PAYMENT SOLUTIONS
“ The introduction of Open Banking has sped up and improved the affordability decision when applying for credit ”
JASON O ' SHAUGHNESSY HEAD OF INTERNATIONAL SALES AT ENVESTNET , YODLEE
need and want to speak to a human being ’ and the handoff isn ' t always as slick as it could be from one to the other [ technology to person ].
“ There ' s a moment when we all say ‘ I ' ve gone as far as I can , on the automated system or the digital solution , I actually need to speak to somebody ,’ because it ' s more complicated than adding in a few numbers .”
Payment tools Having the right tools and data analytics capabilities to capture and use these insights , says Johns , is vital to the ongoing success of retailers – especially in a climate where high levels of personalisation are an expectation .
“ Many brands are therefore investing heavily in new technologies that help them to create tailored messaging and personalised recommendations that combine the online and offline channels to improve the overall customer experience ,” he points out .
Examples of this include the implementation of touchscreen systems in stores that allow for a more engaging checkout experience , with real-time offers and communications delivered to the customer directly at the point of sale . If done correctly , these systems should connect both online and offline channels to ensure that customers receive a completely seamless , omnichannel experience .
Johns also points out that the role of new technologies such as AI has become fundamental to enhancing the customer experience in “ collecting and harnessing data and using predictive analytics to understand what customers want , how the market is performing and identifying future trends .”
Although banks have contributed massively to the digital payments culture through taking services online and encouraging customers to manage their money remotely , they are now , ironically , at the mercy of their own genius , says Cole .
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