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Personalized financial advice: key to retail bank customer engagement in tough economic environment

Horacio — Fri, 23 Jun 2023 09:31:38 +0000

U.S. retail bank customers have been through the ringer during the past few years. Inflation, market volatility and rising interest rates have contributed to increased prices for goods and services, leaving 69% of customers classified as financially unhealthy.¹ According to the J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study,^SM released today, banks that address this challenge head-on with personalized financial advice are earning high customer satisfaction and building strong customer engagement. However, just 38% of customers recall ever receiving such advice. Among those, just 55% say it completely meets their needs.

“Banks are sitting on a goldmine of customer goodwill and significant opportunities to build lifetime customer value by delivering financial advice and personalized guidance to their customers,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “When advice hits the mark, customer satisfaction increases 228 points, but most bank customers still don’t recall ever receiving such advice. Among the small proportion that do receive advice, only 55% say it was effective. There’s still a great deal of work that needs to be done to unlock the full value of this powerful tool.”

Following are some key findings of the 2023 study:

Customer satisfaction with financial advice surges: Overall satisfaction with the advice and guidance provided by retail banks rises 37 points year over year to 638 (on a 1,000-point scale). The increase is evident across all attributes of satisfaction and across all levels of financial health: strong advice is delivered frequently; includes high-quality content; is relevant and personalized to the customer; clearly provides a call to action; and conveys concern for customer’s needs.
Most customers don’t remember receiving advice: While successfully delivered financial advice is consistent with significant gains in customer satisfaction, nearly two-thirds (62%) of bank customers do not recall receiving financial advice from their bank in the past year.
Successful advice strategies leverage multichannel customer engagement: The highest performers both in financial advice customer satisfaction and in customer recall merge branch-based experiences with a strong digital presence to reinforce in-person interactions. Virtual assistants and personal financial management tools can help.
Different messages required for different customers: Although overall satisfaction with financial advice has increased year over year, many banks have struggled with successfully delivering financial advice to those in all customer segments. While some banks have connected better with financially healthy customers, others have connected better with financially unhealthy customers. Just three banks—Bank of America, Chase and Wells Fargo—have managed to significantly improve on advice satisfaction in both customer segments.

Study Rankings

Bank of America ranks highest in customer satisfaction with retail banking advice with a score of 673. Citi (657) ranks second and KeyBank (648) ranks third.

The 2023 U.S. Retail Banking Advice Satisfaction Study includes responses of 6,532 retail bank customers in the United States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. The study was fielded in February-March 2023. In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates proficiency of banks and credit card issuers in delivering financial support to customers.

This study also captures responses from customers about their satisfaction with the financial health support provided by their financial partners. Top-performing banks in the banking financial health support index are (in alphabetical order): Bank of America, Bank of the West, Chase, Citi, Capital One and Huntington. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): American Express, Bank of America, Discover, Fifth Third Bank, PNC and Wells Fargo.

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How To Choose A Reliable Pick And Pack Logistics?

H. — Thu, 20 Apr 2023 05:47:29 +0000

Choosing the right pick and pack logistics is essential for ensuring an efficient operation for your business. Whether you’re a small online shop or a large eCommerce store, reliable order fulfillment solutions are needed to meet customer demand and ensure their products are shipped out on time. Therefore it’s crucial to take the time to understand what this process entails – from selecting the right provider, understanding payment options, and getting insurance coverage as well as other factors like shipping windows and tools that make managing shipments easier. In this blog post, we’ll provide an overview of all these elements so that you can choose the best pick-and-pack logistics solution for your business.

7 Ways To Choose A Reliable Pick And Pack Logistics

1. Look For Experience

When researching pick and pack logistics companies, looking for experience is essential. A company with years of experience in the industry has likely encountered and overcome various challenges, making them well-equipped to handle any issues that may arise during the pick and pack process.

Additionally, an experienced pick-and-pack logistics provider is more likely to have established relationships with reliable carriers, which can ensure that your products are delivered on time and in good condition. So, when searching for a reliable pick-and-pack logistics provider, prioritize experience as one of your top considerations.

2. Consider The Technology

Technology should play a significant factor when selecting a reliable pick-and-pack logistics provider. Using up-to-date technology can benefit your workflow by increasing accuracy, efficiency, and speed.

For instance, implementing an inventory management system with automated tracking and alerts can remove the risk of overselling or understocking. Handheld scanners and barcode readers can also assist in error-free picking and packing.

Proper technology can make picking and packing processes more successful, save time, and reduce human errors in logistics operations. Therefore, before partnering with a pick and pack logistics provider, ensure their technology can meet your business’s specific needs.

3. Check The Quality Of The Facilities

Choosing a reliable pick-and-pack logistics company can be daunting, but it’s crucial for the success of your business. One of the critical factors to consider when selecting a logistics partner is the quality of their facilities.

The facilities should be modern, clean, and well-maintained to ensure your products are stored optimally. It’s essential to check that the warehouses are equipped with the latest technology, such as automated sorting systems, climate-controlled rooms, and security measures to ensure your products’ safe handling and storage.

By selecting a partner with top-notch facilities, you can be confident in their ability to efficiently process your orders and deliver your products to your customers on time.

4. Evaluate Turnaround Time

When choosing a pick-and-pack logistics provider, turnaround time is a critical factor to consider. This refers to the time it takes for the provider to receive an order, pick and pack the items, and then have them ready for shipping.

A reliable provider should have a fast turnaround time without compromising the quality of service. It’s essential to look for a provider with the infrastructure and experience to handle high volumes of orders within a short time.

You can keep your customers happy and increase your business’s efficiency by ensuring fast turnaround times. Partnering with a logistics provider who values time management and promptness as crucial service elements is essential.

5. Look For Customer Service

When choosing a reliable pick-and-pack logistics provider, customer service is critical. This aspect of the logistics process can be the difference between a smooth order fulfillment experience and a chaotic one.

A logistics provider that strongly emphasizes customer service can offer various benefits, including responsive communication, personalized service, and flexibility with last-minute changes.

These providers understand that their success is based on their ability to meet each customer’s specific needs, and they strive to build long-lasting relationships through attentive and efficient service. By prioritizing customer service, businesses can ensure that they partner with a logistics provider that puts their needs first.

6. Analyze Cost-Effectiveness

When choosing a reliable pick-and-pack logistics provider, cost-effectiveness is critical. Analyzing every aspect of the process is essential to ensure you receive the best value for your investment.

Storage rentals, handling fees, and packing materials must all be considered. A good pick-and-pack logistics provider should provide transparent pricing and flexibility to cater to your needs.

Don’t forget to also consider the quality of service, such as shipping times, accuracy in order fulfillment, and customer service. Considering these factors, you can confidently choose a reliable, cost-effective pick-and-pack logistics provider that meets your business needs.

7. Read Reviews

When choosing an efficient pick-and-pack logistics provider for your business, reading reviews is crucial in the decision-making process. Reviews give you valuable insight into other customers’ experiences, allowing you to gauge the reliability and quality of service offered by a particular provider.

By reading reviews, you can learn about the provider’s timeliness in delivery, accuracy in order fulfillment, and overall customer satisfaction. This can help you make a confident and informed decision when selecting a logistics partner for your business. So, do your due diligence and read those reviews before making a final decision.

Why Should You Choose Reliable Pick-And-Pack Logistics?

When running a successful business, having reliable pick-and-pack logistics can make all the difference. From timely shipments to accurate inventory management, a good logistics provider can help streamline your operations and improve overall efficiency.

Choosing a trustworthy provider ensures that your customers receive their orders on time and in good condition while reducing the risk of loss or damage. Additionally, a reliable provider can offer valuable insights and expertise to help optimize your supply chain and reduce costs. Ultimately, investing in dependable logistics is a smart decision that can help your business reach new levels of success.

Bottom Line

Selecting a dependable pick-and-pack logistics provider is crucial to the success of any business requiring order fulfillment services. With the right provider, businesses can streamline their supply chain and improve customer experience by ensuring timely and accurate order delivery. Considering factors such as the provider’s experience, capacity, and reliability is essential before settling on one.

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Which courses have the highest pay in Arts?

H. — Fri, 31 Mar 2023 05:56:21 +0000

Students of the Arts or Humanities stream have lucrative opportunities in the professional sector. From becoming a highly proficient digital marketer, or graphic designer to trying out their luck in the fashion sector, there are plenty of opportunities for humanities students.

You’ll be surprised that the best courses after 12th Arts can fetch you high-paying jobs. So, Arts students can pursue a subject of interest and create a successful career with high salaries.

All you need to do is determine the right skill and choose the right course. You can also pursue some potential certifications and internship opportunities and strengthen your resume. Eventually, you will bag the most exciting work opportunities and land high-paying jobs after your BA.

This article will give you valuable insights into the top Arts courses that will help you land high-paying jobs. Please stick to the end of the article to know more about it.

Let’s begin.

Arts Stream courses offering highest paying jobs

There are plenty of courses for Arts students with which they can land high-paying jobs. This will give them financial independence and satisfaction and provide mental peace.

Here, we have made a comprehensive listing of the top courses of the Arts stream that provides highest paying job opportunities:

● Digital Marketing

Every day, the number of internet users worldwide is deliberately increasing. Companies and organizations recognize this face and use the internet best to promote their products and services.

But only some tasks can be executed fruitfully by the organization itself. Thus, they are looking for potential digital marketers who can successfully promote their product, services, and their brand.

A digital marketer is responsible for handling the online presence of a company. They also plan and organize the online marketing strategy by running ad campaigns online. Furthermore, the professionals are also responsible for checking the progress of all the marketing efforts.

The average annual salary of digital marketing professionals in India is Rs. 5.3 lakhs. It is one of the highest-paying jobs in India in the Arts stream. If you are a fresher in this field, you can earn approximately Rs. 4 lakhs per annum.

If this high-paying job intrigues you, consider pursuing the best course in digital marketing. You can also check this video for better insights into the course: https://www.youtube.com/embed/rchKaSMQ__8.

● Graphic Designing

Graphic designing is another remarkable course for those who have a knack for art and are creative thinkers. A wide range of industries has design requirements for various purposes. Thus graphic designers will be bombarded with plenty of opportunities to take on various new and exciting projects.

If you enjoy creating digital art, you can opt for this course soon after your 12th Arts. While more businesses are opening up each day, the demand for graphic designers is deliberately increasing.

Graphic design is another highest paying job in Arts as they earn an average salary of Rs. 3 lakhs per annum. But with greater skills and more experience, the average salary of a graphic designer can go up to Rs. 6.2 Lakhs per annum.

So if you desire, you can also commence your graphic design agency and run your own company.

● Fashion Designing

If design and arts interest you, consider a fashion design career. This course belongs to the most competitive industries, but its rewards are extremely generous. So, if you desire to pursue fashion design as your career, you must be creative and artistic.

The average annual salary of fashion designers in India is approximately Rs. 3.9 Lakhs per annum. But as your knowledge and skills diversify, your salary will increase. Apart from a handsome salary, the field of fashion design offers glam and fame to those who succeed,

● Product Management

At present, the job profiles of product managers are trending. The product management course is truly beneficial as the professionals are in high demand. Besides, they can enjoy a handsome salary of Rs. 16 lakhs per annum on average.

With a few years of experience, you can receive this amazing pay scale. So as your experience and knowledge increase over time, your pay will substantially increase.

● Journalism and Mass Communication

Journalism and Mass Communication has always been popular course amongst Arts students. As a journalist, you can not just use your creative skills but also put your analytical skills into use. Even though this field is highly competitive, it is undoubtedly rewarding in terms of the pay scale.

In India, the average annual salary of journalists typically ranges from Rs. 3.6 lakhs per annum to Rs. 10 lakhs per annum.

Are jobs in the humanities stream worthwhile?

Students who hail from the Arts stream have plenty of career options. While many job opportunities have ceased, several others have opened their doors for individuals to explore their interests. Thus, the Arts stream jobs are here to stay and are worthwhile.

But first, one needs to understand their skills and then determine their desirable path. Considering the diversified career options available for Arts students, they can explore various opportunities. All they need to do is understand their strengths and interests through self-analysis and explore their potential.

In conclusion

Many people in your life will constantly discourage you from pursuing Arts in 12th standard. However, you will be glad to know there are many job opportunities in the Arts stream. But before choosing your desired career path, you must be familiar with your skills and interests.

Making crucial career decisions can become extremely overwhelming at times. And chances are, you might get stuck while doing so. However, there is nothing to worry about, as it is never too late!

You can contact industry experts if you need help making your career decisions. They will efficiently help young minds select their most-suitable career.

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51% of European businesses believe Banking-as-a-Service will make traditional banking obsolete

Horacio — Wed, 11 Jan 2023 07:08:36 +0000

A new independent survey of more than 1,000 European business leaders based in the UK, Belgium and the Netherlands, by Vodeno/Aion Bank has found:

More than half (51%) believe BaaS will make traditional banking obsolete
58% said BaaS providers offering a licence alongside a tech solution will shape the BaaS market in the years to come
56% believe the cost-of-living crisis will be a catalyst for BaaS adoption
Nearly a quarter (24%) called for BaaS providers to show a better understanding of their customer journey

Over half of European business leaders expect Banking-as-a-Service (BaaS) to make traditional banking obsolete, according to new research from Vodeno/Aion.

The BaaS provider commissioned an independent study among more than 1,000 senior decision-makers within businesses based in the UK, Belgium and Netherlands. Its report – Banking-as-a-Service 2.0: Why Embedded Finance will make its mark in 2023* – reveals that 51% believe BaaS will spell the end of traditional banking.

Vodeno/Aion’s survey found that having the necessary licence and compliance expertise is set to play a more prominent role in BaaS adoption. Almost three in five (58%) respondents believe BaaS providers that offer to use its licence alongside a tech solution are the ones that will shape the BaaS market in the years to come.

At present, 39% of respondents have already implemented BaaS services and products, with an additional 38% considering using BaaS in the new year. When surveyed about which BaaS products were planned for implementation, foreign exchange (48%), buy now, pay later (48%), SME lending (47%), and loyalty schemes (46%) were among the most popular.

Of the respondents who have not implemented BaaS solutions to date, 32% said they do not know enough about BaaS, 29% said there is a lack of understanding about the products available, and 27% cited compliance and security concerns as a key barrier to adoption.

Vodeno/Aion’s research underscored the importance of seamlessly embedding financial services into the customer experience, with 24% stating that they would like to see their BaaS provider showing a better understanding of their customer journey. Innovating the checkout experience is the key desired outcome for many BaaS adopters. Previous Vodeno/Aion research highlighted businesses that implemented embedded financial products were motivated by new revenue streams (41%), growth in customer basket (40%) and enhanced customer loyalty (40%).

Business leaders offered several predictions for the growth of the BaaS market. Most (59%) expect the lines between eCommerce platforms and traditional banking services to blur this year as a result of increased BaaS adoption. Even more (65%) expect to see more consumers using banking services via non-financial brands enabled by BaaS, rather than traditional banking. A further 60% predict a decline in traditional branch-based banking.

Looking to the future, almost two-thirds (65%) of those surveyed about industry trends predict that more Big Tech firms will move to deliver financial services, and over half (56%) believe the cost-of-living crisis will act as a catalyst for increased adoption

Wojciech Sobieraj, CEO of Vodeno, said: “Platform banking – where financial products are embedded in the customer journeys of brands people use every day – is the future. We know that companies looking to implement BaaS also want care-free products and services, with the technology, necessary licence and regulatory checks offered in one combined solution. At Vodeno, we are leading the European BaaS sector on the front, with a comprehensive range of BaaS products alongside access to a full ECB licence and the compliance expertise that comes with a European bank.”

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How to catch the next wave of digital transformation

Horacio — Thu, 24 Nov 2022 14:26:57 +0000

By Karen Webster

Steve Ballmer’s reaction to the release of the iPhone in 2007 is regarded as one of modern business history’s most egregious faux paus. As the story goes, the then-president of Microsoft scoffed at the idea of a $499 phone that lacked a keyboard and, by extension, any appeal to the business crowd.

His strategic blunder was the failure to see the power of putting a personal computer — and a year later, an app store filled with apps — in the hands of every person on earth. This cost Microsoft and its Windows OS the opportunity to be a player in the rapidly growing and eventually massive smartphone market that defines our times.

Fifteen years later, the iOS and Android operating systems — and the smartphones they power — are at the heart of the digital transformation we see happening all over the world.

At the end of Q2 2022, PYMNTS’ study of 15,000 consumers in 11 countries, which comprise 50% of global GDP, finds that digital engagement is on the rise everywhere as more consumers use digital methods to engage in one of the 37 routine activities measured by the study. Nearly 84% of the consumers in the study recently engaged in at least one of those 37 digital activities, even as they resumed their physical world activities.

Platforms that enable technologies and payments providers have made the digital experience better, more accessible and more efficient for consumers looking to allocate their time.

Expanded payments choice, including installment payments and BNPL options, have unlocked more digital buying experiences for more consumers, and merchants have benefitted from higher conversions. Logistics and more efficient business payments and trade finance have and will continue to improve delivery and distribution for the merchants and businesses that support the delivery of these digital products and services.

For that reason, The ConnectedEconomy^TM Index, which measures digital transformation’s progress based on the number of people engaging in digital activities and the frequency of their usage, increased 1.2% between Q1 and Q2 2022.

Despite that progress, we still have a long way to go before all consumers use connected devices, technology and payments in some way to access and/or complete the 37 routine activities we monitor.

For entrepreneurs and business leaders, that’s great news.

In the six months and two global studies we have conducted this year, we see a roadmap emerging for bringing more consumers everywhere more fully into the digital economy.

That roadmap involves making the physical world an extension of consumers’ digital experiences. I have been writing about this concept since 2019, as it became clear then that the decade of the apps and smartphones would begin the transition to ecosystems and connected experiences as the calendar turned to 2020.

Making the physical world part of the digital experience

The digital transformation of the world’s economy was already well underway when the pandemic, starting in March 2020, created an overnight incentive for people everywhere to do more things online that they once did in the physical world.

By the end of 2019, digital had already hastened the decline of physical retail and mortally wounded the print media business and the advertising model that supported it. Digital had given birth to the gig economy business model that made it efficient for supply and demand to find each other in many business segments and had expanded access to music and video content via apps like Netflix and Spotify. Social networks connected billions of people all over the world with each other, and online marketplaces connected sellers with buyers and eliminated the need to be within driving distance of a store to buy something from it.

The discussion about the blurring of the lines between the physical and digital worlds certainly isn’t new.

But digital transformation’s next wave will go farther than blurring the lines between physical and digital channels — it will make them invisible. Over the next several years, the physical world will increasingly become more of the consumer’s digital experience.

That will make the activities, not the channels consumers use to access them, the focus of successful innovators. They’ll take as their guiding principle the reality that nearly every physical world experience will start in the digital world with a connected device of some kind: the search for a doctor, fitness studio with classes on Saturday mornings at 8 AM, closest hair or nail salon, coupons for products for items consumers want to buy, a store with winter blankets on sale and in stock, the best neighborhoods to buy a home in St. Louis.

Innovators make the related physical engagement more valuable and less friction-filled, and in the end, those experiences will complement and close a sale already far along in the process. Channels will have to adapt to the consumer’s preferences and not the other way around, making the trip to the store, doctor, real estate agent’s office or gym worth their time and their money.

Consider what savvy retailers are doing to make the consumers shopping experience better.

MatchesFashion, an online specialty department store with three stores in London, allows customers to add the items they see on the store’s website or app to their wish list and arrange to have them waiting in a dressing room to inspect and try on when they arrive. Fitters and stylists are on standby to tailor items as they are being tried on — no better way to close a sale then to have clothing altered — and to style outfits. The store’s total offering is a shopping experience that started online, maybe weeks before the shopper ever walked through the doors, and finished with a purchase in the fitting room.

Take grocery shopping as another example, where platforms and tech will force a similar shift in the $11 trillion global grocery market. The divide between digital and physical is eroding and may collapse completely in the next few years, even as 80+ percent of groceries are still purchased in the grocery store today.

Over the last two years, food has become, like every other purchase, something that consumers are more comfortable buying online. A digital shift created by the pandemic translated into habits that have stuck with the consumer. An increasingly hybrid work environment has shifted grocery shopping from a weekend chore in the store to a weekday order for delivery or curbside pickup. Subscription services such as Amazon Subscribe & Save and D2C specialty brands are whittling away the center aisle purchases from grocery stores — of course, at different paces with different merchants in different countries — and will for some time.

Delivery aggregators have increased grocery store competition by making the consumer’s choice for where to buy their groceries independent of having to hop in the car to get there. Smart grocery store executives will shift their focus away from the channel a consumer shops to the activity the consumer is doing when shopping: buying food for their family wherever and whenever she finds it convenient.

Then there’s the whole set of activities where digital engagement remains nascent.

Healthcare is one of those greenfields, poised for a similar global disruption as patients and doctors are challenged in different ways to make the physical experience of seeing a doctor a valuable or necessary extension of digital-first engagement.

In many markets, including emerging economies, telemedicine is the difference between having no access and having a digital lifeline to doctors who can diagnose and treat patients suffering from common ailments. The challenge for innovators to overcome is one of basic infrastructure — connectivity — and the logistics necessary to get medicines to consumers living in those remote areas.

In developed economies, telemedicine will languish unless it becomes a better use of the consumer’s time and money.

When the pandemic made seeing the doctor difficult, access to a telemedicine specialist using a digital channel became almost as much a lifeline as it was in lesser-developed countries. Today, televisits have become an expensive stutter step to seeing a doctor, and a channel that consumers will likely skip after a few bad experiences.

Innovators that align telemedicine use cases with the technology and diagnostic devices that save the patient and doctor time will make the channel of delivery irrelevant, and the provision and payment of healthcare a better connected digital experience.

Digital engagement becomes contagious

Call it the network effects that make innovators swoon: Consumers who engage in one digital activity also engage digitally in other activities that share similar characteristics or are related to something they are already doing using digital methods.

In Q2, we find lots of opportunity for innovators to swoon.

Half of consumers across all 11 countries who used digital methods to book travel or local transportation also used digital methods to order food from restaurants or grocery stores. More than half also used digital methods to make retail purchases. The common thread is travel of some kind: for work or pleasure, and the efficiencies of sticking with digital methods to access and purchase things related to those experiences.

But the network effects don’t stop there.

Based on these observed correlations, we have used our model to estimate the increase in digital engagement across all 37 activities that would be associated with a hypothetical increase in digital engagement of 10% in local transportation or travel activities.

What we find is that the more exposure consumers have to accessing services and making purchases using digital methods, the more they will stick with those behaviors. They’ll also be more likely to explore new ones based on the trust and confidence and ease and convenience they have in other areas of digital engagement.

“Super Apps” are banking that such correlations in digital activities will drive demand for consumers to want a single place to digitally engage in a set of activities that once required multiple apps and logins. We see that in China and other Asian markets. PYMNTS research shows that nearly two thirds of consumers in the U.S., U.K., Germany and Australia have an interest in using a Super App to make buying things and managing their finances more efficient.

Innovators have an opportunity to use the power of these network effects to determine how and where they fit, to influence consumer engagement in activities that connect in some way to their core product or service or by being more accessible on the open web as consumers use search to discover new products and experiences.

We also see enormous potential to integrate payments into the digital activities that consumers largely use today to access services or content.

Eighteen of the 37 activities that PYMNTS monitors are those used by consumers to access content or services, but not to make a purchase: watching movies, listening to music, messaging their friends and family, connecting on social networks. Embedding payments and finance into those experiences has the potential to convert the attention of a captive audience of consumers into a commerce experience.

Mobile wallets go in store, but not far enough

In Q2, PYMNTS’ study finds that the use of mobile wallets to pay for purchases made in brick-and-mortar establishments increased by 9%. The greatest increase of in-store digital wallet use was in Brazil, Japan and the U.K., the latter largely driven by an increase in use of Big Tech wallets, e.g., Apple Pay. Native or domestic wallet usage was the principal driver for the increase in digital engagement with mobile wallets in Brazil and Japan.

That’s the good news.

Everywhere, the use of mobile wallets to pay for things in the store pales in comparison to their use online — by as much as a third in some countries — and everywhere remains a small fraction of retail sales. In the U.S., the instore mobile wallet story is nothing short of disappointing as the lowly plastic card remains the fiercest competitor at the point of sale despite mobile wallets’ eight-year march to replace it.

What held mobile payments’ use back was positioning them as a replacement for a card at a terminal in the physical store, rather than a cornerstone of an entirely new checkout experience that lives in the cloud.

Innovators who are focused on the transformation of checkout are already thinking past wallets as a form factor to a set of identity and payments credentials that authenticate the user when they log into an app or a connected device at a store, start their connected car or tell their voice assistant to send the same basket of groceries they ordered last week to their home later in the day.

What’s Next

Macroeconomic uncertainty and a global consumer challenged to keep pace with historic levels of inflation have forced business leaders and entrepreneurs to make the right bets on where to invest time and money to generate a profitable return. Many of the playbooks that looked great in January, and probably even June, have been tossed aside as consumer and business sentiment have shifted. Everyone everywhere is looking for “what’s next.”

Six months of examining the digital behaviors of 15,000 consumers living in 11 different countries hasn’t uncovered the big lightning bolt quick-fix. Rather, it confirms the power of such a simple concept: physical and digital channels no longer compete as digital reinvents the physical world in mutually reinforcing ways.

Labels like omnichannel minimize that potential, and so do cutesy buzzwords.

Business leaders and entrepreneurs have the power to rethink how to use the advantages of both worlds for the benefit of consumers and businesses everywhere in the world. There is a long runway for doing that, starting with getting more consumers digitally engaged in something, then letting the network effects accelerate their own engagement and that of the country in which they live.

There are many fortunes yet to be made for those who use technology, software, data and connected devices to make digital more physical and physical more digital — and for those who create new sources of value by embedding payments into those experiences as the $84.2 Trillion global economy moves digital.

Link: https://www.pymnts.com/connectedeconomy/2022/how-to-catch-the-next-wave-of-digital-transformation/?utm_source=pocket_mylist

Source: https://www.pymnts.com

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Demand for digital experience platform projected to witness a CAGR of 10.2% during 2022 – 2032

Horacio — Mon, 12 Sep 2022 12:29:47 +0000

The Global Digital Experience Platform Market Insights released by Fact.MR is an in-depth examination of the crucial variables that will probably affect the development of the Digital Experience Platform Market Insights in the years to come. The analysis also delves deeply to examine the micro- and macro-economic factors that are anticipated to have an impact on the global Digital Experience Platform Market Insights landscape throughout the course of the forecast year.

In order to forecast how the overall dynamics of the Digital Experience Platform Market Insights will change over the assessment period, the study analyses the existing trends, growth prospects, constraints, and market drivers.

The digital experience platform market is projected to grow at an impressive CAGR of 10.2%. It is estimated to reach nearly US$ 29.5 Bn by 2032, going up from US$ 9.9 Bn in 2021.

Key Takeaways from Market Study

Comparison of significant participants in the market for digital experience platforms.
Recent innovations and important tactics used by market participants in the digital experience platform.
Examination of macroeconomic and microeconomic growth indices.
Effects of numerous elements on the Digital Experience Platform Market Insights value chain.
Opportunities for expansion in numerous regional marketplaces exist for emerging market participants.
The scenario of the Digital Experience Platform Market Insights is influenced by current developments.

What are the projected rates of growth for the various market segments for digital experience platforms?

The widespread adoption of Oracle DXP on the international market has elevated it to the top position among end users. The market is expected to grow even further when platforms for digital experiences in other languages that can provide new features develop.

The platform segment is by far the most important element in the composable DXP for the success of such services. With an anticipated CAGR of 10.2% over the anticipated years, this segment is expected to increase at the fastest rate.

The most lucrative sub-segment of the commerce experience management platform used by many firms in the service sector is managed services.

The integration of customer experience (CX) solutions that require professional services management is the main component enhancing the essential capabilities for digital experience platforms.

The professional services area, which is quickly becoming the dominant category in the market for digital experience platforms worldwide, is made up of consulting and maintenance services.

What are the Recent Developments in the Global Digital Experience Platform Market?

SAP SE developed a cloud based DXP platform for the oil & gas industry in March 2020. This advanced platform based on SAP S or 4HANA cloud has been developed in collaboration with Accenture services and is expected to manage the complexities arising during the upstream operations.
Adobe Experience Manager was launched on the cloud platforms in January 2020 by the leading software company Adobe Inc. This new version has been designed to offer higher speed like SaaS with more customization abilities. IT is expected to grow the company portfolio making it more popular among the users.

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Banks are under delivering for their customers, study finds

Horacio — Mon, 05 Sep 2022 07:46:10 +0000

Almost 60% of retail bank customers in Canada are classified as financially unhealthy, yet banks are falling short on supporting them to make improvement

Banks are “missing the mark” in helping customers with their financial health, according to Jennifer White, senior director for banking and payments intelligence at J.D. Power.

The J.D. Power 2022 Canada Retail Banking Advice Satisfaction Study found that 59% of retail bank customers in Canada are now considered financially unhealthy amid inflation, rising household costs and record levels of personal debt — factors that are pushing many bank customers to seek financial guidance from their financial institutions.

Yet, despite the growing importance of financial advice, many banks are under-delivering when it matters most, said White.

“Key performance indicators, such as providing an in-depth review of customers’ financial situations or providing tips to help customers stay on budget, are met less than 50% of the time.”

J.D. Power’s study also highlighted that 47% of bank customers who have received advice fall into the financially healthy category, while the remaining 53% are categorized as either vulnerable (28%), overextended (15%) or stressed (10%).

According to J.D. Power, advice and guidance must be personalized to the specific customer and delivered to the right person at the right time. The study observed that customer satisfaction rises to 667 points (on a 1,000-point scale) when they receive personalized advice just once.

This compares to 561 points for customers who receive advice on five or more topics that is not personalized.

The industry average for customer satisfaction is 592. With scores of 599 each, the study revealed MO Bank of Montreal and RBC Royal Bank rank highest in customer satisfaction with retail banking advice, followed by CIBC with 597 points.

The study includes responses from 2,351 retail bank customers in Canada who received guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months.

The results follow the J.D. Power’s US Retail Banking Satisfaction Survey in April, which also indicated a lack of support from banks to their customers.

Link: https://www.bankingexchange.com/news-feed/item/9365-banks-are-under-delivering-for-their-customers-study-finds

Source: https://www.bankingexchange.com

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Financial inclusion: 26 millions U.S. adults are credit invisible, or have no credit at all

Horacio — Fri, 01 Jul 2022 12:15:26 +0000

-One in ten U.S. adults are credit invisible, or have no credit at all, making it more difficult for them to access financial services and resources.

– Credit invisible consumers and consumers who lack sufficient credit history make up almost 20 percent of the entire United States’ adult population.

-According to data from the Federal Reserve, only 70% of Hispanics and 60% of African Americans have a checking account and banking services, compared to 81% of the general average in American households and almost 90% of whites.

-The small Latino and African-American companies have preferred to go to intermediate digital entities or ‘fintech’ rather than to traditional banks to access public recovery programs against covid-19 (According to a study from New York University and the National Bureau of Economic Research)

-Financial inclusion is crucial to reducing inequality and creating opportunity.

To go deeper on this subject:

-Fintech can promote financial inclusion in emerging economies

-Predictive tech: empowering entrepreneurship through financial inclusion

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More consumers are shopping for cars online

Horacio — Fri, 18 Mar 2022 05:01:51 +0000

Not too long ago, it was commonly thought that people shopping for a car would browse on a mobile device but buy in-store or on a desktop computer. After all, the thinking went, who would make a $30,000 purchase on a phone?

More recently, however, there’s been a massive shift to mobile.

“Over the last couple of years, we saw that the majority of our not only traffic, but also purchases happened on mobile devices,” Michia Rohrssen, general manager of Upstart Auto Retail, told PYMNTS. “So, people are now buying $30,000 cars on their phones — no problem.”

“We just consistently year-over-year see more customers going farther down the sales process online or buying the car completely online,” Rohrssen said. “People are just more comfortable with the idea.”

The pandemic has been a boon for U.S. dealers, which reported record profits in 2020 even with reduced staff and a national recession. Nearly 30% of U.S. new car sales last year were completed online, according to Alan Haig, an automotive retail consultant and president of Haig Partners. Before the pandemic, less than 2% of vehicles were purchased digitally.

Traditional automotive dealers are building out their own web presences, offering at-home pickup and delivery services to spare customers the trip to the dealership. Many will allow customers to do paperwork over the internet at their own convenience — in order to address another pain point.

“Globally, we’re aiming for half of all our car sales to be online by 2025,” Anders Gustafsson, president and CEO of Volvo Car USA, told ABC News.

There are also exclusively online auto sellers, such as Carvana and Vroom. These businesses keep very large inventories. Vroom, for example, offers about 14,000 cars. The company also provides 24-hour shopping experiences, allows buyers to do everything online, and it sell cars with a straightforward sticker price.

An hybrid model?

Consulting firm Deloitte’s 2021 Global Automotive Consumer Study found that 71% of American consumers still want to buy in person. The Harris Poll similarly observed that 64% aren’t comfortable buying entirely online.

Car buyers want to complete most or all of their research and paperwork online as well as guide their own financing process. They also want to evaluate extras like extended warranties in a more transparent way and at their own pace. But in-person test drives and close-up evaluations of vehicles are must-haves for many people—and barriers to online shopping.

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Hysab Kytab’s white-labelled PFM is now available on Temenos Exchange

Horacio — Tue, 08 Feb 2022 08:23:05 +0000

Hysab Kytab, a leading provider of financial management solutions today announced that Hysab Kytab’s White Labelled PFM solution is now available on Temenos Exchange, the open marketplace for fintech solutions.

The Hysab Kytab PFM’s out of the box integration with Temenos Infinity is aimed at offering banks the ablity to understand their customers financial dreams and identify non-intrusive cross-selling/up-selling opportunities for new revenue streams through hyper-personalization. With Hysab Kytab as an integral part of Temenos Infinity solution, banks’ customers will be able to gain 360-degree view of their finances putting them in the driving seats of their financial wellbeing by helping them make informed financial decisions.

Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions. Joining Temenos Exchange means Hysab Kytab can write once and sell its solution across a vast banking audience of more than 3,000 clients in 150 countries. Collectively, this community serves the banking needs of 1.2 billion people worldwide.

‘’It is increasingly becoming important for Fintechs to collaborate with organizations that can extend their reach and improve their technical expertise. I believe this integration with Temenos will enable Hysab Kytab to scale by boosting its current reach in previously untapped markets, including millennials and tech savvy customers. This kind of collaboration will also help fintech industry as a whole to work collectively for the common goal of boosting digital financial inclusion of customers.” said Mohammad Yasir Ilyas, Head of Hysab Kytab.

“This collaboration is aimed at providing the best value for money and helping banks build a deeper relationship with their customers by understanding and meeting their evolving financial needs,” added Mohammad Yasir Ilyas.

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