Eurogroup Consulting presents a study on the evolution of customer usage and value in payments in France. Published on February 26, 2020, it questions payments players on their vision of the challenges facing the sector. The scope of this study covers the French domestic market́, all channels and all means of payment excluding cash.
The technical and regulatory challenges of PSD2 (Payment Services Directive) have largely been addressed. However, the impact on customer journeys and new payment uses in the age of open banking and technological progress remains to be clarified. This raises a number of questions:
- How are customer uses changing?
- What new career paths are emerging?
- How does the distribution of value evolve?
How can we improve payment flows?
On the one hand, payments raise the question of customer journeys and their fluidity. On the other, they raise questions about data acquisition and processing. The introduction of open banking is a key element in current and future developments. In fact, it is shifting the boundaries between players and reshuffling certain cards.
After the observation round and the incursions of the various players, everyone has to position themselves to maintain the customer relationship.
Marc Siblini Partner Eurogroup ConsultingWhere is the value of payment in 2020?
The use of customer data is thus an important lever for transformation and the creation of value-added services. They are based on a key notion: the customer's informed consent.
The principle is to give the customer back control of his or her data in order to develop consensual uses. In this way, players position themselves as trusted third parties and partners in digital life (data privacy issues).
Open banking: the battle for customer relations is on
Open banking thus extends the notion of open architecture to financial services. It reinforces the logic of producer/distributor, with a distribution of value more favorable to the distributor. As a result, many players are dreaming of becoming marketplaces, holding the key to customer relations and interaction. But the market cannot make every project a success. Against this backdrop, the «battle of the customer relationship» has begun, and will be at the heart of transformations in financial services over the coming years.
