The cross border payments landscape is experiencing rapid expansion. New corridors, new customers and new technology and processes are seeing more money than ever move across the globe. Consumer and Corporate funds alike are fuelling this growth. In this deeply competitive market companies must strive to differentiate themselves and, in a service that always comes down to availability and cost; what else can be done to attract and keep a customer?
Lack of Friction is key in user experience here. The touch points in moving money can often create fall out of customers and so loss of revenue. Very often even if you have the corridor access, best price available customer’s will drop out of the chain if the user experience is cumbersome and complex.
Offering great user support is often one way a business can help reduce fall out in the customer journey as professional and well trained support teams can guide customers through processes such as additional KYC/KYB submission and upload.
Best in class customer service should be standard nowadays as the Payments industry matures and focusses on customer needs and it therefore begs the question of what more can my business do?
How can I offer that best in class support, reduce the drop out rates and increase stickiness with my customer base?
By the very nature of Cross Border payments, a multinational focus and understanding must be at the forefront of a business’s mind. Whether a business specialises in offering services to a specific’s nationality and corridor or whether and entire region is available being able to engage with customers in their own native language is a useful tool.
Reducing misunderstandings, ensuring a feel of tailored and purposeful interaction and bedding in the relationship only service to build trust and confidence in the customer and make them more likely to engage with and complete the Payments process.
Multilingual support will by definition offer more efficient operational outputs as the efficiency of the service means that issues are resolved more quickly and with a higher satisfaction rate.
Additionally, and perhaps most interestingly for providers based in the UK the offering of multilanguage customer support aligns with the Consumer Duty first pillar as customers engaging with services in a second language could well be classed as vulnerable and offering more tailored and appropriate support and ensure a higher degree of alignment with the directive.
So, does multilingual support matter in Cross Border and FX? Perhaps we can ask these questions to help clarify.
Is the market competitive? Is there growth and opportunity in the market? Is customer friction and drop out costing providers revenue?
If the answer to the above questions is “Yes” then Multilingual support matters. The support can help businesses differentiate. It can friction and drop out. It can improve customer engagement and operational efficiency. It can better bed your customer into the business and it can help businesses better undersatnd their customer base.
Multilingual customer support is a very beneficial but under used tool in the Cross Border and Fx industry.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
