Outsource Magazine Issue 33 - (Page 74)

Show US The Money How can the consumer perspective inform industry understanding of the next steps in the evolution of the payments industry? Jo Davies, Davies Hickman Jo Davies is Director at Davies Hickman Partners, providing research and consultancy services to marketing and customer contact executives. A n explosion in payment options, functionality and complexity is underway. What does this mean for business and outsourcers, all of whom need to optimise revenue, increase crosssales while building the trust of the public? This article is written from my own perspective as a Customer Experience Analyst at Davies Hickman Partners; I believe the consumer perspective can inform and support the understanding of government, industry leaders and experts. In the past Chip and PIN was introduced by mandate; at present and in the foreseeable future new payment options will stand or fall based on consumers’ perceptions and experiences. Outsourcers are playing an increasingly important role in both customer-facing and behind-the-scenes activities and thus the importance of good coordination between client and provider on these issues is everincreasing. In looking at payment futures, WorldPay’s recent consumer research highlights the plethora of payment options, including: vouchers, coupons, pre-paid, contactless, self-service checkout, online, smartphone, mobile, transfers, biometric, smart data-linked and more. WorldPay’s report ‘Optimising your OmniPayments: Consumers, payments and the future’ argues that consumers make payments automatically, without thinking, unless their suspicions or fears are raised by security concerns. Payment Flow As this is increasingly big business for the provider community, let’s zoom in on consumers and payments. Consumers want a fast payment process. There are three stages to their payment flow: finding a suitable purchase, value consideration and then payment. Take finding a suitable purchase as the first step: suppose you had wanted to book a hotel close to the golf Open Championship at Muirfield, what do you do? Well, in part it depends on your skill at finding and purchasing things you like. The same hotel room might cost twice as much on one channel as another. The price is set in competition, by how much some people want it, how much you are willing to pay and how ready the hotelier is to sell. The price you pay is a public matter. In addition to finding a suitable purchase, value is assessed by consumers. This part of the money exchange is often an art, and only sometimes a science. Value consideration is a personal matter. It is an ethical and aesthetic judgement – assigned by you and founded on your perceptiveness, wisdom and character. "Payment systems are critically important for overall market stability." – Henry Paulson 74 ● ● ● www.outsourcemagazine.co.uk http://www.outsourcemagazine.co.uk

Table of Contents for the Digital Edition of Outsource Magazine Issue 33

Keeping in Touch
Shaji Farooq
Manoeuvre the Maze of Cloud Confusion
E-Invoicing: Where Now and Where Next?
Rick Simmonds
Only Strong Leadership and Governance Can Deliver High Performance
A Healthy Development
Getting to We: Time for a New Negotiating Paradigm
NOA Round-Up
To Outsource or Not to Outsource
Big Data Hits HR
John Willmott
Show Us The Money!
GBS: a Game-Changer for Finance
Neil Pratley
Go East
The Talent Challenge
Top Ten
NelsonHall Round-Up
Online Round-Up
The Deal Doctor
Inside Source
The Last Word

Outsource Magazine Issue 33