NCR President Says Customer Experience Key for Payments in 2023

PYMNTS eBook, NCR

The payments industry must focus on customer experience, inclusion, security and innovation, Doug Brown, president of NCR, writes in the new PYMNTS eBook, “2023 Payments New Year’s Resolutions.”

The payments industry has undergone significant change in recent years, with the proliferation of digital and mobile payment technologies, the rise of FinTech companies and increased regulatory scrutiny. Here are some key areas the payments industry should focus on to better serve consumers and businesses in 2023 and beyond.

  1. Improve the customer experience: The customer journey and experience are at the heart of everything we do, digitally and physically. For payments, it’s no different. The payments industry needs to make a concerted effort to simplify and improve the customer experience in terms of convenience and ease of use. Streamlining the payment process, providing better integration with other services, and offering personalized, relevant and timely recommendations and support are crucial.
  2. Increase accessibility and inclusion: The payments and financial services industries must strive to provide better accessibility for the underbanked and disadvantaged populations. Expanding access to digital or alternative payment offerings via branches and kiosks is one way to achieve this. Partnering with community organizations to provide financial education and support is also highly beneficial.
  3. Enhanced security and privacy: As consumers and businesses conduct more and more financial transactions via digital channels, fraud will continue to rise. So the payments industry must prioritize security and privacy. Utilizing more robust authentication methods such as biometric authentication and implementing better data protection measures is critical for any company providing payment capabilities to consumers.
  4. Faster innovation and collaboration: The pandemic — and our response to offering relief loans through the Paycheck Protection Program — has proven that, as an industry, we can implement and innovate quicker. Partnering with FinTech companies and changing internal processes to bring new and innovative payment solutions to market will be critical to keeping up with the demands of ever-changing consumer expectations.

While the payments industry must provide competitive and comprehensive payment solutions to consumers, it’s also essential that we don’t forget about the unique needs of small businesses. In addition to the above focus areas, small businesses also have distinct needs that the payments industry should consider.

  1. Financial education and support: Not all small business owners have a strong financial background, and many may need help understanding the financial side of their business. Financial institutions can help by offering education, support and tools to manage cash flow, understand fees and maximize the resources at their disposal.
  2.  Streamlined payment processing: Small businesses often have limited resources and may not have the time or expertise to manage complicated payment processing systems. Offering simple, efficient payment processing solutions that integrate with other tools can make it easier for small businesses to accept and process payments.
  3.  Competitive pricing: Small business owners have no shortage of choices when it comes to payment options. The payments industry can help them find the right solution by offering competitive pricing on payment processing and integration to other services. This will help business owners reduce costs, improve operations and increase profitability.

By focusing on these priorities, the payments industry can better serve the needs of consumers and businesses, driving innovation and growth in this sector.

PYMNTS eBook