THE FUTURE OF PAYMENTS and COLLECTIONS

Themes and Issues Covered at TALKINGTECH’s ‘The Future of Digital Payments and Collection’s Event

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Last month, much of the UK collections industry gathered in the Penthouse of New Zealand House in London for TALKINGTECH’s inaugural ‘The Future of Digital Payments and Collections’ event.

The audience heard from leading industry figures and took the opportunity to discuss the current state of payments and collections, best practice case studies and where compliance and technology are taking the industry next. Here’s a snapshot of what the attendees enjoyed:

Experian UK: Compliance and Channel Propensity

Jonathan Williams, Head of Strategy and Product Experian Identity and Fraud delivered insight into how the world of payments is changing as a result of changing consumer behaviour, evolving technologies, advancing threats and new regulation. Jonathan delivered an examination of increasing and overlapping regulatory pressures. The presentation also covered propensity to pay and how consumer control, non-bank payment providers and the financial crime arms race are shaping the future of payments and collections.

Jonathan believes that “the key to good customer interaction is providing chosen payment methods and tailoring the experience to them”, with mobile “soon to be the default” as the ultimate in customer control.”

Telefonica UK (O2): Developing a Digital Communications Strategy in Collections

Matt Mattock, Collections Strategy Manager at O2 explained how the organisation has dramatically reduced bad debt over the past four years, following its work with TALKINGTECH. Multi-channel and self-service payment options in collections have been instrumental in this, with Matt saying “finding the right method for customers to pay helps the collections process, and in particular SMS has been a real success”.  With a huge reduction of traffic into the call centre, the total 7% cost savings have been channelled into enabling call centre staff to fully focus on the more complex cases.

Mastercard Payment Gateway Services: The Future of Payments

Grant Sidwell, Vice President – Acceptance Innovation, delivered a peek into the future with a video that demonstrated how the Internet of Things (IoT) could change the way consumers live and work in the future. Grant also explained to the audience how a changing landscape and emerging technologies are making “every device a payment device” and “users will become more open to sharing their data in order to improve their experiences”.

TALKINGTECH: Digital roadmap and the launch of Webpay:

At the event, TALKINGTECH launchedWebpay, a secure, frictionless new self-service mobile payments portal for organisations that speeds up debt recovery.

In his presentation, Grant de Leeuw, Global Sales Manager at TALKINGTECH, covered the current trends in payments and collections, including the change from segmentation to personalisation. He explained the importance of removing friction at every stage of customer engagement, explaining that organisations should “Never have to ask for an account number, recognise the customer on an inbound call and understand the customer’s payment preferences”. Grant offered a glimpse into what TALKINGTECH’s innovation lab is working on for future collections payments, including ‘pay by selfie’, machine learning and a Whatsapp integration

For more details on what was covered, including an O2 case study and full details of Webpay, please contact:

Lisa Hancox at The Bright Hub

lisa@thebrighthub.co.uk

+44 (0)20 3475 4112

Wanda Rich

Editor-in-Chief since 2011.