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Adoption of online banking channels relies on fast, secure and error free payments solutions to customers.
With legislation delivering new payments channels and standards in the UK (Faster Payments) and across Europe (SEPA), getting payment information right first time and being confident of delivery (Straight-Through-Processing) is becoming more complex both for core banking services and financial services products.
Improving profitability through online banking channels
Driving the adoption of online banking services by business and retail customers is critical in reducing costs and improving customer service. While providing ‘over the counter' transaction services online 24 hours a day may increase the choices available to your customers, poor experiences of online banking channels (i.e. internet banking) is consistently shown to be the biggest cause of churn in the market; potentially damaging your reputation and negatively impacting customer acquisition, retention and profitability.
Improving profitability for Retail Financial Services
Banks are driving demand via IFA's, branches and online. In order to complete the customer acquisition process however, it is critical that:
- applicant payment details are accurate
- applicant payment details can be processed
- application processes comply with best practice and legislation
- rejected payments are minimised (to prevent drop-off in the acquisition process)
Through market leading validation on Standing Orders, Faster Payments, Direct Credits, Cross Border Credits (SEPA), Credit Card Balance Transfers and Bill Payments, Experian have shown improvements in STP rates of between 0.9% and 2.5% and can provide easy to use, effective and highly secure online banking services; avoiding costly rejections that cause complaints and damage your brand.
Improving profitability by reducing fraud in payments
Experian offers a unique solution to clearly identify the bank account holder when processing:
- Direct Debits
- Direct Credits
- Faster Payments
This process adds no extra time or burden to the acquisition process, making it easier to make good, profitable and risk-based customer application decisions, whilst making it easier for the customer to transact with you.
Used for the delivery and receipt of electronic payments, Experian solutions:
- Improve STP rates by up-to 2.5% reducing the cost of repair and complaint
- Support the ongoing move from cheque to electronic payment mechanisms
- Reduce payment frau