GAUGING THE MARKET
Lee Atkinson , Chief Operating Officer at Modern World Business Solutions
are crucial to providing the best possible customer experience and research by EY suggests nearly 40 % of customers would walk away from a business that offered an average digital experience .
Customers want the freedom to use their preferred payment methods including virtual wallets and mobile payments , and they want their payment experiences to be as fast and streamlined as possible .
By embracing innovation and prioritising payment technologies that support the customer experience , merchants can work towards increased shopping frequency , enhanced consumer trust and increased conversions , whilst driving cost saving and operational efficiencies .
Increased financial inclusion
Innovation in the payments sector is playing a pivotal role in expanding financial inclusion as economic hardships are becoming more pronounced for many households .
In the UK alone , there are an estimated 1.2 million people who are ‘ unbanked ’ – meaning they don ’ t have access to basic financial services like a bank account , credit or insurance . This lack of access can make it difficult for people to save money , make payments , and access credit when they need it .
Modern payment solutions can provide more tailored options for payments , bypassing the traditional banking system , which is often seen as more expensive and less accessible to those on low incomes .
In allowing people to strengthen their financial capabilities , payments innovation
18 www . intelligentfin . tech