Retail finance trends to watch: Interview with our Head of Enterprise Sales, Ceri Griffiths for Financial IT.

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Our Head of Enterprise Sales, Ceri Griffiths, was interviewed by Financial IT at this year’s ePay Summit. 

 

 

How has Zopa adapted its CX and UX strategies to meet the evolving needs of users in a digital-first environment? 

 

I think we only have to look at the Covid pandemic for the best example of this. Everything was locked down and moving towards digital interactions. This created challenges for UK merchants, who had to pivot away from physical stores and adopt an eCommerce strategy.  

 

At Zopa, we help merchants understand that shift in customer behaviour. We have constantly iterated our solution to meet the ever-changing demands of UK consumers and how – and where – they like to purchase.  

 

It’s about understanding behaviour and looking into our data (we use a lot of open banking with our customers), analysing that data and looking at touchpoints along the way. Finding out what technology customers are interacting with enables us to put our tech into those environments for the best possible customer experience.  

 

How is Zopa leveraging advancements in POS technology to enhance transaction efficiency and customer satisfaction? 

 

Instore point-of-sale (POS) always presents new challenges. The vendor landscape is quite varied, and no group of merchants will use the same tech.

 

We speak to UK merchants about understanding their customer touchpoints, but we take a consultative approach. We look at what they are trying to achieve as a business and what systems they’re using to achieve this. Are we already connected to those systems? And if not, how can we connect with them through a partnership framework?  

 

From an instore perspective, retail finance at POS is challenging. As a regulated lender, you have to ensure the customer is given the right information, at the right time, throughout their journey.  

 

At Zopa, we leverage our internal expertise and work with merchants to enable them to understand their responsibilities from a regulatory point of view. We always try to ensure the best customer outcomes when integrating our tech – whether that’s through a partnership, or an open route solution.  

 

How is Zopa responding to changing consumer demand for financial products, and what trends do you foresee shaping the future? 

 

Over the last few years, we’ve seen the emergence of open banking, tokenisation, account-to-account payments, etc. Real-time payments are on the rise as well. There are so many new ways customers are interacting with payment solutions. As an embedded finance provider, we’re cognizant of that change, and we’re always looking ahead at where we can place our services within an eCommerce journey to deliver the best customer outcomes.  

 

Rewind to a few years ago, in-app purchases weren’t even a thing, but now if you’re gaming online, in-app purchases are almost an expectation! 

 

We need to be cognizant of where consumers are headed in terms of expectations and new trends emerging, and be sure that our solutions are meeting those needs of consumers and merchants at the point of sale. So it’s going to be an interesting journey for Zopa over the next few years!  

 

Got more questions?

 

Contact Ceri: [email protected]

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Please note, a minimum turnover of £2.5M and minimum trading of 24 months is required to work with DivideBuy.

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