PAYMENT SOLUTIONS
“ Digital technologies have put the power in the hands of the consumer ”
DAVID JOHN CEO AND FOUNDER OF
LOYALIZE engine to act in real-time on ' events ' such as an ATM visit and send those customers loan offers by SMS immediately afterwards . This new timeliness contrasted with using the CRM and data warehouse-based infrastructure , which previously could take up to two days to make such an offer .
" The IT team has also estimated that data streaming costs only one-tenth of taking a data warehouse-focused approach ,” he says .
The Open Banking revolution Using technology to make transactions easier for the customer is key in keeping a loyal base of repeat users . Open Banking has been a big contributing factor in streamlining the transactional process for customers seeking finance for products and services .
Myers believes open banking is a natural progression driven by demand for flexibility . He says , “ Open Banking allows choice . When consumers have a choice in terms of how and with whom they are banking and paying , it simplifies that world .
“ What had in the past potentially been quite an onerous exercise has become straightforward , so
people are able to purchase different services and products from a variety of different providers in a matter of clicks .
“ Having that flexibility to choose when you do it and how you do it has changed and , for many , accelerated during the pandemic . The transformation and desire for people to have much easier payments has intensified and accelerated to effectively move much more quickly to a digital solution set .”
Jason O ' Shaughnessy , Head of International Sales at
Envestnet , Yodle agrees . He says , “ The introduction of Open Banking has sped up and improved the affordability decision when applying for credit . Previously , this would have been an offline experience , delaying the process for hours or even days .”
However , he says , there should always be a call to action should the customer require a real person to resolve an issue . “ Technology should always be used to make interaction easier and more convenient for the customer . Through technology , companies are able to send personalised messages and offers that provide real value to the customer , improving the customer service and experience .”