This was this year’s Money2020 in Amsterdam – A wrap up
Open banking and payments innovation
Value added service to boost your growth
According to a study by Accenture presented in their keynote at Money2020, value added services accounted for 20% in growth for retailers in 2018. This tendency underlines the importance of providing your customers with your services but also further content - mainly in form of rewards - to strengthen retention and bind them to your brand. In an era in which customers tend to identify with the brands they love and choose them also based on the values they represent, loyalty alone is not enough anymore. You want your customers to keep coming back? You need to truly engage on their level and personalize your communication to them. How do FinTech companies achieve this? For banks this means increasing flexibility and daringly shift their core banking services slightly to the background to let third party value added services lead growth and traction. At the same time tech companies have to focus on developing more cost-effective scalable solutions and on consolidating them to handle the changes and challenges of data-driven innovation.
While developing mobile-pocket loyalty & rewards platform we have recognized quite early the big potential of value added services to increase customer retention and drive growth by binding your customers in a more effective way. Therefore, we are very glad to see a shift into the FinTech community towards third party, value added services. This strengthens us in our product vision and our purpose which is to offer a powerful platform supported by native technology to boost your customers’ retention and create that compelling user experience your customers want and deserve.
Reshaping global banking with platforms and mobile wallets
The banking landscape is changing at an extremely fast pace. However, banks still struggle in finding, compelling digital solutions that effectively engage with their customers. Users are asking for more centric solutions which combine all services in one place. However, the lack of a fully understanding of how relevant value added services are to increase retention and customer engagement is preventing a lot of banks from creating true loyal, delighted customers. The fast raise of mobile wallets giants such as AliPay has shown that most of the customers are ready and willing to completely shift to digital payments. However, the demand for a more user-centric approach shows how customers expect businesses to reach out to them through their mobiles in a more holistic way. Therefore brands and banks need to rethink their approach and be ready to offer much more than payment services as consumers are willing to engage and ask for more content and rewards.
Keeping pace with new, disruptive technologies brings new challenges, new values and new business models. AI is going to play a huge role in the future of banking even if there is still a trust deficit when purchasing through smart assistants (according to Amazon Pay approximately 30% of customers do not fully trust voice-enabled devices and voice services when it comes to financial information or even product choice). Today’s data-driven innovations, in-store transformation and the rise of powerful digital payment platforms require new effective solutions to meet the customers’ demand for a seamless customer experience and most of all frictionless commerce. Being connected has never been so important for business as it is now, it’s shaping the future and the idea of commerce itself, making it a ground-breaking way to approach customers to deliver them delightful experiences.
Money2020 – final thoughts:
Thrilling times are ahead for FinTech, payments and financial industries. The future of mobile payment technology will keep affecting the way we do business and technology will keep redefining the concepts of commerce. The payment processing of the future will be a complex network of consumers, retailers, banks, and payment processors to deliver a seamless customer experience at any touch point and any point of sale. The focus of customers relations will definitely be on a more personalized relation between businesses and customers to ensure stronger loyalty and retention.
EIC invited mobile-pocket to join the Scaleups and Corporates "Deep Tech on Display" Event
Scaleups and Corporates came together in Brussels to spring innovation and business