J.D. Power Canada’s Post

“Across both bank and credit card digital offerings, we’re seeing a situation in which customers have been slow to adopt the newer tools and resources that were meant to improve their digital experience,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power. “While customers are routinely accessing digital channels for routine tasks, like making payments, checking balances or tracking transactions, use of more advanced features is lagging.” 🔑 Key findings from 2024 Canada banking and credit card mobile app and website satisfaction studies*: - High-performing banks and card issuers are improving customer satisfaction by distinguishing themselves in specific areas of their digital experience. - Although the overall usage of virtual assistants among banking customers remains low, it has been gaining traction among Gen Y and Gen Z members. 👉 More insights in the press release: https://hubs.la/Q02zyXfV0 *Studies include the J.D. Power 2024 Canada Banking Mobile App Satisfaction Study; the J.D. Power 2024 Canada Online Banking Satisfaction Study; the J.D. Power 2024 Canada Credit Card Mobile App Satisfaction Study; and the J.D. Power 2024 Canada Online Credit Card Satisfaction Study #Banking #CreditCard #Payments #OnlineBanking #FinancialServices #MobileApps #CustomerSatisfaction

“Across both bank and credit card digital offerings, we’re seeing a situation in which customers have been slow to adopt the newer tools and resources that were meant to improve their digital experience,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power. “While customers are routinely accessing digital channels for routine tasks, like making payments, checking balances or tracking transactions, use of more advanced features is lagging.” 🔑 Key findings from 2024 Canada banking and credit card mobile app and website satisfaction studies*: - High-performing banks and card issuers are improving customer satisfaction by distinguishing themselves in specific areas of their digital experience. - Although the overall usage of virtual assistants among banking customers remains low, it has been gaining traction among Gen Y and Gen Z members. 👉 More insights in the press release: https://hubs.la/Q02zy_SN0 *Studies include the J.D. Power 2024 Canada Banking Mobile App Satisfaction Study; the J.D. Power 2024 Canada Online Banking Satisfaction Study; the J.D. Power 2024 Canada Credit Card Mobile App Satisfaction Study; and the J.D. Power 2024 Canada Online Credit Card Satisfaction Study #Banking #CreditCard #Payments #OnlineBanking #FinancialServices #MobileApps #CustomerSatisfaction

“Across both bank and credit card digital offerings, we’re seeing a situation in which customers have been slow to adopt the newer tools and resources that were meant to improve their digital experience,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power. “While customers are routinely accessing digital channels for routine tasks, like making payments, checking balances or tracking transactions, use of more advanced features is lagging.” 🔑 Key findings from 2024 Canada banking and credit card mobile app and website satisfaction studies*: - High-performing banks and card issuers are improving customer satisfaction by distinguishing themselves in specific areas of their digital experience. - Although the overall usage of virtual assistants among banking customers remains low, it has been gaining traction among Gen Y and Gen Z members. *Studies include the J.D. Power 2024 Canada Banking Mobile App Satisfaction Study; the J.D. Power 2024 Canada Online Banking Satisfaction Study; the J.D. Power 2024 Canada Credit Card Mobile App Satisfaction Study; and the J.D. Power 2024 Canada Online Credit Card Satisfaction Study

As Open Banking Payments are gaining momentum, they are often compared to card payments. While #OpenBankingPayments won't replace all card payments, there are specific scenarios where this solution can be faster, more cost-effective & efficient. Undoubtedly, card payments provide great convenience for both in-store & online transactions. However, merchants are always considering fees, success rates, susceptibility to fraud & the speed of refunds. 📲 User Experience When comparing the keystrokes, it becomes evident that the UX can be better when paying by bank in some cases. While websites may store card details, #OpenBanking Payments are digitally optimised & smoothly integrated into the checkout process. Customers can directly pay vendors from their accounts. Additionally, merchants can use Fire's API to seamlessly integrate OBP into their current systems, facilitating a fully automated collection & #reconciliation service. 💶 Cost The cost of processing payments is often related to the number of companies in the chain. Card costs include fees for scheme interchange, acquirer margin, gateway & processing fees - all of which can add up as there are several stakeholders. Open Banking Payments are more cost-effective due to their reduced number of intermediaries. Businesses using OBP can avoid other indirect costs such as 3D Secure (SCA) & PCI DSS costs. This is especially advantageous for merchants with high transaction volumes as they stand to make substantial savings on processing costs. 💨 Speed Card payments involve extensive communication among the merchant's gateway, payment network, customer's bank (or account provider - the issuer), and the merchant's acquirer. While the #paymentprocessing is fast, the settlement may be slow. In contrast, Open Banking Payments are initiated directly from a customer's bank account. Although this may result in taking longer for the customer to make the payment, settlements are generally faster. This direct approach also facilitates real-time processing, leading to enhanced cash flow. 🔐 Security Card transactions generally adhere to Strong Customer Authentication (#SCA) requirements. Merchants typically work with their gateway or acquirer to implement the SCA process. Open Banking Payments also comply with the SCA requirements. However, it is the payer’s bank or account provider who must ensure the SCA process takes place. Also, in OBP sensitive account details are not shared or stored, thereby minimising the risk of security issues. 🎯 Conversion With an average authorisation success rate of 97%, Open Banking Payments are proving to be a very effective way for businesses to get paid. The digital and mobile-centric design of OBP has helped contribute to this higher payment success rate. In summary, Open Banking Payments are a new way to get paid. While they won’t replace all card or bank transfers transactions, they are proving to be a success in certain use cases. #paytech #openpayments #paybybank

Nicely explained in simple terms..

The regularity of branch visits remains notable, even today when most customers rely on mobile banking apps. In fact, despite the continual enhancements to mobile apps, customer satisfaction with branches often hinges on evergreen basics. Branches continue to be a key differentiator between traditional banks, credit unions and fintech companies that offer consumer accounts. Jennifer White of J.D. Power emphasizes the importance of instilling a sense of security in customers from the outset of interaction. This is key for showcasing the branch staff's capacity to deliver value-added services such as financial advice. Neglecting these basics risks damaging customer relationships. 🔑 Key essentials include: - Greeting and assessing the customer's needs promptly. - Keeping wait time to four minutes or less. - Addressing the customer by name. - Thanking the customer for their business. Learn more from The Financial Brand: https://hubs.la/Q02tSnrC0 #Banking #RetailBanking #CustomerSatisfaction #CustomerSupport

Fifth day of competition in hashtag #CIB_summer_internship_2024  today we knew about the CIB's banking products which uses to meet customer needs, generate revenue, build relationships, manage risk, maintain competitiveness, support economic growth, and comply with regulatory requirements. And one of these banking products is ( Smart Wallet ) which uses to Money Transfers ,Bill Payments ,Shopping ,Cash Management ,Mobile Recharge ,Secure Transactions · First, let’s know about CIB Smart Wallet Key Features · Money Transfers: Send and receive money to and from any mobile wallet in Egypt using the recipient’s mobile number1. ·Bill Payments: Pay utility bills, mobile bills, and more from the comfort of your home. ·Online Shopping: Shop online securely by issuing single-use or multi-use virtual cards. ·In-Store Purchases: Make purchases by scanning QR codes at merchants with the “Meeza Digital” logo. ·Cash Management: Deposit and withdraw money from your wallet through any ATM in Egypt that offers cardless services or through Authorized Banking Agents. Mobile Recharge: Top up your mobile phone easily As a customer, I would recommend the CIB Smart Wallet for several reasons: 1. Convenience Easy Money Transfers: You can send and receive money instantly using just a mobile number, making it perfect for quick transactions with friends and family. Bill Payments: Pay all your utility bills, mobile bills, and more without having to visit a bank or service provider. Online and In-Store Shopping: Shop online securely with virtual cards and make in-store purchases by scanning QR codes. 2. Accessibility No Bank Account Needed: You can register and use the Smart Wallet even if you don’t have a CIB bank account. Wide Network: Deposit and withdraw money from any ATM in Egypt that offers cardless services or through Authorized Banking Agents. 3. Security Encrypted Transactions: All transactions are encrypted, ensuring your financial data is safe. Secure Online Shopping: Use single-use virtual cards for online purchases to protect your main account details. 4. User-Friendly Intuitive Interface: The app is designed to be easy to navigate, making it accessible for users of all ages. Quick Registration: Registering for the Smart Wallet is straightforward and can be done via SMS. 5. Versatility Mobile Recharge: Easily top up your mobile phone. Comprehensive Services: The app covers a wide range of financial services, reducing the need for multiple apps. Overall, the CIB Smart Wallet offers a seamless, secure, and convenient way to manage your finances on the go. It’s a great tool for anyone looking to simplify their financial transactions and enjoy the benefits of digital banking. I am really thrilled to be a part of this summer program and join the fifth competition with this video about #CIB_Smart_Wallet Thanks to MR. Samuel Ehab we appreciate your helpful information. Thanks a lot to the CIB Egypt team, especially #Farida_Elsefary, for the insightful session

As open banking #payments are gradually becoming an integral part of the payments mix across the globe, their comparison with credit cards is inevitable. Can they really replace or displace them? Let’s take a look. On the one hand side, we have the traditional 4-party model, dominated by Visa and Mastercard who manage the rails that connect banks with customers. A typical transaction flow would look like this: 1. A third-party (merchant) gateway identifies the right payment network 2. The (card) network confirms the customer authorization 3. The network routes the transaction to the customer’s bank (the issuer) for approval 4. The network does the same with the merchant’s bank (the acquirer) 5. After the approvals the gateway confirms the transaction 6. The merchant’s bank settles with the network, whereas payment is done by the customer’s bank For this middleman role, card networks define access fees (the costs for routing a card payment through their network) and interchange fees that merchants pay to the card issuers. The latter can range from 0.3% for credit cards in Europe (there is a cap) and all the way up to 3.5% in the US and Canada (the most expensive in the world). On the other hand, open #banking is a game changer because it connects merchants with consumers in a direct way, without intermediaries: payments are initiated directly from the consumer’s bank account. The process looks like this: 1. The customer chooses ‘Pay by bank’ at checkout and selects the bank 2. The transaction is redirected to the customer’s banking app 3. The transaction is approved, and the merchant is notified Three arguments speak in favour of open banking payments: —  Not only are PIS (payment initiation) transactions a fraction of the card costs, but also, they offer increased security, enhanced user experience and instant completion (as instant schemes around the globe proliferate). —  Due to higher competition and decreasing margins merchants have a stronger than ever incentive for cheaper ways of accepting payments and transferring funds. —  Whereas the vast majority of modern #fintech offerings are built on existing infrastructure – having benefited from the decoupling of the front-end from legacy systems – open banking is powering for the first time in a long period the build-up of a real, additional infrastructure layer that has the potential to influence the entire finance set-up in the years to come. Does that mean that #openbanking will replace credit cards? So far it hasn’t happened, and it will most probably be a gradual adjustment where open banking will co-exist alongside with credit cards in a new and more complex multi-polar payments landscape. Opinions: my own, Graphic source: Huntswood #isapexchange #isapwallet www.isap.exchange www.wallet.isap.exchange iSAP Exchange FZCO

As open banking #payments are gradually becoming an integral part of the payments mix across the globe, their comparison with credit cards is inevitable. Can they really replace or displace them? Let’s take a look. On the one hand side, we have the traditional 4-party model, dominated by Visa and Mastercard who manage the rails that connect banks with customers. A typical transaction flow would look like this: 1. A third-party (merchant) gateway identifies the right payment network 2. The (card) network confirms the customer authorization 3. The network routes the transaction to the customer’s bank (the issuer) for approval 4. The network does the same with the merchant’s bank (the acquirer) 5. After the approvals the gateway confirms the transaction 6. The merchant’s bank settles with the network, whereas payment is done by the customer’s bank For this middleman role, card networks define access fees (the costs for routing a card payment through their network) and interchange fees that merchants pay to the card issuers. The latter can range from 0.3% for credit cards in Europe (there is a cap) and all the way up to 3.5% in the US and Canada (the most expensive in the world). On the other hand, open #banking is a game changer because it connects merchants with consumers in a direct way, without intermediaries: payments are initiated directly from the consumer’s bank account. The process looks like this: 1. The customer chooses ‘Pay by bank’ at checkout and selects the bank 2. The transaction is redirected to the customer’s banking app 3. The transaction is approved, and the merchant is notified Three arguments speak in favour of open banking payments: —  Not only are PIS (payment initiation) transactions a fraction of the card costs, but also, they offer increased security, enhanced user experience and instant completion (as instant schemes around the globe proliferate). —  Due to higher competition and decreasing margins merchants have a stronger than ever incentive for cheaper ways of accepting payments and transferring funds. —  Whereas the vast majority of modern #fintech offerings are built on existing infrastructure – having benefited from the decoupling of the front-end from legacy systems – open banking is powering for the first time in a long period the build-up of a real, additional infrastructure layer that has the potential to influence the entire finance set-up in the years to come.   Does that mean that #openbanking will replace credit cards? So far it hasn’t happened, and it will most probably be a gradual adjustment where open banking will co-exist alongside with credit cards in a new and more complex multi-polar payments landscape.   Opinions: my own, Graphic source: Huntswood