Changes and Innovation are gaining momentum in the Payments industry. As the payments value chain is becoming progressively digital, banks must successfully address this transformation challenge and seize the opportunities offered by this new payments universe, for example e-SEPA services, digital portfolios or even instant payments.
- Broad functional coverage
- Custom processes and service quality
- Faster time to market
- Improved risk control
- Regulatory compliance
From bartering to e-money, the way we pay for goods has changed considerably over time. As the economy is being digitalised, the old world of payments with hard cash, cheques, and plastic cards is gradually being replaced by a new digital world, where change is picking up pace. So, now it’s time for a new payments era, with mobile, online and connection-focused digital means of payment to offer the consumer speed, ease of use, mobility, simplicity, security and more relevant services all at the same time.
It’s time for payments to change dimension. These changes pave the way for compelling development opportunities for all stakeholders on the market, including those already present and new comers. Given that banks benefit from a high level of trust when compared with other stakeholders, they are well positioned to take the lead in this new environment. Possibilities offered by new regulations and/or new technologies provide just as many opportunities to offer their customers, both private and corporate, innovative services and attractive digital experiences.
All of this will certainly help to strengthen customer relationships and reinforce banks’ position in this new world.
So, how can banks take full advantage of these opportunities? What new added-value services can they provide to stay at the heart of ultra-connected consumers’ daily life?
Among the numerous possible leads to create value while improving the customer experience, a few key areas seem to be particularly promising in terms of innovative services focused on payments and beyond:
- Dematerialise and accelerate the different steps in the purchasing journey prior to payment,
- Enhance the purchasing experience with appealing services going beyond payments,
- Address customers’ demands for immediacy with regards to payments.