CHEQUING OUT struggle to complete a transaction via their preferred channel . Any drop-offs at this crucial stage could lead to lost revenue due to a customer going to a competitor which offers their preferred payment method .
Digitally-savvy customers expect the same seamless experience they ’ d see in sectors like retail , while those who want to ‘ speak to a real person ’ may well give up if they can ’ t get through on the phone . There are , of course , many people who tread a middle ground , who might be happy to self-serve when the policy is straightforward but want a little more assistance for nonstandard cases .
Multi-channel payment systems enable insurers to flex to meet customers ’ needs and respond quickly to changes throughout their lifecycle . Consumers should receive the same positive experience , whether they choose to pay online , via a mobile wallet , direct debit , over the phone or using open banking . Something as simple as maintaining consistent branding throughout the journey can reassure users and build trust and is a way to stand out against competitors which direct customers to a third-party payment site that instantly jars .
Adopting a multi-channel approach to payments means that firms are less likely to exclude those who struggle with online tasks because they don ’ t have the skills or equipment . Some will fall under the FCA ’ s definition of a vulnerable customer and , as such , steps must be taken to ensure they are treated fairly .
As well as offering the option of over-thephone payments with full agent support , open banking ( or pay by bank ) is gaining traction as an alternative to online card payments where customers don ’ t have or don ’ t feel confident using their card over the phone . As well as being fast and convenient , open banking is also highly secure and can help reassure people that their details are protected .
Automate and streamline what you can
While multi-channel payments are certainly attractive to consumers and can drive revenue for insurers , firms are sometimes nervous that managing these channels can be costly , time-consuming and pose a security risk . Manually taking payment details over the phone , for instance , carries the risk of them being inputted incorrectly or overheard when a payer or payee is reading them out . Contact centres are costly to run too and completing due diligence checks , including Identity & Verification ( ID & V ), Know your Customer ( KYC ) and Anti- Money Laundering ( AML ), are necessary but time-consuming .
That said , out-of-the-box digital payment solutions are already helping insurers of all sizes rapidly enhance their payment capabilities and strategically leverage automation – for example , to flag up suspicious activity . That means legitimate customers can complete transactions without any holdups , with any risks being quickly identified and addressed .
Similarly , the impact on contact centre teams can be greatly reduced if firms use these payment solutions to automate or semi-automate phone payments . Far from being at odds with a people-centric approach , automation frees up precious resources to serve them better .
With all this in place , payment processes can become a vehicle not just for revenue but for customer satisfaction , inclusion , loyalty and ultimately , growth . � www . intelligentfin . tech
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