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How omnichannel payments empower businesses to thrive.

The rise of digital and the higher than ever customer expectations are shaping the way consumers and businesses interact with each other, forcing many businesses to embrace customer-centric strategies; not only to include multiple payment methods, but also multiple methods of interaction.

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Consumers no longer distinguish between payment channels, as they jump from one to another indistinctly throughout their purchasing journey. They might start browsing on the internet, then transition to an in store experience and finally complete their purchase online for convenience.

They expect to be able to transition across different platforms while still receiving a personalized experience, accessing their shopping cart regardless of whether they’re on the phone, in social media or in a live chat experience.

In the same way, they also expect flexibility on how and when they want to pay. Whether that’s paying with card, digital wallets, instant bank transfers or BNPL (buy now, pay later) solutions. No business today offers a single payment option, as they understand providing this level of choice not only drives conversion, but also increases customer satisfaction.

Businesses have increasingly recognized the importance of implementing omnichannel strategies as a way to offer a continuous, consistent and integrated experience to their customers, breaking down silos between different consumer touchpoints. By seamlessly integrating payment processes across these channels, companies not only meet customer demand for additional choice, but also fosters customer loyalty, and ultimately drives higher sales and conversion rates, allowing businesses to thrive in today's competitive environment.

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As an example, with Pay by Bank a consumer might kick off their purchasing journey by scanning a QR code on their physical restaurant bill, helping the restaurant to drive the customer to a more cost-effective and improved digital experience and allowing end users to bypass unnecessary queuing for consumer and time saved for employees to continue serving others in the restaurant  The consumer would seamlessly be redirected to their bank app to confirm and approve the payment, without needing to reach for their card, manually enter any data or having to handle any checks.

A study conducted by Banked revealed that 88% of consumers preferred scanning a QR code or receiving a payment link to receive funds rather than receiving a check in the mail.

By leveraging omnichannel payments businesses also obtain valuable insights across the lifecycle of the customer journey, enabling them to gain insights into consumer behavior, preferences, and purchasing patterns. With this comprehensive understanding, businesses can tailor their marketing strategies, personalize offers, and provide more targeted recommendations, substantially improving the overall customer experience.

In short, the growing importance of omnichannel payments in today's business landscape cannot be understated. Consumers expect their overall shopping experience to be seamless, fast and secure. It's this, coupled with an integrated, unified, personalized experience that's influencing customer loyalty, and making the difference between an abandoned shopping cart and a long-time repeat customer. If it’s not, and they experience significant friction, businesses will lose them.

By offering a payment method like Pay by Bank, forward thinking organizations can deliver a frictionless global purchasing experience that will prevail and create, as well as grow customer lifetime value. 





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