Great customer experience is a crucial goal for financial institutions across the industry. The banking world is moving on from more traditional, physical forms of interaction. Consumers are shifting towards digital banking and digital customer experience.
Research from UK Finance shows that 81% of adults select their bank based on the quality of online banking channels. It’s not just the younger generations switching focus, either. 60% of the 55+ age group are reporting increased mobile and online channels usage.
With these numbers only set to grow, providing an exceptional customer experience should be an institution’s top priority. Yet good user experience extends far beyond a colourful and shiny front-end service.
This is where practical usage of payment APIs comes in. Correctly configuring a flexible platform enables products and services that make your customers’ lives easier and make their experience with your bank more impactful.
Customer experience strategy
Payment APIs should be at the heart of your customer experience strategy. A payment experience is the perfect two-sided interaction between stakeholders: the business on one end and the consumer on the other. Institutions play a vital role in ensuring both are served effectively.
Providing the stakeholders in a transaction with a seamless connection is as simple as deploying the correct API. Pismo allows institutions to develop and customise a solution which fits their needs and the needs of their customers.
Onboarding merchant accounts quickly into a marketplace, settling payments in real-time, and achieving control over the payment flow. Using the correct platform partner to underpin your e-commerce strategy, all these things are possible.
Through integrating APIs, technology platforms can embed payments seamlessly into the customer experience and create “invisible” transactions. Examples of this exist in the technology industry, where platforms like Uber and Deliveroo have developed straightforward ways to connect sellers and buyers using automated checkouts.
When customers sign up to a store, they want their card to saved for their next purchase. They want to avoid entering their card details, passwords, and authentication codes for every purchase. Proper API connectivity eliminates these steps for users while retaining inherent security.
Opting for a modern payments platform enables a forward-thinking institution to become an industry leader in deploying cutting-edge solutions. These include offerings like Request to Pay and variable recurring payments, which revolutionise the way customers manage their money.
Payments are the cornerstone of how a customer interacts with their bank or financial institution. Reducing friction in this everyday action is a powerful tool in ensuring customer loyalty and satisfaction.
CX for global markets
With customer experience fine-tuned for local payment methods, institutions can look toward the wider global marketplace and integrate seamless payment methods with multiple jurisdictions.
For international businesses competing in the global marketplace, providing a unique and valuable product is key. There are few better ways to differentiate yourself from the competition than by providing a seamless customer experience through the effective use of payment APIs.
Utilising proper API technology can:
- Reduce mistakes from manual data entry
- Increase engagement with customers through automated actions
- Implement a proactive interaction framework, rather than reacting to customer frustrations
- Create an interconnected ecosystem of products and services
Across the globe, firms are beginning to see the potential of frictionless payment processes. The true promise of fintech is starting to emerge, and customers are ready for it. 46% of global consumers without an online account are looking to open one to achieve a greater user experience.
Institutions that break ahead of the pack and begin implementing new technologies and services will be better able to adapt to this new world.
How customers save, spend, transfer, and manage their money is increasingly focused on the services which gain their trust. That trust is earned through frictionless processes, risk-free payment settlement, and a straightforward experience provided by a platform powered by APIs.
Looking to take advantage of the latest developments in payments technology? Speak to Pismo today to find out more.