Antony Robinson is the chief marketing officer (CMO) at Novalnet AG.
When considering what makes a retailer or provider’s online payment system customer-centric, we tend to look at two different metrics: Is it effortless, and is it secure? The customer must be able to make the payment in a smooth, streamlined process, without a lot of headaches or technical difficulties; they also must be confident that their payment information and money are being routed to the right place, without compromising their data security or privacy. Some of the retail giants have perfected processes for payment that customers love:
• Amazon, with its “buy now” feature that allows customers to purchase their chosen item in one click, with all of their payment data pre-loaded.
• Apple Pay, which enables users to make secure payments from smartphones or smartwatches, without having to carry cash or credit cards.
• Uber, which automatically charges the customer’s preferred method of payment after the ride is complete.
Focusing On Customer Needs
What these methods have in common is that they prioritize customers’ needs. These methods are easy, straightforward and (most of the time) frustration-free. Equally important, they are secure, giving customers confidence that their transaction has occurred successfully without risking their money or financial data. All of this results in satisfied customers who are likely to return to these vendors again and again.
Putting customers at the center of payment experiences can be a powerful way to build brand connections. Regularly experiencing simple, user-friendly transactions builds trust and loyalty between customers and that brand, inspiring repeat business and, of course, referrals. Customer sentiment amplifies the brand’s reputation and reach—and positive experiences with payment, separate from the brand’s product or service, go a long way.
AI’s Role In Augmenting Payment
Just as AI tools have infused every industry with new possibilities and capabilities, this burgeoning area of technology has also revolutionized payment, helping to create even more exceptional experiences for customers. Augmenting payment systems with AI enables businesses to achieve unprecedented levels of personalization, offer instant support (alleviating common frustrations without forcing customers to wait on hold for hours on end) and anticipate customer preferences. This paves the way for a payment journey that is not only efficient, but also memorably easy and pleasant, allowing these businesses to create a payment experience that exceeds customer expectations.
Crucially, AI also serves to enhance payment security. AI fraud detectors can immediately note suspicious transactions—payments that seem out of character for a user’s purchasing habits, come from an unknown location or contain details that do not match the user’s known profile. AI tools can then take action to block these suspicious payments until they are reviewed. These enhancements protect customers and their money, adding a much-needed layer of security to the payment experience.
The Important Role Of Communication
Communication is an underrated but important aspect of customer adoption of AI-driven payment experiences. Communications experts must ensure that customers understand how these processes work and what the role of AI is in their payment systems. For customers to buy into these systems, they need to be aware of benefits such as improved security, efficiency and personalized experiences. Transparency is key, and communications personnel have their work cut out for them not only in explaining how these new payment solutions work, but also how they can positively impact customer experiences.
Another key task for communications experts is alleviating distrust around AI in general. For all the rapid adoption of AI tools, a lot of skepticism and confusion exists: For instance, customers may be worried that by “feeding” their financial information into an AI tool, they are compromising their own data or putting themselves and their money at risk. In fact, data privacy and security regulations stipulate that only the payee has access to the customer’s credit card or bank account information. Moreover, AI allows for more robust fraud and theft detection than non-AI-driven payment methods. By building trust with customers who may initially be wary of AI, communications experts help pave the way for a future where AI-driven payments are the norm.
Ushering In A Brave New World
Communicating the value of AI in customer-centric payment experiences is hugely important to the overall goal of unlocking its full potential and, for customers, revolutionizing the payment experience. Building trust with customers and conveying to them how AI will improve their payment journeys with security, effortlessness and personalization is key to higher rates of adoption and increased likelihood of success for businesses implementing these solutions.
Transparent communication also helps inspire investors by showcasing the potential return on investment (ROI) on AI technology, as well as the business benefits that come with embracing these modern, sophisticated payment methods.
Ultimately, communications experts are the champions of AI across every industry, enabling customers, employees and investors to move past confusion and misunderstanding and fully appreciate the full range of capabilities these tools bring to the table. Knowledge is power, and communications experts are helping users wield that power, and in doing so ushering in an era of transformative benefits and experiences.
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