Securing and processing payments in the most efficient way possible is essential to business durability. New research by Barclaycard Payments and FT Longitude that surveyed 500 senior UK business leaders reveals that more than a third (34 per cent) admit their payment processes are not as strong as they need to be to ensure agility in a time of economic uncertainty.
With leaders facing a challenging operating environment, four in ten (42 per cent) say payments efficiency has never been a higher business priority than it is today. And almost half (45 per cent) plan to build resilience in the next year by securing payments more quickly from their clients and customers.
Focus on the customer
With ever-evolving customer expectations around the payment process, upskilling the workforce to leverage new technologies is crucial to developing a premium, retentive customer experience. Sarah Watson, director for finance and technology at charity Make-A-Wish UK, explains: “We need to be in a position to accept donations without friction. So, we must respond to changes and trends, depending on how the donors want to make a payment.”
However, amid a global talent crisis, missing skills are preventing many businesses from evolving as they would like. When asked which barriers stood in the way of planned improvements, respondents most commonly cited a lack of internal skills.
“There's certainly a skills gap when we look at general awareness and capabilities around cyber security and data privacy,” confirms Mark Brown, global managing director, digital trust consulting at the British Standards Institution (BSI). “It is well documented, not just across the UK but globally.”
It is therefore unsurprising that, for research respondents planning payments transformation in the next year, the top priorities are upskilling and improving automation.
An industry leading payments provider should present insights in a clear and easy-to-understand format.
Hotel group Dorsett Hospitality International is currently creating a one-stop app for guests to use for all their payments during their stay, which will also operate as their digital room key. Mansoor Liaqat, the group’s UK director of finance, says as well as an improved guest experience and personalisation opportunities, the app will help to fill skills gaps: “We want to use the automation opportunities available today to make guests’ stays as easy and relaxed as possible. And with all the challenges that we have in our industry right now–staff shortages and labour market issues–it's difficult to find the right people who can handle technical queries when it comes to payments, or other challenges such as dealing with different payment arrangements through different booking agencies.”
The power of partnerships
The global talent challenge is clearly a barrier to businesses. Alongside training programmes, securing the services of a reliable external payments provider can address certain talent shortages through automating and streamlining payments processes.
“An industry leading payments provider should present insights in a clear and easy-to-understand format – supplying raw data for organisations who have the resources and data analytic capabilities to steer strategic next steps. For businesses without internal analyst teams or with a skills gap, providing dashboards with key insights helps them navigate and build resilience across the entire payments ecosystem,” says Barclaycard Payments’ Rob Tuckwell, director of specialist sales. “Getting the right data at the right time unlocks insights into your competitor landscape, a granular geographical view of your performance and market share, and the ability to see how your growth over time compares to competing brands.”
BSI’s Brown explains that the right partnership can also help ensure security around digital payments. “The key for many organisations, if they're not 100 per cent comfortable about having the skills internally, is to seek a partner who can guide you through the journey, filling in some of the voids that may exist in that talent supply. Because the impact of getting it wrong — of not having digital trust or the trust of your customers — will impact your overall business significantly.”
By developing a strategy that incorporates a twin focus on training their talent in the latest technology and developing a strong relationship with a trusted payments provider, businesses can simultaneously offer greater payments efficiency and an augmented, tailored customer experience, positioning them for success that will endure into the future.
About the research
In December 2022 and January 2023, FT Longitude and Barclaycard Payments surveyed 500 senior UK business leaders (C-suite and C-1 level), at organisations with an annual turnover of at least £10mn. The research sought to understand leaders’ strategies, aims and ambitions in the payments space.
from Barclaycard Payments
