March 15, 2021

PaymentsSource

Paythink: New Innovation Can Trim Even More Time from Processing

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Virtually every element of life transformed globally over the last year. Long-standing business and financial processes weren’t exempt.

Actions and thinking on transformation, automation and digitization moved from strategy to implementation planning. In many cases development and implementation cycles collapsed from years to months.

So, if 2020 served to fast-track a great acceleration, what’s in store this year for businesses and financial institutions and fintechs that serve them and their customers?

A strong focus on frictionless payments and customer-centric digital experiences continues. Humans have come to expect experiences that are frictionless: simple, efficient, quick, error-free and secure. We want those experiences across our routines, both personal and professional.

For businesses and financial institutions, the drive to simpler digital experiences isn’t about them finally catching up to consumers. That move has been underway for some time. Business payments and processes are just more complicated. Still, we expect technology to be a great enabler, making ease possible for even the most complicated processes. That was brought home this past year.

Meeting expectations will be found in solving for needs.

Predictive personalization. Interactions have become less physical and more digital. Consumers and businesses alike expect their digital interactions to be as personal as the previous physical ones. People no longer have tolerance for the generic.

The data that accompanies our digital persona allows for predictive personalization in our digital experiences and delivers on audience expectations.

Automation. To provide the quickest, easiest path, solutions will increasingly rely on process automation and focus on streamlining user experience. Doing this right has the potential for big gains in customer satisfaction.

Touchless transactions. As a natural result of digitization, offering contactless payments and e-wallets will be a top priority and see mass adoption. Again, the nature of the pandemic and its impact on society has helped to boost the popularity of touchless transactions as consumers, and even businesses, continue to avoid handling cash wherever possible.

Mobile capabilities. Traditionally, apps built for the Internet weren’t always optimized for mobile usage. B2B mobile, in particular, has been less than stellar. However, with more and more business being conducted via handheld devices, app store providers are clamping down, and consumers are wising up. Going forward, companies must design mobile experiences with the device and user experience in mind, taking advantage of the mobile platform’s unique potential.

Taken together, a focus on these improvements will create more efficient and less time-consuming experiences that are platform-neutral and accessible wherever customers go.

By Jessica Cheney

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