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HOW WILL DIGITAL TRANSFORMATION EFFECT JOBS SKILLED IN TECH

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Maria Paola Resta, HR Manager at Auriga

 

The world of technology is constantly evolving, and digital skills are also rapidly changing over the years. The interaction with the end customer is becoming more and more digital since the pandemic, therefore tech jobs, particularly in the banking industry, may need professionals to “humanise” the interfaces used by customers.

 

Tech jobs on the rise

Tech talent is growing, particularly in the Artificial Intelligence (predictive, customer profiling, etc.) sector, and technical skills regarding augmented reality, the user experience, and interface design are also on the rise. The outbreak of the pandemic has led to an unprecedented acceleration in the digitisation of processes, therefore jobs that specifically require knowledge of digital skills has increased in order to meet the needs of customers. Tech jobs remain focused on specialised areas of tech, however as the technology industry is in constant flux, some areas might be in more of a demand in comparison to others.

 

How remote working will affect the tech talent pool

The increase of remote working has already impacted the tech skills business, as the day-to-day working environment now exists in the digital realm. Tech skills are needed now more than ever, and employers have a huge role to play in helping people to continue their personal development while continuing home working. They need to focus on their personal development in order to build the workforce they need for tomorrow’s world.

 

Skills beneficial to the banking industry

There has been a massive shortage of skilled candidates in digital and technology disciplines. IT and financial companies need to upskill existing staff to fill these exciting new roles. In an age of high-frequency change, learning is truly for a lifetime.

In the debate about tomorrow’s skills in the banking sector, the rising value of each employee has often been overlooked. People are a valuable asset as machines take on the more robotic processes, and uniquely human skills come to the fore. How we develop these skills becomes a critical question for employers and workers alike. It will be many years before schools and universities nurture students well versed in these skills.

 

More tech talent required for business digital transformation

The process of digital transformation has already started with some businesses as a modernization process. This has undoubtedly accelerated strongly following the COVID-19 pandemic which forced everyone to overcome situations of technological immaturity and to radically review flows, work processes and models of consolidated business. Digitisation has entered even more pervasively into working life, becoming an essential and permanent condition, and making it necessary to acquire skills that are best suited to the new digital paradigms.

It’s inevitable that companies looking for ways to counteract the effects of the pandemic on their operations will ask their technology function to bear part of the burden. However, they must be strategic about any shifts made to the tech workforce. To ensure that vital digital services remain up and running, organizations must do everything possible to protect mission-critical talent. By showing their support now, companies can create goodwill that will carry over to when better times return.

Another of the direct consequences of remotisation is the emergence of new demands for soft skills suitable for managing collaborations and partnerships as well as specific technological talents that are increasingly specialized to support the new needs of businesses.

 

Tech skills that companies can use for their benefit

The movement towards technological areas are becoming increasingly crucial. Companies must necessarily equip themselves with professionals experienced in cybersecurity and train their people on the adoption of new operating models to protect all internal workflows from possible cyberattacks. In parallel, the need to acquire skills in the cloud, artificial intelligence, automation and user experience fields is growing exponentially in order to adequately support the changes in progress and allow work processes to be increasingly safe, intelligent and functional as well as suitable for supporting the new business models developed by companies following the pandemic.

 

How tech skills will support remote working

Soft skills are essential as they allow remote management and collaboration in virtual environments, but the importance of digital skills is growing. All HR departments are engaged in planning and finalizing training and learning projects whose main topic is information and communication technologies. The high complexity and technological vastness necessarily imply a high level of know-how and specialization in order to guarantee an optimal performance in the production and line areas, unlike the managerial or corporate areas where a disciplinary transversality of skills is generally privileged to allow a global overview.

Businesses have to work in order to build the right talent into the organization as a long-term plan during and after the pandemic, and this might be possible by applying AI, automation, and other exponential technologies to make workflows more intelligent. All of this affords a new opportunity to build better businesses and a better world. It starts with enabling a diverse workforce to perform optimally, and building trust and confidence among employees will be critical. How they are treated now will have an outsize impact on perceptions and value in the future.

 

Maria Paola Resta, HR Manager at Auriga

Maria Paola Resta has been a HR Manager at Auriga since 2018. Her role includes the coordination and overseeing of the group’s HR initiatives. She has a background in occupational and organizational psychology, and has been working in the human resources profession for 15 years. Her role focusses on talent acquisition, people development, training and employee relations. In the last 10 years she has worked in the HR departments of important companies that specialise in Information Technology, and her roles have increased in responsibility as she has progressed throughout her career.

 

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Business

THE ACCELERATION TOWARDS A MOBILE FIRST ECONOMY

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By Brad Hyett, CEO at phos

 

Over the last year, we have seen a big shift towards contactless payments. Fuelling this has of course been the coronavirus pandemic, which has made the public hesitant to handle cash due to the health concerns.

As multiple national lockdowns forced physical stores to close, and customers demanded easy, cash-free payment options, merchants had to quickly adapt. The result? An increased provision of pay and collect services.

In the UK alone, 83% of people use contactless payments according to data from the Office of National Statistics.

So it’s vital that merchants are equipped with the most efficient payment solutions, as the UK heads towards a mobile-first economy.

 

Proliferation of contactless payments

In 2020, 90% of UK card payments were contactless. This equates to an increase of 12% on the year prior, despite the total number of payments made falling by 11% from 2019 to 2020. Moreover, the affordability of smartphones has increased significantly over the last decade. And it’s estimated that 84% of UK adults now own one.

We’re Seeing merchants embrace more efficient and cost effective payment methods in response. While physical payment terminals are often too expensive for many small businesses, software point of sale, or SoftPoS, enables merchants to turn hardware that they already own – i.e. their mobile device – into a point of sale terminal.

With merchants increasingly adopting these innovative technologies, contactless payments will continue to gain popularity among the general public. In 2020, 13.7 million people in the UK either didn’t use cash at all or only used it to make a single purchase. That’s double the same figure from the previous year.

 

Changing consumer demand

Now more than ever, consumers are aware of how innovative payment solutions can add efficiency to their daily lives. As such, consumers now demand better payment services, including reduced queuing times, checkoutless stores, and bespoke loyalty schemes.

Businesses such as Mercedes offer an end-to-end digital car purchasing service, so customers can go through the whole car purchasing journey from the comfort of their own home. This includes car deliveries, financing, insurance and more.

Meanwhile, eCommerce giant Amazon has started trialling checkoutless ‘Go’ stores, speeding up the shopping experience by eliminating the queuing process altogether. The days of waiting for a table at a restaurant are also over, as more people have grown used to booking in advance.

Hence, it’s important that we empower small businesses to remain competitive and provide them with the payment solutions to meet customer demand.

 

Global transformations

The digital payments revolution isn’t slowing down anytime soon. By 2026, only 21 percent of transactions will be made using cash.

The US might have been slow out of the gate, but it’s starting to see increased adoption of mobile payments. In-store mobile payments grew by 29% in the States last year alone.

This growth was primarily fuelled by Gen Z-ers and millennials. Latest projections show that there will be 6 million new mobile wallet users by 2025, with millennials accounting for 4 million of this figure. These two generations, the former in particular, have grown up with mobile banking.

For most Gen Z-ers, their first foray into financial services was with a challenger bank like Starling or Monzo. These banks are able to offer online features such as ‘split the bill’, fee-free withdrawals abroad and much more to cater to the modern financial needs of the younger generation.

The Middle East experienced similarly sharp increases in contactless payments. From 2019 to 2020, there was a 200% growth in contactless transactions. This shift towards a mobile-first economy in the region was inevitable; the pandemic merely accelerated this shift. A recent study showed that 80% of people living in the Middle East planned to continue using contactless payments post-pandemic, with speed and security being the main draw.

 

The future is mobile

As parts of the world now start to come out of lockdown, there’s an openness to new solutions and a widespread acceptance of new technologies.

It is now a case of when, rather than if, we’ll see a permanent shift to cashless in the future. For businesses, embracing digital innovation will be key to remaining competitive and keeping pace with consumer demand in this fast-changing payments landscape.

 

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HOW MERCHANTS CAN IMPROVE THE ONLINE PAYMENTS EXPERIENCE

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By Alan Irwin, Senior Director of Product at Global Payments UK

 

The dramatic increase in online shopping over the past 18 months has encouraged many businesses to invest in developing their omnichannel shopping experiences. The reasons vary – some are keen to capitalise on the trend of older shoppers migrating towards ecommerce and some are trying to make up for loss of sales in brick-and-mortar stores during the pandemic. It is also true that many businesses are shifting their models to sell direct to consumers to avoid high marketplace fees and are therefore building their ecommerce channels for the first time.

The checkout experience is arguably the most important and delicate part of the ecommerce transaction, as it can make the difference between a happy customer likely to return, and a shopping cart abandoned out of frustration and confusion. A survey from March 2020 suggested that 88% of online shopping orders were abandoned, i.e. not converted into a purchase. A seamless, customer-centric online payment experience is therefore critically important in ensuring completed transactions. But with so many payment providers available, what should businesses be looking for when trying to keep friction to a minimum?

 

Keep clicks to a minimum

Less touchscreen interaction equals less abandonment. Adapting the payment page to fit any device and supporting popular mobile digital wallets like Google Pay ensures a seamless, stress- and hassle-free checkout experience for the customer and keeps clicks to a minimum. Friction can present itself in the most minor features – for example, when the customer is navigating the payment form, the appropriate keypad should be shown to the customer when required. It’s much easier to enter a card number using the dial pad instead of switching between QWERTY keypad layouts.

Simplifying online forms with autofill and tokenisation also significantly reduces friction at checkout and shortens necessary time taken. Ensuring checkout forms are tagged correctly for “autofill” is a great way to offer customers a single-click to input the payment, shipping, and billing data that they have stored in their browser profile. Similarly offering a guest checkout option will help convert customers who are in a hurry or looking for a one-off purchase. This can also be achieved by offering to store the payment details (called ‘tokenisation’) for express repeat and one-click purchases.

 

Make it easy to understand

A tailored payments approach can increase both domestic and international global sales. By offering a checkout experience in the customer’s language, the option to pay in their currency of choice, and use their preferred method of payment (whether it’s PayPal, Alipay or card), businesses can build loyalty quickly and put customers at ease. It is equally important for merchants to ensure they always display simple direction and information about next steps to instil confidence and prevent customer drop-off. The customer should be informed of what is happening at every stage in the process, for example, whether they will proceed to SCA (Secure Customer Authentication) next or go straight through to completion.

In addition, validating forms in real-time means merchants can highlight potential errors to the customer early on, and payment providers should provide this functionality. This could be an invalid expiry date, an incorrect digit in the card number or incorrect CVV number based on card type. When issues are only flagged at the end of the process, this forces the customer to go back through the steps to figure out the error. Real-time signposting of problems removes this potential friction and reduces the potential for a declined transaction.

 

Ensure seamless security

Merchants should work with a payment partner who offers the right blend of security and compliance management without it coming at a cost to the end-to-end checkout experience for the user. Instilling trust and security in your checkout flow while utilising the right solutions to drive seamless authentication flows will increase customer confidence and help prevent drop-off.

The greatest level of security and control comes from either utilising hosted payment fields that the
merchant can natively integrate into their checkout flow, or a hosted payment page where they can
manage the look and feel. Showcasing your brand on the checkout page with trust signals and logos also adds to building trust with the customer.

Staying ahead of regulations is also important. Secure Customer Authentication (SCA) will soon be mandatory in the UK for all eligible digital transactions, and this doesn’t have to be a friction-full process. Tools like Transaction Risk Analysis (TRA) and Exemption Optimisation Service (EOS) can quickly score transactions and drive exemptions where there is the right blend of transaction risk.

 

The devil is in the details

These three rules for successful ecommerce checkout experiences may seem straightforward, but it is important to apply them at a micro level. It can take only one minor point of friction to cause a customer to abandon their cart, and this will inevitably be replicated across other similar customers. It is critical to identify friction points early on and anticipate customer needs throughout the process. Discussing these points and any opportunities to improve customer checkout experience with your ecommerce team and payment provider is an important first step towards ensuring your entire shopping experience remains competitively seamless and loyalty is won. It may be that your payment provider cannot address them, in which case it could be time to move on in order to stay competitive.

 

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