Key themes

Customer experience

Payment is a key step in the customer experience, both digitally and physically.

Technology has made transactions faster and easier, creating customer expectations for a quick and smooth payment experience. New non-traditional payment players have only increased customers’ appetite for a frictionless experience.

However, even though customers expect a frictionless payment experience, they want even more secure payments.

New regulations have played a major role in transforming the market, allowing for greater competition, but also strengthening anti-fraud measures. In addition, the pandemic has significantly accelerated the pace of transformation.

Mobile first, but not at the expense of safety

Customers’ interaction with their smartphones has profoundly changed expectations, reinventing the way they interact with technology and the physical world.

The surge in mobile phone use has not spared the payments industry. Customers’ payment option expectations have increased, demanding greater flexibility and convenience. With the rapid evolution of technology, customers are also more demanding in terms of security.

New developments in authentication, such as biometrics, allow secure payments as part of the customer experience.

When competition and regulation fuel customer expectations

New technologies have spawned new players and regulations. The implementation of the revised Payment Services Directive (PSD2) has created a decisive moment for competition in the payment industry.

By forcing banks to open their systems through APIs, the floodgates have been opened to new competitors focusing on the customer experience as a clear and differentiating value proposition.

Faster payments across borders.

In the payments industry, customers expect a smooth and seamless experience. The adoption of the European Payments Initiative (EPI) aims to create a pan-European payment system, providing EU citizens and businesses with faster, more efficient and more reliable payment solutions.

Payment initiatives such as instant payments, request-to-pay (RTP) and peer-to-peer (P2P) are examples of payment methods that can be used more smoothly across borders thanks to the EPI.

The introduction of various tools and technologies, such as biometrics, apparel and NFC cards, has opened a new paradigm in user-friendly, flexible and secure payments.

Customer behavior drives innovation on a large scale

Customer behaviour is driving innovation on a large scale, and the growing willingness to adopt alternative payment methods, whether offered by a bank or not, is a defining moment for the industry. Keeping pace with new technologies and new entrants, while complying with increasingly stringent regulatory requirements, is no easy task. Add to this the challenge of customers’ growing expectations for payments to fit seamlessly into their daily lives.

Galitt at your side

Galitt helps you address your customer experience challenges

Supporting you in defining your project in order to meet your commercial and technical needs.

Helping you understand the issues at stake in the European Payment Initiative (EPI) and working with you on a study of a payment and payment system strategy to prepare for implementation.