Adapting to changing consumer expectations and behaviour

Adapting to changing consumer expectations and behaviour

By Lillian Grosman, Head of Payments, Personal Banking, Business Development, Danske bank.

Lillian, can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?

I have worked +15 years internationally in Telecommunications, mainly with International Roaming. Following 10 years working with the Orange group, I slowly moved to Payments. First in an OTT start-up with focus on Remittance and messaging and hereafter in a Fintech start-up solution creating a Digital Wallet. Finally, to tick all boxes, I worked in a company specialising in key management (security), with focus on Qualified Digital Signatures and Authentication. Today, I lead a small team of clever people defining our strategy and product development of cards and payments solutions for the Personal Banking segments for Danske Bank covering mainly the Nordics but also U.K. and Luxembourg.

At the Payments Forum, you will be giving your insight regarding changing consumer expectations and behaviour. Why do you believe this is currently a key talking point within the industry?

Consumer expectations and behaviours towards financial services are changing – and especially in relations to payments. We operate in countries on the verge of going cashless, even children pays with cards or mobile payment method. Customer Satisfaction and image relies highly on available payments solutions. If we are not innovative and provide attractive solutions, our customers will use alternative providers.

Can you explain how financial institutions can benefit from increasing mobile only internet banking?

Our customers are increasingly mobile only. However, we still do see many customers primarily use internet banking and fewer using the branches only. Being a large bank, we must have a strong omnichannel offering, but our younger segments will be mainly online only, and in order to keep our customers we must have the best mobile only and internet banking offering  – especially when preparing for Open Banking readiness.

Without giving too much away, can you explain some of the changing patterns in consumer expectations in recent times?

Convenience. We are so used to do everything fast and easy on the move. We are growing less loyal to traditional institutions. As long as the solution are safe and secure and fits our needs, we will shop around more. Look at the new exciting Fintech banks and how they attract consumers. I believe they are many similarities with the changing patterns in consumer expectations from telco to financial institutions.

How do you see the payments industry evolving over the next 6-12 months?

I see an increasing number of payments solutions being launched. More players entering the space BigTech, FinTech, and established players. It will be some exciting months to come.