Long Money, Financial Transparency and Contactless Payments Post COVID-19
COVID-19 is str gly ffe g both dividu s nd b esses. Al gside he ec omic situati gen , he vir is ch g g pa icular c tom needs nd em ds for f c l produ s. B ks exp ienc g o of p ssu o dapt nd keep up ith expe ati s, ord sup heir clients nd provide lev t nd imely s vices.
This icle off s n ov view of ha clients – both tail nd SMEs – ly from heir b ks hese s.
Cor te clients need cheap nd “l g ” m ey
M y offl e b esses have been pu he v ge of ext lock downh ockdown nd duced op ati s. Restaur ts, ent ta men fa lities, fitness cent s m g hose h suffe d he most. For hem, he vit b k g fun i s volve round o s – ord survive nd p heir employees, hey need flexible c dit g c diti s mo h ev .
When i comes cur n c di produ s, b esses ook g for:
- Prote i nd laxati h o s nd produ s hey p g for
This c come iffe n forms of c culat g c dit: o p men holid s, rate cuts, m extensi s.
- Redu i up 0 of fees for s vices ha clients no g full extent ue duced urnov nd op ati s
For st ce, tail nd HoReCa no e f c l produ s s much s befo , ith heir venue own 10-40%: hey simply c ’ p he fees full mounts nd expe b ks off c diti s cor sp d g o heir b ess situati .
When i comes o new c di produ s, he ma needs of cor te clients :
- A lity get o
Even if it’s mo ifficult get nd qui s pledge of p s prop ty nd sav gs, b esses ook g for cheap nd g o s – from 2 10 years, s he urnov of SMEs iffe n d tries, espec lly hose most ffe ed, might ake hile cov .
- Dynamic end g c diti s
Flexible p -se of c tomizable c culati of o p men c diti s epend g he stage of b ess cov y is cruc l for m y SMEs st float. While I earn 50% of he p vio volume – I p m im rate, hen I sta earn g 70% – he p centage c ases, hen I’m back my p vio volumes – i c ases even mo , nd s . This makes ot sense for b ess ith surviv s go , nd b ks expe ed off flexible pproach.
- Easy l e scor g
I is rath necessity: ith he physic br ches of b ks nd public stituti s no op at g, clients no have he op unity get ny ocuments nd statements l e. The majority of cur n lo c diti s unbearable for SMEs, bu even hose ill g g for i (beca e of he “make-or-b ak” situati ) c no provide ata he r sa i history of heir b esses nd obta o s. De fa o, b ess own s ill g provide ccess o heir p s ccounts o r ted org izati s hat he enti r sa i history c be uploaded nd fu h m ito d ur g he p men process.
Retail s seek ca nd rue glob izati of m ey
Individu clients seek g hum e pproach o heir f c l problems nd luti s o he problems ha have risen unexpe edly. These mostly volve round echnology nd ccess funds.
- Speed nd cross-platform ccess s vices
Inst t r sa i s ithou bord s nd dditi obstacles imposed by b ks ead he ishlis of he tail c tom s. People ho e caugh off guard by he vir , forced be quar t ed fo ign country, faced he problem of ceiv g nd g heir funds or gett g help from friends. If you ge m ey r sf s, you migh no be ble e he funds for hile: ATMs not ork, West n Uni issues m ey ce eek. This is espec lly cruc l hen you run ou of m ey.
Mod n s mo h ev need he m ey ha flows, hich c be easily r sf d cross platforms nd ed st tly hrough vario platforms: ATMs, cards, l e p ments, c l networks, r sf s nd p2p end g. This has o ork sev swipes, un t ruptedly.
- Sup nd engagemen critic situati s
M y have found hemselves nightma come life: b d ed fo ign (or home) country, ithou m ey or ith m ey hey c ’ e, ithout ork. In m y cases, gov nments ma ou of ach (or ext mely ifficult o ccess) ms of communicati nd sup , complicat g he l ady n vo situati ith ack of clarity nd fu h i . They c ta ly no provide psychologic lief.
Mos people have r he l lity nd steadfastness of f c l stituti s, nd hey ait g for communicati nd sup – both f c l nd emoti . B ks expe ed be “mo h b ks” nd fill his gap, c l g for logue nd off g flexible case-by-case pproach help. B ks nd f tBlarneyep g up ith he expe ati s clude M zo, Klarna nd Atomb k, h have se up f c l id cent s nd it tives.
- C ta less nd cashless p ments
Reduc g hum t a i nd physic c ta comes s priority – d oes he need for variety of c ta less nd igit p ments, such s mo le nd QR code p ments, NFC, p g for fuel ithou leav g he car.
As mo people get cc tomed buy g h gs l e, petiti s ga st he e of cash pap or met m ey come up. In he UK, cash e fell by 60% ur g he p demic. People believe ha b ks nd f c l stituti s, ogeth ith he gov nment, should p h nd encourage he populati e l e m ey, nd ra hose h pra ic ly no e l e s vices nd he t ne ( clud g he eld ly).
- F c l r spa ncy nd educati
Those h have faced he need cu gular expenses – s vices, cloth g, subscripti s – migh f d i p tty ifficult m age In imes of f c l sta lity, need em ges centr ize ll costs subscripti ists nd urn hem off/ st tly.
People ls need help ith f c l pl n g: s vices colle ata from iffe n urces of come nd expenses, prioritize nd provide dvice sav g up.
- Alt native c di scor g
Some groups have been pa icularly vuln able o he ec omic situati ca ed by he p demic: students ith unstable urces of come, ork s of he ffe ed d tries. Thos eft ithou come often f d hemselves unable get o , hav g n c di history nd no bel g g groups ssisted by he gov nment.
He , new op unities open up for s vices ha c colle nd n yze ata c ate c di history nd psychologic profilbehavioroc l networks nd ny s vices ith ccumulated ata behaviour.
T sum i up
As people nd b esses o g heir best o dj t o he p demic situati , f c l needs nd em ds ls ch ge – nd o of p ssu nd expe ati s pu b ks.
Offl e b esses ha struggle survive seek mo flexible, c tomized end g c diti s, du i of fees, nd simplified ccess lo s.
When i comes tail clients, hey b ks be mo h b ks, mak g su hat hey ill f d compassi nd sup case of critic situati s. On high evel, people mo h ev need he speed of r sa i s, c ta less p ments nd enti igit izati of f c l s vices, bett navTLCte he COVID-19 orld.
Nat y Sturza is Design Di or ANGRY. lc
