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BANKS MUST HUMANISE TO ATTRACT NEW CUSTOMERS
Renato Oliveira, CEO and Chairman of the board at ebankIT
The financial sector is experiencing a once-in-generation transformation. Millennials and Generation Z are demanding a different approach to digital, creating a wave of change that will sweep away banks that are unprepared.
If digitally savvy users are unable to get the services they require, at the speed they need, they will simply log off and switch to a neobank.
Digital natives were raised on smartphones, are constantly connected and live their lives online. They are accustomed to efficient, personalised services and expect the same intuitive service from the banking industry that they receive from Netflix or Uber. They will not tolerate legacy banking practices and time-consuming, paper-based processes associated with the old world of branches. Customers now expect onboarding to be simple and friction-free, making it as easy to open a bank account as it is to start a social media profile.
Yet an efficient experience is not enough. Customers want to be treated as an individual by a bank that really knows them. Therefore, institutions need to master the art of fostering relationships. Digital banking does not have to feel emotionless. By humanising their services, institutions can meet this growing demand for a warmer, more personalised experience.
THE HUMAN TOUCH
Ultimately, personalisation is key to humanising experiences. When real-world behavioural data and digital analytics are embedded into the digital journey, banks can provide the right services to the right consumers, at the right time, through the right channels to drive greater conversion rates, higher customer satisfaction and better brand reputation.
Here are three ways banks can deliver humanised services that address the new wave of banking customers:
1 Create seamless, simple, intuitive digital self-service Financial institutions can enhance the digital experience by giving customers access to real-life interactions via technologies such as messaging applications, dedicated direct connect buttons, video, and front-end chat. Voice AI, chatbots and other technology can handle simple interactions, but customers must be able to talk to a human quickly whenever they need to.
2 Be flexible – let them choose the channels they prefer To address customers’ complicated financial needs, banks must implement an omnichannel approach that seamlessly incorporates digital and physical channels. The objective should be to make the functionalities of physical branches available online and back up digital services with human support so banks can meet all their customers’ needs.
3 Let the data map the journey Banks should carefully examine what pages visitors view and the content they engage with. Every journey should be assessed to find and eliminate points of friction. Digital journeys should be personalised to each and every customer.
ENABLING CUSTOMER ENGAGEMENT
ebankIT enables banks to deliver humanised, personalised, and accessible experiences for their customers. We developed the User Engagement Hub to give financial institutions a private and exclusive communication channel with their customers, enabling them to leverage the power of humanisation. Banks can use the Hub to give their customers the ability to rate their app experience, test new features, and give instant feedback if the app crashes or they have another problem.
Our technology lets banks listen to their customers. Crucially, it makes those customers feel heard. This two-way conversation is the essence of a humanised experience – which is the best way to win the hearts (and loyalty) of customers as we enter this new era of digital banking.
Operating in more than 20 countries, ebankIT is helping customers all over the world transform their businesses by delivering a fast and seamless digital banking transformation. The company's omnichannel digital banking platform allows banks and credit unions to lead digital transformation at a fraction of the cost, time and effort. ebankIT's mission is to help banking businesses realise their full potential and strengthen customer relationships, while minimising costs and increasing digital revenues.
Leap forward in Latin America
The digital ecosystem continues to seize opportunities and maintain connections between businesses and potential consumers on a global scale
The increase in online financial solutions appears on the scene as a determining factor in driving the exponential growth of those companies that operate or are planning to operate in a cross-border model within Latin America, without online transactions being limited by physical borders.
A ROBUST ON-DEMAND PAYMENT EXPERIENCE
The success and scalability of an online business are a result of the ability to serve a global audience successfully. By targeting clients located in different geolocations, this growth poses a challenge that involves multiple factors to take into account, such as logistics, security measures, regulations and, above all, changes in consumer expectations.
In this context, the payment structure which a cross-border model integrated into an e-commerce must be flexible and robust enough to adapt to the different needs of its buyers, without presenting any friction that may slow down the expansion process.
For an international business to reach its most competitive point and offer customers optimal shopping experiences, it will need a suitable payment processor that can be integrated into any online business model, providing access to a wide range of payment methods for each region, considering how their service scales along with their technological capabilities.
HOW SMART PAYMENTS ROUTING CAN SCALE UP BUSINESSES
Technology plays a fundamental role optimising all types of commerce with online operations, integrating the appropriate technology for each business model and optimising your goals can help you not only attract clients from all over the world, but also keep them happy by providing the best possible payment experiences. Payment processors with this state-of-the-art technology are well positioned in the cross-border payments ecosystem as it enables merchants to offer a robust and straightforward solution, by accepting the payment methods preferred by local customers, from anywhere in the world. Such is the case of PayRetailers, which, by combining its European mindset with its evident expertise in Latin American markets, facilitates the localised routing of transactions on a global scale.
Instead of connecting with a single acquirer, the European paytech rigorously covers all the factors necessary to identify the most efficient route for each transaction, taking into account: all available banks, geographical location, currency, risk assessment, devices and the configuration of rules in real time to track results and adapt possible scenarios that optimise the approval of the payment according to the client’s needs.
LOCAL PAYMENTS ON CROSS-BORDER E-COMMERCE
Online transactions transcend physical boundaries, and one of the key critical enablers for any business model to maximise its coverage by accepting payments both regionally and globally is creating a strategic relationship with an expert payment service provider who knows how to harness the power of local payments. This is undoubtedly an exclusive requirement when a business seeks to scale its operations globally.
Integrated with a strong network of payment providers in emerging markets in Latin America, PayRetailers' all-in-one solution provides immediate access to the most popular payment methods for each country in the region, such as PIX in Brazil, OXXO in Mexico, Webpay in Chile and Efecty in Colombia, to ensure that international merchants in industries such as e-commerce, retail, travel, financial services, e-learning and gaming achieve the highest conversion and acceptance rates, as well as the highest efficiency regarding their transactions.
By selecting a payment partner with local knowledge and expertise, that can control the flows of payments, provide agile tools and the necessary service, contributes to the smooth international growth in each market
It should be noted that the support of PayRetailers goes beyond the integration of these payment methods. In addition, its all-in-one solution provides merchants with a completely localised payment strategy adapted to the needs of the customers, to each business model and objectives, controlling payment flows in a way that not only improves the experience of consumer purchases, but also has a positive impact on company conversions.
FACE THESE CHALLENGES WITH A TRUSTED PARTNER
One of the main factors to consider is the need to address the challenges of global expansion in Latin America and facilitate international businesses to enter into operations in the region successfully. By selecting a payment partner with local knowledge and expertise, that can control the flows of payments, provide agile tools and the necessary service, contributes to the smooth international growth in each market.
Considering that each payment method has a regional basis, as well as its own separate integration process, choosing a payment partner that spans multiple payment providers is invaluable to a successful expansion strategy. The focus of the merchant is simply set to discover the location to expand and the payment methods that will accept for the sale of their products online.
Likewise, for international businesses, scaling appropriately means recognising and strategically dealing with different regulations, economic scenarios, cultures, consumption habits, suppliers and payment structures specific to each country.
PayRetailers’ team of experts specialises in understanding the challenges of expanding international merchants in Latin America, allowing them to offer the payment methods most demanded by their local clients. As a result, it supports their expansion and sustainability by positioning them in more than 12 markets in the region where the payment processor operates.
Founded in 2017, PayRetailers is a leading global provider of online payment services with Latin DNA. We offer e-commerce payment solutions for end-to-end cross-border transaction flow without the need of a local entity.
Through one direct API, one technology platform and one contract, we offer global merchants more than 250 local Latin American payment options.
With a flexible and highly scalable advanced proprietary technology architecture, we innovate rapidly in response to market demand for online businesses of all sizes.
PayRetailers is headquartered in Spain with regional offices in Argentina, Brazil, Chile, Colombia, Mexico, Costa Rica, Paraguay and Peru.
As more and more customers transact online, smart banks are making sure they can stay in the fast lane and onboard as many customers as possible. But is it possible to establish trust with a customer you’ve never met?
GREEN LIGHT FOR DIGITAL ONBOARDING
Challenger banks and fintechs have figured out that today’s customers are unwilling to take the scenic route when it comes to their money. We want to open an account and provide all necessary information online without ever having to step inside a branch.
Traditional banks have been slow to adopt this new approach, citing concerns about security and know your customer (KYC) compliance. But advanced identity proofing solutions spot more fraudulent IDs than bankers can, thanks to the use of highly sophisticated artificial intelligence (AI). This technology can also ensure the person holding the ID is actually the person on the ID through a simple selfie. And with liveness detection, you don’t need the person to be sitting across from you to determine that they’re physically present.
AVOIDING SPEED BUMPS
Not all identity proofing solutions are created equal, however. They are often too lax and inaccurate, letting fraudsters through. Or they create too much friction for legitimate customers, driving them away.
Take AI, for example. This powerful technology is only as accurate as the data sets on which it was trained. Unfortunately, many solutions were trained on limited data sets intended just for testing, not real-world data with actual fraud attempts. Poor data sets lead to fraudsters slipping through the cracks. They also introduce bias against legitimate customers who don’t look like the people in the data set.
Many solutions claim to be 100 per cent automated, but what happens to the scans they can’t process because it’s from an unrecognised ID type? If your provider doesn’t have identity verification experts to manually process those inconclusive transactions and give you a yes/no decision in real time, you’re going to have to review them yourself – which puts you right back at the starting line.
You also need to make sure legitimate customers don’t abandon the account onboarding process because it’s too burdensome. The best solutions solve this problem through orchestration. Orchestration lets you create dynamic workflows that run the right checks for the right people at the right time.
For example, you might background-check the user’s device before they even enter their name and then require more stringent KYC checks if this device is suspicious. You might even stop the process completely if this device has been used to open fraudulent accounts in the past.
It’s also critical that your provider has bank-grade security practices under the hood. Make sure they have industry-standard certifications such as ISO/IEC 27001, PCI DSS and SOC2. If they don’t, it’s time to hit the brakes and look for an alternate route.
PAVING THE ROAD TO SUCCESS
The good news is that Jumio makes it simple to trust that your customers are who they say they are and evaluate their risk while allowing them to onboard easily and quickly, wherever they are. Jumio’s identity proofing solutions have bank-grade security certifications and are easy to integrate from a single API.
Our AI is trained on vast data sets of real-world production data from around the globe, yielding automation that is vastly more accurate than other solutions, and our verification experts ensure you can get a quick decision on inconclusive scans. Stop by booth 2103 at Money20/20 USA and take Jumio for a spin.