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Connexus : Issue 37
SHOWCASE Connexus www.abacus.org.au Improving customer strategy Mutual sector paves the way with Visa payWave Numerous surveys prove that a positive experience improves the probability of the customer returning and lessens the chances of the customer switching to a competitor. The recent financial crisis and uncertain economic times have forced the big four to focus on customer satisfaction, and they are fighting harder than ever to bridge the customer satisfaction gap that the mutuals have worked so hard to obtain. With vast resources at their disposal, the bigger banks can be formidable competition, so how can mutuals maintain their advantage? Consumers are increasingly demanding a personalised approach from their banking experience. Creating this 'unique customer experience' relies heavily on understanding the specific needs of customers and directly addressing their needs. The key channel for this is the branch. As the principal face- to-face contact point for customers, it is an essential channel through which customer relationships can be deepened. Although branch design varies markedly, there are common themes. These include: optimising floor planning; ensuring customer-centric, open-plan layouts; streamlining branch processes; and introducing discreet security measures. In addition, the integration of technology such as cash automation and self-service kiosks are all contributing elements in creating both differentiation and customisation. When done well, all these things allow branch employees to dedicate more time to customer engagement, leading to greater retention and satisfaction. A further and significant benefit is that these dynamic environments attract and retain premium employees, which results in the delivery of improved customer service. Talaris core business is optimising cash handling within the branch channel. Talaris technology has successfully enabled financial institutions across the world, including many credit unions and building societies, to deliver customer focused branch strategies while remaining in control of their branch operational costs. If you would like to discover how Talaris cash management solutions can optimise your branch, please contact Talaris on firstname.lastname@example.org One of Australia's leading retailers, Woolworths, recently announced its plan to roll out 30,000 Visa payWave terminals across its entire group. The Australian market has been testing contactless technology since 2007, via Visa payWave and MasterCard PayPass. Today, there are more than 35,000 contactless terminals and five million contactless cards in the Australian market. Such innovative contactless payment methods are providing an opportunity for the mutual sector to retain market share, by offering new value-added services to cardholders. Some credit unions are leading the industry and have already started implementing this new technology. Members of Broken Hill Community Credit Union started receiving their new Visa debit cards with contactless feature earlier this year. Teachers Credit Union successfully piloted Visa payWave in August last year. They will soon launch this technology to their cardholders with additional features that will allow issuers to set a daily limit on payWave transactions. Cuscal is supporting credit unions with some of the first rollouts of Visa payWave cards in Australia, says Samina Hussain, debit cards product manager at Cuscal. "We have packaged the Visa payWave product to make it simple for our customers to implement. Additional features such as Visa payWave daily limits are unique features that can provide added reassurance for both issuers and cardholders. Not all mutuals will want to issue a payWave card with a daily payWave limit, so we have built a solution that will offer greater choice and flexibility to the mutual sector," says Hussain. With payWave, rather than swiping or dipping a card into a point-of-sale terminal, cardholders are able to tap their Visa cards onto any of the contactless point-of-sale devices in Australia. Cardholders can pay for items up to AU$100, without entering a PIN or signature, significantly reducing the time it takes to pay. For further information on Visa payWave, please contact Samina Hussain on 02 8299 9209 or email email@example.com Mutuals have long held an advantage over larger banks by embedding the needs of the customer at the heart of their strategy. Contactless payment technologies also known as 'touch and go' or 'wave and pay' are quickly gaining traction in Australia, partially because of the speed and convenience they offer cardholders and merchants.