Jonathan Wood

Interesting update from UK Finance that shows over a third of UK consumer payments are now contactless. Here are the key figures for 2023 The total number of payments made in the UK increased by five per cent to 48.1 billion  Almost four out of ten (38 per cent) of all payments made in the UK during 2023 were contactless One third of UK adults were using mobile contactless payments at least once a month The number of cash payments fell to six billion, with cash representing 12 per cent of all payments made in the UK Faster Payments overtook Direct Debit to become the third most used payment type in the UK in 2023 

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A welcome easter egg 🥚 in today's Bank of England piece on innovation in money and payments, is confirmation that the new Government 👉 will 👈 take forward the National Payments Vision 🛣 That's another tick in the box ✅ for open banking payments, after the Government also brought back the Smart Data Bill, key for underpinning open banking standards. Now if only we could see some progress on VRP from the Payment Systems Regulator and acknowledgment of the risk APP fraud rules pose to growth in the payment sector... Read our piece on the National Payments Vision: https://lnkd.in/eTTiGwNR The Bank of England's Approach to innovation in money and payments: https://lnkd.in/eiFKmxTE #progress #growth #payments #openbanking

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The Financial Conduct Authority has published stats that show 5 UK retail banks topping the “𝐎𝐩𝐞𝐧𝐞𝐝 𝐂𝐨𝐦𝐩𝐥𝐚𝐢𝐧𝐭𝐬” table for the 2nd half of 2023 Combined, these 5 banks opened 𝟒𝟕𝟐,𝟔𝟎𝟑 complaints 4️⃣7️⃣2️⃣,6️⃣0️⃣3️⃣ 🤯 🤯 🤯 Let’s ignore whether they were upheld or not (although #FCA stats also show that the majority were upheld) Let’s ignore the amounts settled (or the provisions put aside for settlements, for example a leading Wealth Manager's recent $554m provision) Having spent a career in banking, I know how many hands a client complaint needs to go through, for example: ➡ Customer Support ➡ Complaints review ➡ Complaints decision ➡ Management review ➡ Customer interaction ➡ Closure  ➡ Regulatory reporting  ➡ Internal management review 𝑽𝒆𝒓𝒚 𝒄𝒐𝒏𝒔𝒆𝒓𝒗𝒂𝒕𝒊𝒗𝒆𝒍𝒚, let’s assume that every new complaint, whether upheld or not, costs a company $250 of internal cost to process. $𝟐𝟓𝟎 472,603 Opened Complaints in 6 months That’s an annualised cost of … 🥁 🥁 🥁 🥁 (drum roll) $2️⃣3️⃣6️⃣,3️⃣0️⃣1️⃣,5️⃣0️⃣0️⃣ 𝐉𝐮𝐬𝐭 𝐟𝐨𝐫 𝐭𝐡𝐞𝐬𝐞 𝟓 𝐛𝐚𝐧𝐤𝐬 At a time when banks are looking to cut costs and have 𝐡𝐮𝐠𝐞 programmes (at 𝐡𝐮𝐠𝐞 cost!) working on this At a time when the FCA’s Consumer Duty brings a focus on #Complaints At a time when we have the technology to, in real-time, analyse client tickets/ calls/ chats to determine complaints from sentiment/ function analysis It simply mind-blowing! But not rocket science. I know how to help you, irrespective of the size of your company or the sector you operate in. I’ve done this before, with immediate results that deliver sustainable shareholder value. 𝕀’𝕞 𝕖𝕧𝕖𝕟 𝕡𝕣𝕖𝕡𝕒𝕣𝕖𝕕 𝕥𝕠 𝕥𝕒𝕜𝕖 𝕒𝕟 ‘𝕖𝕢𝕦𝕚𝕥𝕪 𝕤𝕥𝕒𝕜𝕖’ 𝕚𝕟 𝕪𝕠𝕦𝕣 𝕔𝕠𝕞𝕡𝕝𝕒𝕚𝕟𝕥𝕤 𝕔𝕠𝕤𝕥𝕤 - 𝕒 𝕡𝕖𝕣𝕔𝕖𝕟𝕥𝕒𝕘𝕖 𝕠𝕗 𝕥𝕙𝕖 $ 𝕒𝕞𝕠𝕦𝕟𝕥 𝕥𝕙𝕒𝕥 𝕀 𝕣𝕖𝕕𝕦𝕔𝕖. That has to be worth a conversation. Stop complaining about your internal costs. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗺𝗲 𝗮𝘁 𝗿𝗶𝗰𝗵𝗮𝗿𝗱@𝗰𝘅𝗮𝗹𝗹.𝗹𝗶𝗳𝗲 #complaintshandling #complaints #costreduction #ROI #cost #digitaltransformation #UKbanks #operationalefficiency #customerexperience #mindblowing CX ALL Customer Experience Professionals Association (CXPA) Lumoa Complaint Management Remove Complaints #equitystake Oxbow Resourcing #CX Gain Grow Retain #consumerduty #regulation #consumerprotection Complaint Management Netigate Davies - Consulting Division

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There is considerable media attention focused on the cost of payments, merchant surcharging and the perception that paying with cash is somehow free. The reality is that the movement of funds, the extension of credit and provision of security is a service and like every service there is a cost to one or more of the participants. Last week's Parliamentary Economics Committee hearings were disappointing as there was so little focus on the economic and social benefit of convenient, secure electronic payments. Put simply the use of cash slows down the economy as the cost of accepting, reconciling, storing and moving it is significant. Unfortunately when businesses apply a surcharge they tend to focus on the obvious costs applied by their payment provider rather than calculating the full customer and employee impact of handling notes and coins. As we see in the article below there is no free option when it comes to providing a trusted, secure and reliable payment service. So the question becomes who pays and how is the transfer of value for the service facilitated. https://lnkd.in/gFUeqQ73

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America's digital banking landscape - I realised today that I’ve talked lots and lots about Asia, Africa, Europe and the South Americas banking, fintech and digital state. But I haven’t written much about the USA. So, today’s the day! With a colossal $176 trillion in Household Financial Assets and $128.5 trillion in non-cash payments, the U.S. banking https://lnkd.in/eqnEfHgs

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OBL has published Open Banking Standard v4.0 to assure future ecosystem growth. This is the first major release since 2018 and includes important mandatory updates to the security profile and widely recognized international messaging standards (ISO 20022). The release also includes optional updates to improve information flows (payment status and error messaging). Key changes in v4.0 Uplift from FAPI 1.0 Implements Draft 2 (to be fully deprecated by the end of 2024) to FAPI 1.0 Advanced Final – a mandatory implementation requirement. Key changes to align with ISO 20022, including fields required to meet Bank of England CHAPS requirements from 1 May 2025 – mandatory implementation requirement where marked. Improved information flows to facilitate provision of timely, definitive payment statuses and clear and consistent error messages – optional implementation requirement. https://lnkd.in/gpEnPxD4 Mahmoud AbuEbeid Biju Suresh-Babu Saleem Ahmed #payments #banking #data #openbanking #iso20022

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What a great episode of the “Women Shaping Payments” video series. This video features Emily Foshee, VP, Core Network Products, at Discover Global Network, discussing the future of contactless payments with the moderator Emily McKee, Principal Digital Marketing Management. Check it out.    #DiscoverEmployee #Payments #Inclusion #Contactless #WomenLeaders #WomenSupportingWomen 

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