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
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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
Head-to-Head
Top Ten
NelsonHall Round-Up
Online Round-Up
The Deal Doctor
Inside Source
The Last Word
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