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MARQETA CONTINUES EUROPEAN GROWTH, SIGNING THREE NEW DIGITAL BANKING CUSTOMERS

Marqeta is supporting the development and launch of three new digital banks across the UK and Europe

 

Marqeta, the global modern card issuing platform, announced today that it has won three new digital banking clients in the UK and Europe, with all expected to go live with Marqeta in 2021. Its European Digital Banking solution has been adopted by Dozens, P.F.C. and Novus to power payments, instantly issue cards and drive innovation.

 

Dozens, which takes people on a journey from spender to saver to investor with a current account, budgeting and saving tools and access to investment products, and P.F.C., a Swedish neobank, are making the switch to Marqeta from incumbent providers. Novus, a sustainable digital bank, plans to launch its programme in 2021.

 

Marqeta’s European Digital Banking Solution helps banks and fintechs to build, test and continuously refine card programmes. The flexible platform enables Marqeta’s customers to innovate at speed, allowing them to develop new features and programmes that integrate with existing systems and software. The platform provides instant virtual card issuing capabilities and offers advanced spend controls to engage users and grow card use. Marqeta’s feature-rich APIs are highly configurable and scalable, allowing banks and fintechs to access actionable, real-time transaction data to drive program improvements.

 

“Dozens’ mission is to help our customers manage, save and grow their money. As our business evolves and we add new services to provide our customers with more choice, it was key for us to partner with a new payment processor that would enable us to become more agile,” Aritra Chakravarty, Founder and CEO of Dozens. “Marqeta is that perfect partner – its API-led approach gives us the control we need to customise our new Visa debit card product, while also helping us to create a new offering for our B2B brand Pi1. So, in addition to Dozens customers enjoying their new cards, Pi1 clients taking our Visa cards with Marqeta processing can now enjoy additional out-of-the box features like merchant reconciliation, metadata from Google Maps and Places APIs, access to our fraud systems and more, making it a cutting-edge combination of card issuing and processing.”

 

“Our ability to offer a highly personalised and transparent personal finance experience has been very well received, allowing us to become one of the fastest growing challengers in Sweden’s competitive fintech market. But in order to build on this, we needed a payment platform that was flexible and scalable, allowing us to seamlessly develop new services that will improve the experience for our users,” said Kevin Albrecht, CEO of P.F.C. (Personal Finance Co.). “We partnered with Marqeta because their platform will allow us to rapidly build and launch new payments features, as well as help support us with our future international expansion plans.”

 

“Marqeta will be a vital partner for us as we get ready to launch next year, helping us to speed up time to market while also empowering us to customise features and scale quickly our impact- and sustainability-driven proposition,” comments Hristian Nedyalkov, Co-Founder and CEO of Novus.

 

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BLACK FRIDAY WEEKEND SET TO SMASH ONLINE SALES RECORDS, ACCORDING TO ECOMMERCE EXPERT

The Black Friday weekend is anticipated to be the largest for online sales on record as the UK remains in lockdown, according to data from eCommerce experts Visualsoftwith daily online sales revenues already having exceeded Cyber Monday 2019’s figure of £4.8 million.

These predictions come following a major surge in activity on Visualsoft’s market-leading eCommerce platform, which is used by over 1,000 retailers and processes £1.20 of every £100 spent online in the UK. The highest recorded figure for online sales is the £1.49 billion spent on Black Friday 2018, however this year’s event could exceed this if the current sales trend continues.

Visualsoft’s platform has so far seen a 35% revenue increase in the period between Monday 23rd November and Wednesday 25th November, which is indicative of shoppers taking advantage of retailers beginning their Black Friday promotions earlier than ever this year, to ease the traditional pressures of the retail peak period. Average order values have also risen by 21% during this time.

Additionally, the platform has also reported a 25% increase in traffic, which indicates high consumer interest in picking up a deal over the Black Friday weekend, with a high chance of conversion for businesses that have taken the time to prepare their online offering for the weekend of sales.

Separate consumer trends analysis also indicates an increased public interest in forgoing the major retail brands this year. Search engine data shows that searches for “independent businesses” have skyrocketed by 139% in the past week compared with the same period last year. Related terms, such as “support local businesses”, have seen a similar boost, having increased by 152% over the same timeframe.

 

David Duke, chief operating officer at Visualsoft, said: “Black Friday has increasingly been making the move from bricks-and-mortar to online channels over recent years, however the enforced restrictions placed upon us by the COVID-19 pandemic have accelerated this move significantly.

“While this means major opportunities for those that have taken the time to optimise their online presence, if your eCommerce offering is not up to scratch then you are essentially throwing away the tremendous sales opportunity afforded by the surge in demand at this time of year.

“Particularly for independent businesses, which are likely to see a dramatic influx of visitors this year from the public’s desire to support independent brands, it is crucially important to get the basics right when it comes to your online offering, or risk frustrating customers as a result.”

 

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ONE IN FIVE INSURANCE CUSTOMERS SAW AN IMPROVEMENT IN CUSTOMER SERVICE OVER LOCKDOWN, RESEARCH SHOWS

SAS research reveals that insurers improved their customer experience during lockdown

 

One in five insurance customers noted an improvement in their customer experience over lockdown, according to research conducted by SAS, the leader in analytics. This far outweighed the 11% of customers who felt it had deteriorated over the same period.

This is positive news for insurers during such challenging times, with 59% of customers also saying that they would pay more to buy or use products and services from any company that provided them with a good customer experience over lockdown.

The improvement in customer experience also coincides with a rise in the number of digital customers. Since the pandemic started, the number of insurance customers using a digital service or app has grown by 10%. Three-fifths (60%) of new users plan to continue using these digital services moving forward.

However, while the number of digital users grew over lockdown, half of the insurance customer base has not yet chosen to move to digital insurance apps or services.

 

Paul Ridge, Head of Insurance at SAS UK & Ireland, said:

“It’s impressive that there was a net improvement in customer experience during lockdown, despite the challenges the industry was facing with a transition to remote working and increased claims for things like cancelled holidays. While many were forced to wait on customer help lines for long periods, part of the improvement may be explained by even a small (10%) increase in the number of digital users.

“However, it’s clear that a huge number of customers are still yet to make the move online. It’s vital that insurers provide the most accurate, timely and relevant offerings to customers, and this is best achieved by having additional insight into online customer journeys so they can understand them better. Using analytics and AI, insurers can seize this opportunity to digitalise their customer experience and offer a more personalised approach.”

Meanwhile, for insurers that fail to offer a consistently satisfactory customer experience, the price could be severe. A third (33%) of customers claimed that they would ditch a company after just one poor experience. This number jumps to 90% for between one and five poor examples of customer service.

 

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