BAKU, Azerbaijan, June 9. Modern banking customers demand simplicity and transparency in cross-border payments, Country Manager for CIS and Caucasus at SWIFT, Irina Lohrer, said during the 10th International Finance and Banking Summit taking place in Baku, Trend reports.
According to her, for an ideal customer experience, cross-border payments should be available to bank customers 24/7 and instantly through digital channels, just like domestic payments.
She noted that the demands of modern banking customers have changed significantly compared to a few years ago.
"Currently, customers demand simplicity (easy initiation of payments), transparency (knowing costs in advance), and a traceable digital experience in cross-border payments. As a banking association, SWIFT takes these demands very seriously and helps banks improve customer satisfaction," she explained.
In her speech, Lohrer also highlighted the results of a McKinsey study showing the current level of satisfaction with payment services.
"According to the study, only 50% of customers are satisfied with the simplicity of initiating payments; When it comes to transparency of fees and commissions, this figure is only one third (about 33%); and only 2 out of 10 customers are satisfied with the payment tracking service," she said.
The SWIFT official pointed out that to overcome these problems, the organization offers a wide range of value-added services to banks and their customers at different stages of the cross-border payment chain.
"At the stage of payment initiation, the 'Swift reference data repository' service ensures automatic filling of the beneficiary's account information. At the stage of payment verification, the 'Payment pre-validation' service checks the accuracy of the data, eliminates inconsistencies, thereby minimizing the risk of payment cancellation in the future. At the stage of payment tracking, the 'Swift GPI' service allows you to track the movement of the payment in real time," she said.
Lohrer added that these services, previously reserved for banks' back offices, have been integrated directly into banks' digital channels in recent years.
"The new digital interface prototype demonstrated the ability for customers to see all commissions, fees, and foreign exchange (FX) costs in advance during payment, to prepare data without errors, and to conveniently track the payment via a mobile application. For an ideal customer experience, cross-border payments should be available to bank customers via digital channels, just like domestic payments, 24/7 and instantly," she concluded.
