“Speak to me in a language I can hear. Humour me before I am to go.” The opening lines to the Smashing Pumpkins’ 1995 hit Thirty-Three is more than an artistic expression of adolescent angst. It’s also a basic principle of customer service.
At Mi-Pay we aim to keep our finger on the pulse of society and develop solutions that meet both the expectations of consumers as well as the ever changing challenges of doing business. One such challenge is the rise of mobile commerce.
A recent report by Smart Money People further underlines this fact: in Britain, apps are now the preferred way of banking.
In the UK, apps are the preferred way of banking
In 2018, fewer people prefer to call or physically visit a local branch of their bank. Whereas in 2017, 45.2% of Brits preferred online banking, in 2018, a survey by Smart Money People showed that when it comes to banking, across the board, the only rising statistic is the consumer preference for banking apps. The report also goes on to conclude that 77.6% of British banking customers are now partial to online channels. This trend isn’t limited to Gen-Z and Millennials. Gen-Xers have also traded online banking for apps.
Why this matters?
The rapid shift from online banking to in-app banking isn’t an isolated case. Hindsight may be 20/20, but at present time, the writing is actually on the wall. Consumers prefer convenience and when it comes to mobile commerce, screen-size isn’t a deal breaker.
The same can be said for shopping. With predicted annual growth of 19% for the next five years, mobile commerce in the UK will be valued at an estimated £243.7 billion by 2022 as users warm to the idea of purchasing services and retail items with their mobile phone.
We’re doing more business with our phones and this trend is likely to continue. In 2018, Facebook rolled out WhatsApp payments in India, enabling users to send and receive money through the popular chat app. Further evidence that consumer expectations will continue to align with mobile commerce. It’s only a matter of time before WhatsApp payments are introduced in Europe and other parts of the world.
Are you speaking the same language as your customers?
While change is inevitable, each generation is moving at its own pace. Clients are anything but homogeneous. This makes the case for personalised contact ever more pressing. Are you speaking the same language as your customers? Are you contacting them via methods that come naturally to them? Or are you actually making it difficult for your clients to pay you on time by not implementing a multichannel approach?
As more people start using apps over websites, they will also purchase services and retail items within these apps. Similarly, traditional dunning methods soon will no longer suffice on their own, but instead should be enhanced by a multichannel approach that takes into consideration user demographics and technological preferences.
Food for thought
How are you coping with this ever expanding theatre of operations? In 2018, Mi-Pay introduced WhatsApp reminders, interactive video and QR codes as means of simplifying dunning challenges by meeting consumers halfway.
After all, if your customers no longer care for paper money, traditional post, traditional banking or phone calls, it’s probably a good idea to speak to them in a language they understand.
Questions? Get in touch!
For any additional information or inquiries related to this article, feel free to contact us.