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Strategic partnerships to drive an improved digital experience

Strategic partnerships to drive an improved digital experience | Fintech Finance

Matt Williamson, VP of Global Financial Services, Mobiquity

  • How will this partnership create an enhanced customer experience?

Our partnership with Stripe will create enhanced frictionless payment experiences for their clients and ours. Harnessing digital transformation to create a seamless customer experience is at the core of our mission as a company. By coming together and combining our client-oriented expertise with Stripe’s cutting-edge infrastructure and ever expanding capabilities, we aim to create industry-leading solutions that always put the client first.

  • What are some of the difficulties that business clients are faced with in navigating the digital economy?

As companies migrate into digital, they can face many obstacles in integrating their business across a new platform. For businesses that are new to digital, they may not be aware of what customers seek in terms of a streamlined experience, or what challenges they wish to overcome. We know the importance of companies adopting technology which wholly addresses the challenges that customers are faced with, guaranteeing that clients are at the forefront of business plans and strategies. However, it may equally be challenging for companies to be aware of what their customers’ needs actually are, and how to balance those with businesses’ own challenges. In particular, companies beginning to migrate towards digital have reported experiencing difficulty in managing financial infrastructure across multiple digital channels. Therefore, we will use our expertise to enable business clients to navigate this new challenge in the digital economy.

  • What are the potential frictions that customers may experience in their digital lifestyles?

Customers experience friction in their digital lifestyles when their preferences are not prioritised by companies. As it stands today, some offline experiences have become obsolete, with customers increasingly coming to expect technologically-driven alternatives. However, technology must be adopted strategically, prioritising user-friendliness and adaptability, rather than just for the sake of it. In fact, the most user-friendly technology is the one that integrates with human touchpoints – creating an experience that is intuitive, immersive and which potentiates customers’ expectations and eliminates frictions. 

  • How do you interpret the shift from brick-and-mortar to e-commerce? 

It’s hard to affirm that the shift from physical shopping to e-commerce is irreversible – one does not necessarily replace the other. The bottom line is that consumers like to have ample options, and with several macro factors including COVID-19 and hybrid working, people have come to prefer shopping experiences that are seamless and tailored for their convenience. It so happens that these often take place in the digital sphere, with e-commerce accounting for a consistently larger portion of total transactions. Nonetheless, societal impacts from isolation during the COVID-19 pandemic may also factor in, with people craving human and physical interactions over online ones. As such, we may witness a hybrid approach of digital and physical fulfilment. 

Ultimately, customers are seeking convenience above all. This does not just include shopping online and receiving goods in their homes, but being able to live entirely digital lifestyles and participate seamlessly in the digital economy. Though this is more evident amongst younger age groups, customers of all ages have been found to move towards digital. This provides an exciting opportunity for the payments industry to thrive, by connecting across the digital ecosystem.

  • How do you think e-commerce and digital payments will evolve in the future?

At the moment, all markets are undoubtedly moving towards frictionless, seamless customer experiences. Within the realm of retail and payments, this can be seen in the examples of contactless payments and checkout-free stores. Looking toward the future, embedded finance within electronic commerce and digital platforms is the next frontier for businesses, giving customers an uninterrupted payment experience.

However, improved experiences come not only as a result of the payment methods on offer, but also regarding the ways in which customers are able to manage their finances. Buy Now, Pay Later (BNPL) is a trend to be watched, generating convenience and financial flexibility – leading to higher conversion rates for retailers and financial institutions alike. 

Across all spheres, we will see several evolutions in the future. The core and common thread to to these will be prioritising contextual engagements with tangible added value to the consumer

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