October 21, 2016: A new research report released found that while millennials depend on their digital devices, they are still uneasy sharing personal information to open bank accounts. The report, UK Millennial Study: Privacy vs. Customer Experience in Financial Services, focused on UK millennials’ tolerance of friction when opening new bank accounts or credit cards, and their level of comfort when sharing personal information online and on mobile. The report was published by LexisNexis  Risk Solutions.

The report states that despite millennials being digitally connected via smartphones and laptops, nearly two-thirds (64%) worry about the risk of online privacy, and over half (52%) are concerned about having their identity stolen through online, or mobile/app-based activities. Nearly half (48%) surveyed expressed their concerns about entering and viewing banking information a mobile device. The methodology of this study comprised a survey of 400 millennials, deployed during April-May 2016. Respondents represented both younger (18-24 years old) and older (25-34 years old) millennials in the UK.

The research also found that (61%) of Millennials in the UK prefer to open a new bank account in-person, and just under half (47%) would rather open a credit card account in-branch.  When asked to provide a reasoning for this, over half (53%) stated that they found it intrusive to provide the level of financial information required to open a new account online, and 49% confirmed that they found it easier to open a new account in-person, which further suggests that the online process is not as efficient as banks’ Millennial customers would prefer.

Further highlighting the importance that Millennials’ place on opening a new account in-person, respondents overwhelmingly stated that they would be willing to wait more than 30 minutes to open a new account in branch (63%), and less than half (48%) said that they would wait for the same length of time to open an account online.

Many banks risk losing new customers if the level of information requested is considered intrusive. Worryingly, the majority of respondents (38%) stated that they would terminate a new account opening session if they felt uncomfortable with the information being asked, and 21% would do so if they felt that they were being asked for too much information.

Steve Arnison, Director, LexisNexis® Risk Solutions said: “These findings highlight the unease that many Millennials feel about information sharing, particularly when it comes to online and mobile transactions.  Financial Services organisations today face the challenge of balancing the level of friction that customers will tolerate with the need to safeguard against fraud, and whilst continuously innovating to meet the demands of an increasingly digitally-savvy customer base.”

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October 21, 2016: A report released by marketing technology company, Wiraya highlights that businesses need to overhaul the way they communicate with customers or risk losing them to rivals. An overwhelming 86% of customers who left their bank, energy, mobile or insurance provider in the last six months said they would have been more content if they were contacted in a different way.

When questioned about their reasons for leaving, relevancy and timeliness had the biggest impact on loyalty. Nearly 1 in 5 (17%) complained that they never received relevant information. Another fifth (20%) said they received relevant information but not when they wanted it.

More than half (51%) said they would be happy to receive information about loyalty programmes. Most said they wanted to know important facts about their account such as if their card or payment has been declined (45%), or if there’s been a notification of a renewal date end (38%).

The majority (62%) said that they didn’t feel valued by the provider throughout the course of their contract. One of the main gripes consumers have is the preferential treatment given to new customers. Nearly half (42%) said they received worse benefits as existing customers compared to new customers.

Being told ‘your call is important to us’ while waiting in a queue is the most frustrating thing to hear, according to 52% of respondents. Receiving irrelevant information (44%) and being asked for the same information twice (41%) also topped the list of annoyances.

The research for Wiraya was carried out by Opinion Matters between: 23rd – 28th September 2016. Around 500 adults in the UK who have left their bank, energy provider, mobile provider or insurance provider in the past six  months were interviewed

Overall, banks and mobile providers performed slightly better than insurance and energy when it came down to customer value. The findings clearly indicate that customers want brands to communicate but in a more appropriate and personalised way tailored to individual customer needs.

Sam Madden, UK director at Wiraya said, “Many businesses still struggle to communicate with their customers in a relevant and timely way. In the age of the bombarded consumer, where individuals receive hundreds of marketing messages a day, it’s no surprise consumers are left unsatisfied and prone to churning. Using the vast amounts of data many brands now hold and overlaying this with technology such as Artificial Intelligences (AI) can help create more engaging messages delivered in a manner chosen by the customer. Having a more service oriented approach that focuses on building loyalty not only reduces churn, but makes better business sense from a cost and reputation perspective.”

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May 27, 2016: Zapper the fast growing, global data insights and mobile payment platform, has adapted its Pay-at-Counter solution, currently very successful in pre-pay hospitality environments, for convenience retail outlets in the UK. This smart system allows customers a fast alternative to pay for their items and gain immediate digital rewards. Zapper also saves stores valuable time and resources, providing instant customer data.

With an incredibly simple, reliable and robust solution, already proven globally, Zapper enables shoppers to open the app, scan a unique QR code at till point to quickly pay then leave starred rate and review feedback, instantly visible to the retailer. QR codes, although having been around for many years, are acknowledged by many, even retail behemoths such as Walmart, Shell & Tesco have developed apps, also using QR codes.

Anish Keshwara, Director of Keshco Limited owns a number of stores in the Peterborough area and has agreed to trial the Zapper solution. “We are always looking for innovative ways to improve our in-store/customer experience and believe Zapper’s data insights and mobile payment platform is the future for retail convenience. We are therefore looking to trial Zapper in a number of our stores and are looking to build a long and successful partnership.”

Research has revealed the average customer visits their local convenience store 4.2 times per week with an average spend of just under £7. Zapper believes its solution to be thoroughly capable and sustainable, so will provide complete training, support and marketing incentives to ensure a seamless and enjoyable experience using the app in-store. The aim of this investment is to encourage adoption of the app and enable both shopper and retailer to understand just how simple and effective the Zapper solution is.

In 2015, research highlights over 700 million paper vouchers were redeemed in the retail sector at a redemption value of over £2 billion. However, each year retailers still lose countless amount of money when issuing and processing paper vouchers. With mislabelled items, compliance and human error, paper vouchers can be tricky to track and use effectively. Zapper enables retailers to overcome these problems by instantly issuing digital offers to the customer, based on previous purchase habits and available immediately within the app. Offers can then be tracked, safely stored and redeemed automatically on the next shop, saving customers the hassle of carrying and processing paper vouchers. The perfect digital loyalty solution for both retailers and shoppers alike.

Gerry Hooper, CEO Zapper UK comments, “The Zapper solution has proven to be a huge success in the hospitality sector since its launch into the UK just over a year ago. With a smarter time and labour saving solution, why wouldn’t retailers want to use Zapper and understand shoppers purchase habits and instantly reward loyalty?”

With a limited ability to currently capture shopper information, Zapper provides an instant solution for retailers to survey their shoppers and understand individual trends and habits. Consumer data is key and this is currently captured manually.  Offering your shoppers the best possible experience is paramount. By using Zapper’s Pay-at-Counter solution, the digital tablet is also the perfect means of displaying rolling adverts to customers about offers and updates whilst they are waiting to pay.

Zapper’s online portal enables retailers to analyse these valuable data insights with variables such as; time of day, total basket spend, regular items, plus instant rate and review feedback results. Using this data, retailers can understand shopper experiences, busy and quiet periods, transactions and product performance to adjust the staff and offers accordingly. They can also communicate directly with individual customers and reward by sending offers personalised to their previous shopping purchases – meaning no more paper coupons and unwanted offers.

Zapper’s specialised Z-Beacon technology uses innovative Bluetooth signals to directly communicate with shoppers, sending offers and alerts directly to the app to attract local shoppers and increase footfall. Retailers have access to many shoppers on a daily basis, and until recent years with the development of email and digital marketing, shopper incentives had to be carried out manually by paper leafleting. This process was hard to measure and understand ROI. However, by using the Zapper app, retailers can instantly communicate on a general or individual basis depending on their requirements.

The challenge for Zapper is to change both the retailers and shoppers habits. Conceived out of a digital empire in South Africa and run by a leading team of technology professionals, Zapper is sustainable and adapting its ubiquitous solution for the future. With over 800,000 global downloads and live in over 10 countries, it’s clear mobile payments is definitely a growing trend.

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