By Nate Dudek, Chief Technology Officer & Chirag Patel, VP Product Management
Whether they know it or not, FIs are largely competing on the basis of a digital user experience. In fact, companies that focus on customer experience drive revenue 4-8% higher than the rest of their industries. The winners will be those that prioritize speed, convenience, simplicity, and user needs from the very beginning of any innovation and ideation process. Those that fail to prioritize UX are destined to fall behind and risk undermining an otherwise great innovation.
Simply put, unless technological “advancements” can cater to users and support a frictionless user experience, they’re ultimately a waste of time. Here are some of the ways we use the power of our technology to help FIs innovate with UX in mind.
Understanding consumer needs
One of Payveris' most defining characteristics is our obsession with customer centricity. Everything we do is rooted in meeting customer expectations and alleviating customer pain points. Those are our table stakes. To accomplish our goals, we use data from our own internal analysis, our FI clients and prospects, and industry experts. This data-driven approach allows us to prioritize our efforts to focus on delivering an optimal experience. These robust data sets also offer information on how users are engaged with a digital brand. We identify how often users are visiting the site to make payments and to which billers, their trust levels for establishing automated payments, and which user experiences drive more engagement — laying the foundation for FIs to develop relevant services for their customers.
Creating a seamless experience
The era of modern money movement has created high consumer expectations for speed and convenience. This is backed by an increasing demand for financial services that help simplify everything from paying a friend to meeting financial goals. The challenge is in fulfilling these expectations while seamlessly orchestrating a wide range of payment types and channels.
Payveris builds the digital tools that can deliver a centralized, seamless, omni-channel experience, removing as much friction as possible. Our Instant Payment Network can integrate all of a consumer’s typical banking needs without the use of third-party apps, ensuring a frictionless experience that is easy to navigate. This ability for consumers to achieve their goals on one platform not only drives engagement but builds strong loyalty.
Removing barriers to innovation
FIs are saddled with many burdens that distract from UX initiatives and spread personnel \resources too thin. Ensuring compliance, mitigating fraud, and executing conversions are just a few of these burdens, and while they are all essential in maintaining ongoing success, they can impact innovation.
We help FIs offload these tasks and maintain their focus on core business. We stay ahead of shifting regulatory requirements and can ensure compliance while an FI focuses on long-term strategy and implementation. We oversee fraud management, execute data conversions, and take on these time-consuming responsibilities to allow FIs to redirect resources toward more competitive initiatives such as acquisition and retention.
Innovation for innovation's sake is not enough. FIs must work with partners that think holistically and prioritize UX. With our help, FIs can leverage customer insights and existing loyalty without being stymied by barriers to innovation. Empowered to execute the right digital strategies, FIs can achieve innovation that centers UX, driving customer engagement and satisfaction.
For more information on how Payveris can deliver UX-driven engagement to your platform, set up a time to talk today.