Delivering consumer choice remains is a main component for financial institutions to establish a customer-centric sentiment for their clients. The article reminds us that with the adoption of new methodologies, in this case contactless payments, the inclusion of flexibility with regards to the end-users needs to be built into the process.
Australians love to tap-and-go, and have really embraced the contactless payment technology for everyday purchases made with debit. However, banks don’t currently allow merchants to choose the route through which a contactless payment is processed, with payWave transactions going through the Visa or Mastercard credit card system. Many consumers may not be aware just how much this convenience is costing Australian businesses and local merchants.
Mercator Advisory Group reckons that while some consumers will care little about which rails their transaction travels there will be another contingent that will be less enthused when their activity is not handled the way they prefer. As more of the fundamental banking services are becoming increasingly commoditized, catering to individual preferences will become table stakes for consumers. Being a front-runner in delivering customer choice, even in areas where many consumers have not opinion, the provision of choice will indeed be a differentiator for those that do.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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