Payments companies should be putting the customer experience first, according to Sir David Clementi, chairman of Virgin Money.
In the keynote speech of the SWIFT Business Forum in London, Clementi, who has previously served as deputy governor of the Bank of England, made it clear that whatever business a company may be in, customer service is key, and financial services should be no different.
He said that mobile devices like smartphones and tablets mean that technology is part of our everyday lives, and suggested that modern day customers expect instant results.
This has had a significant impact on corporate banking models, as smaller firms have found it easier to innovate their systems and implement change.
New models are about making processes easier for online users, and developments should always keep the end consumer in mind.
Clementi said: “I don’t want to downplay the importance of the technology platform, but a clever technologist never loses sight of who the technology is for.”
He added that a successful business will harness technology that improves customer service, saying: “Each payment has a story. The job of the payments company is to make sure each story has a happy ending.”
