Our Chief Digital Officer, Michael Rennie, recently participated in a research study conducted by TechPros. The results of the study, which reveals how business leaders are gaining competitive edge by eliminating the hidden cost of payment inefficiencies, have now been published and includes insights from over 260 CEOs, directors and other business leaders from across the UK banking ecosystem.
Introducing the study
This eBook combines the research survey findings, along with the commentary and recommendations of business leaders, to give you the insight you need to secure the future success of your organisation. With senior professionals revealing how they are working internally to overcome the operational cost versus customer experience conundrum, while simultaneously eliminating the hidden effects of inefficient payment processes on other parts of the business.
Extract from the eBook:
The growing importance of a wide-ranging payment strategy
This follows an emerging trend in the investment and transformation of back office infrastructure. Just a few years ago, the payments process was a siloed burden with little strategic value and simply viewed as a business necessity. But new payment methods have since emerged, together with new entrants, from digitally transformed corporates to neobanks, who are offering disruptive solutions that have raised the bar when it comes to customer, supplier and employee expectation.
This is mostly characterised by an economy of instant experiences, instant information and instant services in both consumer and business lives – an Instant Economy. But digital, real-time and responsive business services are required to power the Instant Economy and, for a business to offer anything more than a nice front end experience, a reliable and fast digital payments solution must be at the heart of the product or service infrastructure.
As Michael Rennie, Chief Digital Officer at business bank, Cynergy Bank, put it: “In this day and age, it's all about being ‘on demand’. If waiting times are too long, people just move on to another bank. In order for us to drive our revenue, we have to focus on addressing those internal efficiencies and that's exactly what we're doing in the course of our digital transformation.”