Consumers worldwide seek similar mobile and technology-powered experiences

According to a study issued by global provider of electronic commerce and payment processing services First Data, consumers seek three consistent, defining features in their experience: seamlessness and control, tailored and personalized experiences and a direct connection to other consumers and information through social media and shared online content.

The study has explained that the ability to connect related activities and move among multiple channels, both online and off and from device to device, can result in an experience that is both simpler and more intuitive when compared to previous payments and financial services experiences. Globally, consumers are interested in the ways that technology can eliminate complexity and merge a fragmented series of transactions into a seamless whole.

Also, more than half of the respondents said they wanted a seamless experience. Consumers in Brazil, China, India and the Middle East are most interested in the concept of seamlessness.

Additionally, the study has found that 71 percent of respondents expect real-time access to their financial accounts (rating this 8, 9 or 10 on a 10-point scale), allowing them to make decisions wherever they happen to be. In the US, 76 percent indicated interest in real-time access, representing one of the highest levels of expectations among the countries in the study. Nearly half of consumers would stop using a technology immediately if it was not intuitive, easy and straightforward.

Because consumers know there is a vast amount of personal data available, they expect the businesses they interact with to know them. According to the study, consumers demand a tailored experience that uses the information businesses have about them to their benefit. Nearly half globally want businesses to get better at targeting ads and offers to them while 58 percent expect their bank to do a better job of considering their individual circumstances.

Technology has changed how communication between businesses and consumers functions: a shift from top-down to peer-to-peer, and even bottom-up. Because of social media and user-generated online content, consumers’ span of influence has greatly increased in recent years. The study has revealed that half of the global consumers surveyed post reviews online. Those numbers climb to 74 percent in India and 60 percent in Germany. Additionally, more than one half consult social media before making a purchase. Eighty percent of Chinese and Indian consumers surveyed did so, the highest among all markets surveyed. Just about one half say they prefer working with companies that are smart about using social media and technology.

For more information about First Data, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.