster, better and more trusted service. Payments service providers understand that a sharper customer focus can help shape innovation and support growth. This report details how these businesses are leveraging new technologies and automation to be more customer focused and stay more competitive.
This year’s payments industry survey shows companies are streamlining processes to create a more trusted and transparent payments experience. At the same time, they are making concerted efforts to nurture customer relationships. This reports highlights the survey results connecting to the following trends:
- More consistent charging for failed payments. Banks and processors’ willingness to levy fees reflects high levels of investment and a focus on efficiency.
- Increased automation in the validation of bank and payment information, especially during on-boarding. Some 91 percent of firms say they offer validation for SWIFT/BICS or national clearing codes, amid increasing automation.
- Prioritisation of reputation and relationships. Payments providers are leveraging process improvements and technical advancements to enhance the customer experience throughout their operations.
About the Survey
The 2018 payment provider survey questioned over 100 senior managers from global financial institutions and payments service providers in order to understand the issues affecting speed, accuracy and customer experience in payment processing. Each region of the world was represented, with 45 percent of respondents coming from Europe, 25 percent from North America, 16 percent from Africa and 6 percent from Asia. There was an even split between those who work at larger (assets of $100bn+) and medium/smaller organisations. In total, 24 percent came from businesses that serve their domestic market only, while 21 percent operate in 50+ markets.
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