Your Customers Are Mobile—Are You?
If the future of payments is mobile—and it is—then the time to implement mobile payments is now. At JPMorgan Chase, we have deep experience helping our clients find mobile solutions that serve their customers—and their businesses.
If the future of payments is mobile—and it is—then now is the time to implement mobile payments. According to a recent Statista study, there are more than 3 billion smartphone users worldwide—a number that’s forecasted to grow by several hundred million in the next few years. That means mobile payment adoption rates are increasing, too.
Today, consumer experience is everything. That includes making it simpler to shop and easier to do business with you. A thoughtful, convenient experience goes a long way toward retaining customers, and expanding your mobile payment capabilities can be an important place to start. At JPMorgan Chase, we have deep experience helping our clients find mobile solutions that serve their customers—and their businesses.
Creating a Seamless Shopping Experience
Consumers have many choices. Their expectations are high, and their patience is short—especially when it comes to the shopping experience. Consider car insurance. Once it was hard to change companies. Now, customers can do a little online research and switch in a matter of minutes.
It’s important to see the shopping experience through the eyes of your customer. We help our clients see the customer relationship through an objective lens and develop strategies for a more seamless, intuitive experience. This starts with taking the time to thoroughly understand clients’ business and customer needs. Then, we work to uncover any existing friction points. One example might be how time-consuming payment form fields may lead to abandoned shopping carts. It’s the insight that inspired Amazon’s 1-Click ordering system.
Building a Loyal Customer Community
Brands such as Starbucks have taught us that customers love to feel part of an exclusive community. But a lot of companies offer commitment incentives, so you need to be thoughtful in developing a loyalty program.
Customers expect you to care about them. A mobile app puts you right there, in their world and at their side when they’re engaging with your brand, making it easy and enjoyable to do business with you. The data you collect allows you to learn customer behaviors, adapt to their tastes, and show that your relationship with them is a personal one.
Starbucks’ tiered system offers increasing benefits as customers become more emotionally invested. It’s exciting to find out what the next reward will be, and it keeps customers coming back.
As with all things digital, ease on the front end typically means complexity on the back end. This is another area where a business collaborator can be helpful. We help clients think through the many technological possibilities and hurdles necessary to harnessing the power of mobile payments and engagement.
The Risk of Not Migrating
It can feel risky to implement a new payment system. But generally, legacy systems are more prone to hacks and outages than the latest generations. Migrating your payment systems helps ensure they’re secure and valuable.
Often, we must remind clients that if they’re not doing more than necessary, they’re not doing enough. Digital payments and security are crucial in today’s marketplace. If you’re not meeting the demands of consumers, you are at risk of losing business. Our goal is to make sure our clients see security not as a box to be checked, but as a strategic need that pairs with their overall vision and customer experience. We help you focus that strategy and find options that fulfill it.
No matter where you are on your journey to mobile payments, we’re here to help make sure your business is up to speed and evolving with your customers. Our commercial bankers have extensive experience helping companies like yours successfully transition to new payment systems that expand your business capabilities and better serve your customers.