The desire for both business and personal banking customers to self-serve has never been greater. Fuelled by the digital experiences forced upon us during the global pandemic, our acceptance of – and ability to successfully use – digital platforms has increased significantly, meaning the expectation people have of what ‘good’ looks like online, both in terms of experience and the tasks that can be performed, has changed dramatically.
Traditional banks have dominated cross-border payments because they have the resources and commercial relationships to connect directly with banks across the globe. Even so, online transactions can be slow and costly. They’re also opaque - customers have no idea where their money is.
Tier-two banks have additional challenges. They often depend on intermediary banks and manual processes. Their customers can experience even less transparency and slower speeds.
As you would expect, paying high fees to move your own money between countries frustrates customers, as does funds arriving at the other end being less than expected, especially when they’re part of a business deal.
No wonder customers seek out digital solutions for a more streamlined experience. These solutions may eventually win them over to new players for transaction accounts and lending.
So what does ‘good’ look like, when it comes international payments?
- The evolution of international payments, the need to simplify the journey for both the banks and customers
- The risks and challenges for banks and how technology can efficiently digitise and streamline international payments
- The opportunities to move at speed to create frictionless and memorable customer experiences