The financial industry is undergoing a transformative shift, driven by several key trends that are reshaping the landscape. Noteworthy among these are Banking-as-a-Service (BaaS), Banking-as-a-Platform (BaaP), Open Banking, artificial intelligence/machine learning (AI/ML), cloud computing, and blockchain technology. Each of these trends is already exerting a considerable impact on the sector.
In the realm of cross-border payments, these trends have a major impact on innovative solutions and industry players. Blockchain technology, with its inherent attributes of speed and efficiency, plays a crucial role in enhancing the processing of cross-border payments. This will be complemented by the integration of modern BaaS and BaaP platforms, ensuring the provision of cutting-edge digital banking experiences for end-users. Moreover, the incorporation of omnichannel customer service desks will fortify customer support, while the strategic utilisation of AI/ML technology will elevate customer servicing and facilitate insightful monitoring. This convergence of technologies is set to redefine the landscape of cross-border payments, offering a seamless and efficient experience for businesses and consumers alike.
Financial institutions and digital banking platforms must proactively align their services with the ever-evolving expectations of modern consumers who demand real-time access to information and seamless service availability throughout their entire interaction journey. Major ecommerce players, such as Amazon, have set high standards for user experience, encompassing every stage, from the initial shopping experience and payment execution to post-purchase customer support, including issues related to delivery and returns. The success of these platforms is intricately linked to their adept use of technology and digitalisation, raising the bar for service providers in the financial industry. To ensure customer retention and satisfaction, financial service providers should prioritise the following measures:
Streamlined digital onboarding: simplify the onboarding processes by minimising steps and document requirements, ensuring a swift and efficient decision-making process. Modern banks offer online onboarding.
Real-time self-service: offer a self-service environment that provides real-time information, ensuring that customers can access the data they need promptly and efficiently.
Transparent pricing: maintain transparency in pricing structures, avoiding hidden fees, and providing a clear breakdown of costs to foster trust and confidence.
Efficient customer support: move away from traditional IVR/phone-based customer support, which can be time-consuming and frustrating. Embrace efficient digital channels and technologies that reduce wait times, eliminate the need for repeated authentication, and enhance the overall customer support experience.
By addressing these aspects, financial institutions can exceed the expectations of connected consumers, fostering loyalty and ensuring a competitive edge in the dynamic cross-border ecommerce landscape.
Selecting a digital banking platform for cross-border payment needs is a critical decision for ecommerce businesses. Key considerations in finding a reliable partner encompass:
Global reach: evaluate the platform’s ability to facilitate transactions across various countries using cost-effective rails, ensuring a seamless cross-border payment experience for businesses and customers.
Ease of integration: prioritise platforms that offer flexibility, making it easy to implement new payment methods quickly. This not only reduces transaction costs and fees but also ensures adaptability to emerging market trends. Additionally, assess the ease of integration with existing business environments for accounting and reporting purposes, streamlining operational processes.
Security and compliance: ensure the selected platform complies with regulatory standards and adheres to robust security measures to safeguard sensitive financial information.
Scalability: opt for a platform capable of handling growth in transaction volumes without compromising performance.
Customer support: 24/7 customer support availability is paramount. A user-friendly and accessible support system ensures that issues are promptly addressed, maintaining the smooth operation of cross-border transactions.
High-level SLA (Service Level Agreement): ensure the partner provides a robust SLA, outlining the commitment to service quality, uptime, and response times.
Proven experience: look for a partner with a track record of success in the field. Experience is a key indicator of reliability, and a seasoned partner can offer valuable insights and guidance in the domain.
DECTA’s Digital Banking Platform serves as a comprehensive solution that effectively addresses industry challenges and significantly supports cross-border payments. Businesses seeking a global presence benefit from a range of features designed to streamline transactions and enhance financial operations, including:
Digital onboarding excellence: DECTA’s platform offers multiple ready out-of-the-box integrations and the flexibility to introduce new integrations during implementation. This ensures a swift and efficient online onboarding experience for customers.
Integrated one-stop shop: the platform enables businesses to combine various aspects seamlessly – from account opening to FX and payment processing, down to issuing payment cards and accepting payments for goods and services via ecommerce or POS. DECTA’s solution consolidates multiple business functions, simplifying operational workflows.
Global product support: DECTA facilitates global business operations by allowing the setup and implementation of different products and services within the same platform. This flexibility ensures that businesses can leverage the same cutting-edge technologies across various regions and offerings.
Omnichannel customer service desk: DECTA’s platform includes an omnichannel customer service desk, offering support through chat, messaging, and calls. This comprehensive approach ensures that businesses can provide responsive and personalised customer service, enhancing overall user satisfaction.
Integrations to accounting/GL systems: the platform offers multiple out-of-the-box integrations to accounting and GL systems commonly used by organisations. The integration facilitates efficient financial management and reporting, reducing manual effort and improving accuracy.
Data lake for business intelligence: DECTA’s platform incorporates a data lake containing critical business information. This centralised repository can be accessed by the organisation’s business intelligence tools, empowering businesses with valuable insights for strategic decision-making.
Flexibility for customisation: the platform provides the flexibility for businesses to co-host their own developed components and services. This empowers businesses to tailor the platform to their unique requirements and preferences.
This editorial piece was first published in The Paypers' Cross-Border Payments and Ecommerce Report 2023–2024, which taps into the fast-growing cross-border market and provides a comprehensive overview of trends and developments that are pivotal in this space, being the ultimate source of information for ecommerce businesses interested in expanding globally.
An adept payment industry professional with over 25 years of hands-on experience, excelling from programming to leadership roles in financial services. Combining extensive business and technical expertise, Aivars is proficient in innovating cost-effective software solutions. His proven track record spans card acquiring, issuing, fraud prevention, mobile payments, ecommerce, instant payments, loyalty solutions, PSD2, and emerging industry developments.
DECTA provides end-to-end payment infrastructure, from acquiring to issuing and processing. Unlike other players in the crowded payments marketplace, we offer bespoke-as-standard solutions aimed at making payments accessible to everyone.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now