Impatient Brits, EU Social Banking And French Ambivalence

By Chanel Smith, EMEA Editor (@PYMNTS_EMEA)

 

The French Love A Good Revolution

What’s In: A growing number of French consumers shopping on eCommerce sites.

What’s Out: French consumers believing that online retail is a bad influence on culture.

What Happened: What was it that the French minister of culture, Aurelie Filippetti, was just saying about the French repelling the online revolution?

The minister holds a dotty perception of what French consumers want since a new report, released by eCommerce Facts, argues that France is Europe’s third-largest eCommerce market behind only Germany and Russia. In June 2013, online French retailers reached 84.5 percent of the region’s online audience.  

Earlier this summer Filippetti condemned online giant Amazon, claiming that the Internet retailers are largely responsible for deprecating the French culture by undercutting the country’s local shops, bookstores, music industry and overall quality of life. Conversely, it seems French consumers believe you can have your croissant and eat it, too.

Don’t Keep The British Waiting

What’s In: UK retailers recovering their customers—who would otherwise abandon baskets due to long queues—by using mobile technology at the point of sale.

What’s Out: British retailers losing sales because irritated shoppers walk out of the store due to long queuing times at the till.

What happened: Sure, the British have no problem waiting days outside St. Mary’s hospital—in the middle of a heatwave—just to catch the smallest glimpse of the new royal baby. But queuing in line at Tesco for more than 6 minutes? Forget it.

Time is money for British consumers, and if these shoppers are left waiting for too long then retailers can expect to lose lots of money from abandoned baskets. A new study from Omnico, which attempted to better understand how patient British people are when waiting in retail lines, discovered that the average time Brits are willing to wait before ditching their basket is approximately five minutes and 54 seconds.

The consequences of long waiting times are significant since many customers tend to hold a grudge after a bad queuing experience and refuse to shop at the store again.

Omnico reports that the mobile point of sale is a retailer’s best weapon to combat the issue of checkout abandonment. Mobile technology can help free up employees to help customers, reduce waiting times at the till, as well as helping to reduce capital expenditure.

Uganda’s Banks Struggle To Keep Up With Mobile Money

What’s In: Ugandan bank customers being able to conduct financial transactions despite location and time.

What’s Out: Ugandan bank customers who face limited to financial services due to a lack of availability at traditional banks. 

What Happened: It’s a race between the traditional brick-and-motor banks and the technologically advanced mobile transfer services. Or in other words: a race between the tortoise and the hare.

Banks in Uganda are struggling to keep up with the 24-hour service of mobile money operators.

Banks are responding to new demands, as a recent survey indicated that banks such as Diamond Trust and Standard Chartered are extending hours and now have branches open on Sundays. Other banks are open as late as 7:00pm Monday-Friday, and close at 3:00pm on Saturdays, compared to the 12:00 pm closing that was standard just a few years ago.

Ugandan banks are finding other ways to keep customers in addition to extending hours: they have also resorted to mitigating service fees for various over-the-counter transactions. Banks have even hyped up the convenience of ATM services and are encouraging customers to use ATMs more often.

Financial institutions across Uganda need to adjust operation times to delivery services and products, or risk losing customers to mobile money competitors.

However, let us not forget: slow and steady wins the race.

Young, Tech Savvy Consumers Will Drive EU Mobile Banking Market

What’s In: European consumers using Facebook and Twitter to make financial transactions. 

What’s Out: European consumers using Facebook and Twitter to waste time procrastinating.

What Happened: Have your parents ever asked for help with their new smartphone or mobile tablet? This story line is one that resonates well with many younger consumers living in the EU.

A third of Europeans have already claimed to be using mobile banking apps. However, a survey by ING International predicts young social media users will dominate the market as more banking services migrate onto social networks.

Respondents said they expect banks will become more active on social media in the coming years: especially the younger consumers who are often highly literate when it comes to digital technology.

Europeans across the region are warming up to mobile banking and are aware of the advantages it offers in terms of convenience and spending control. As popularity continues to rise amongst younger social media users, mobile banking has an opportunity to offer other unique services that can improve customer value.