Everywhere we see especially in ecommerce what used to be complicated method of paying for goods and if required getting refunds used to be fraught process. Nowadays Amazon has shown the way with One click ordering and refunds.
This consumer focus to help make their lives easier while interacting with a machine has been rewarded both by customers and the stock markets . What are some examples where banks have made the difference?
- Transaction alerts on the mobile app
-Customer authentication on the phone if calling from a registered number
-Servicing via chat if customer is on the online banking portal.
These use cases showcase how to reduce friction by reducing "Customer minutes" i.e. time spent by customers to address their issues. Think of how the internal business processes have been rejigged to permit these outcomes.
ISO20022 rich payment messaging data is a building block for enabling these types of friction reductions in business and the real benefit is in terms of better cash flow and the opportunity to innovate on top of the payment message data set.
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