This goes far beyond requiring organisations to keep up with their evolving payment channel preferences, which have recently extended into Buy Now Pay Later, mobile wallets Pay By Bank. It goes to the root of how organisations deal with customers both before and after they make a payment.
A potential cause for this disconnect could be organisations assuming that having a sophisticated digital payments architecture is all it needs. Although it is crucial that customers have an app or website they arrange payments through, it is just as important for customers they have access to customer service staff. People buy from people, as the mantra goes, and that means they want to be able to discuss issues rather than rely on a digital screen.
Our research underscored that customers want to talk to organisations, often prioritising human contact above paying through a digital channel:
The human touch:
- 27.5% insurance customers want to speak to an agent about payments (more than the 19% who want to go through an app)
- 20.7% gym goers want to speak to an agent/reception about payments (more than the 19.5% who prioritise a digital automated system)
- 16% of financial services customer would like to pay a human, face to face
- 11% of financial services customers would like to pay over the phone
Clearly, when people are committing to what is likely to be a long-term arrangement -- such as a gym membership, insurance or financial services purchase – they value human interaction at least as much as a digital channel. This may not be just to process a payment but also to explain the terms. Nearly one in four gym visitors (24.6%) revealed in our research that they did not understand the membership fees or payment options they were being offered. Hence, the need to talk it through with a person.
Poor customer service
While these concerns arise at the beginning of the customer's payment journey, the challenges don't end there. Our research reveals more bad news for organisations: consumers feel equally let down when issues arise later in the process. Whether it's failed transactions, cancellation difficulties, or queries about overcharging, customers are experiencing disappointment in how their concerns are handled.
When they do try to get in touch to discuss a problem, our research shows that:
- 32% of financial services customers report disappointment in customer service levels on payment queries
- 23% dissatisfied with customer support on payment issues at gyms
Their experience underlines the need for organisations to work with a payment technology provider who can help them provide the level of customer service the public expects.
This is not only the technology to reduce the number of issues that need to be dealt with. It extends into the customer service function, offering staff the tools they need to quickly understand an issue and, wherever possible, rectify it so the consumer at least feels their needs have been listened to.