News

Report: Customer attrition not a big concern for retailers, banks

May 4, 2016

The looming risk of losing customers isn't driving retailers and banks into action to stall such a trend, as just four in 10 are working to boost customer experience.

A new Ovum/ACI Worldwide survey reveals nearly 80 percent of retailers, banks and billing organizations are aware of customer attrition issues. The data notes that while banks are considered as the best provider of payment technologies that aspect doesn't mean much if they fail to deliver on customer experience given inroads being made by party payment specialists and telecom providers.

"The payments industry is in the midst of a rapid evolution. Where payments were traditionally given little attention up until a few years ago, the changes taking place just on a daily basis are significant, to say the least, from new providers to new platforms to new payment tools," said Gilles Ubaghs, senior analyst, financial services technology, Ovum, in an announcement.

"For banks, retailers and billing organizations, the key takeaway is that the customer experience is the primary imperative and this will not change. All of these players must satisfy shifting consumer demand and enhance their payment capabilities," said Paul Thomalla, senior VP, ACI Worldwide. "This means lowering payment costs, offering new value enhancing services, and most importantly, ensuring that security measures are being taken."