The role of emotional security for payments organisations

We talk about the growing need for payment companies to operate with customers' data security and emotional security in mind.            

You’re about to leave the house. Phone. Keys. Wallet. Digital wallet. Increasingly in our daily lives, we’re not only choosing to ditch cash in favour of card, but we’re swapping our wallets for their sleeker, digital alternative.

It wasn’t long ago that contactless was shiny and new - and now it’s become the norm. With the rapid evolution of payment technology, payments companies are under increasing pressure to adopt the latest technologies, all the while keeping their customers’ finances secure. But rolling out the latest payment tech is only part of the picture. At the heart of customer experience for payments companies is data security. Although payments companies are already working hard to keep customer data safe, here GRAYCE shed light on data security’s sometimes overlooked counterpart - emotional security.

Why do we like contactless? Most likely because it’s quicker, it makes life easier - and that’s the sort of digital transformation we like as customers. In truth, it’s the only kind we like. When contactless helps us grab a snack quickly and still catch our train. When alternative credit helps us buy the jacket we need for a last-minute event in the cash flow drought before payday. As Grayce Delivery Manager Melissa Burke says in our Digital Transformation Podcast “whether you’re looking at people, processes, or a physical piece of equipment, it’s always about being quicker, more efficient and easier.” It’s a careful balance to stay at the forefront of emerging technology and bring the customer on that journey with you. Customers won’t embrace changes in how they pay simply on the promise that new technology being implemented is ‘cutting edge’. Payments companies are then tasked with balancing digital innovation with maintaining security and building emotional security.

If the foundation of positive customer experience is trust, payments companies have a trickier time than most because they deal with their customers' most important asset: their money. Data security then goes hand in hand with emotional security. Much more than touting values of honesty and trust, payments companies are working hard to maintain a transparent approach to handling customer data. Because data security is one thing no one is prepared to take someone else’s word for, payments companies must provethat they can be trusted.

Being upfront about what data payments companies keep about their customers, as well as how it’s stored and processed is a surefire way to build emotional security with customers. Companies that are tailoring this key information to their customer are on the front foot here. Unlike complicated data statements that scare off even the most data-savvy among us, the payment companies that are paving the way offer their customers easy-to-digest, question-led information about how they use their customers’ data, as well as blogs with advice on how to keep their data and money secure.

Gen Z in particular are using digital wallets more than any other group and are highly concerned with how companies use their data. As this group continue to make up an increasing portion of our workforce, payments companies must build Gen Z’s trust or face the risk of losing their custom.

As we all become more digitally aware, we’ll be posing more demands about how the companies we interact with impact our digital identity. Whilst there’s a long way to go, the combination of data and emotional security breeds loyal customers, standing payment providers in good stead for the future.

Find out more about our partnerships with payments organisations