The Stellar Trends & Insights Report keeps us at the cutting edge of trends in our industry and in customer experience. It kicks off internal conversations at Stellar about how our clients might be impacted and how we can make improvements to our business to navigate change.
Look out for the Stellar Trends & Insights Report every month on our blog.
Pioneering payment IDs
The reliance on BSBs and account numbers for money transfers is in decline
Approximately 1.6 million Australians have established a new payment identity, known as a PayID, following the launch of the New Payments Platform in February. The PayID can be an email or phone number, and allows users to make instant money transfers 24/7.
Online payment platforms, such as PayPal, have been gaining traction for years – the New Payments Platform is presenting a great opportunity for Australians to further simplify payment processes.
Read more here.
Advances in logistics technology from China’s e-commerce leaders
Innovation leaders driving major changes in the huge global supply chain
China’s e-commerce giants Alibaba and JD.com have invested billions of dollars in drones and robots to upgrade logistics services.
Among the new innovations in logistics efficiency include robotic arms that work with moving robots; delivery drones for deliveries to remote regions; autonomous trucks that are able to perform safety-critical functions without a human present, and smart lockers that allow customers to retrieve their packages at a time convenient to them.
Automation is making big waves in the e-Commerce industry, and this will have far-reaching implications for the ability to deliver huge amounts of shopping in ways that are meeting evolving consumer expectations.
Many Aussies and Kiwis shun financial apps
Large survey of financial sector consumers reveals a digital divide is still significant
A recent survey of 1,600 people in Australia and New Zealand indicated that 32% of respondents have never used an app to interact with their banking provider. Email and phone dominate as the preferred means of communication, and as expected, trust is regarded as an extremely important factor in choosing providers for savings accounts and superannuation, in particular.
While there’s a huge focus on improving digital customer journeys (especially mobile), financial service providers need to balance their channel priorities to work with a market that expects a broad range of service options.
Read more here.