Register for our upcoming webinar with Accuity on Thursday 28 October 2021 at 3pm BST, as industry experts discuss Payment efficiency and the intersection with customer experience
Customers, suppliers, and business partners expect zero friction when making payments online. Poor payments experiences, which ask users to provide information they don’t know or put forward too many steps, significantly impact user onboarding rates and are no longer feasible.
With intense competition in the payments space, expectations for excellent user experiences have now spilled over from the consumer space to the corporate, wholesale, and small business spheres. Traditional financial institutions stand to learn from and gain much by partnering with – innovative fintech companies with automated payment processes.
Further to this, with marketplaces onboarding suppliers and their partners on digital platforms, friction is eliminated, and errors are removed with the validation of information.
Therefore, in this digital age, with nimbler service providers emerging, and the implementation of open banking resulting in positive progress, banks must consider whether their services should be built from scratch, or whether a third-party provider should support in the importing of the user experience.
When creating a best-in-class payments setup experience, companies need to consider:
1. Step removal – what steps can be automated to reduce cognitive load for users?
2. Data validation – how can inputted information be checked for accuracy to ensure the payment does not fail?
3. Value-add – what types of steps and services in the payment flow should companies look to outsource to API-based products, and what should they in-house themselves?
Sign up for this Finextra webinar, in association with LexisNexis Risk Solutions company, Accuity, to join the panel of payment experts as they explore:
- What traditional institutions can learn from fintech companies and marketplaces
- How to strike a balance between friction and fraud
- The requirements for corporate, wholesale, and small businesses
- Open banking as an enabler of efficient onboarding
Jane Cooper - Researcher, Finextra [Moderator]
Dalbir Sahota - Head of Payments and KYC, Accuity