As The SBC Summit Barcelona approaches, we continue to explore innovation in payments and why it is so crucial that the sector continues to evolve and embrace new technologies.
For this edition, Payment Expert spoke to Liron Warhaftig, VP Product, BetMGM, as he emphasised the importance of the player experience and collaboration.
PaymentExpert: At The SBC Summit Barcelona, you will be speaking about collaborations within the payment space, can you detail how important you believe they are?
Liron Warhaftig: Collaborations within the payment space are absolutely crucial in today’s business landscape. These partnerships foster innovation, drive seamless integration of technologies, and enhance the overall user experience. By working together, industry players can leverage each other’s strengths, optimise processes, and create solutions that address evolving customer needs.
Such collaborations not only improve efficiency but also pave the way for better customer experience, security enhancements, and broader market reach, ultimately shaping the future of the payment ecosystem.
PE: What impact do you believe it can have on the overall payment journey when the marketing department links closely with the payment department?
LW: Marketing insights can inform personalised payment experiences, tailored messaging, and strategic incentives that drive customer engagement and trust. By aligning these departments, companies can optimise the payment process, reduce friction, reduce cost, improve customer satisfaction and enhance conversion rates.
Additionally, combining marketing data with payment analytics allows for a more holistic understanding of customer behaviour, leading to data-driven improvements and a seamless end-to-end journey.
PE: In what ways have marketing departments evolved to understand conversion rates and the importance of the payment journey?
LW: Marketing departments have evolved significantly in their approach to conversion rates and the payment journey. They have shifted from a focus solely on attracting visitors and sign ups to a more comprehensive understanding of the entire customer lifecycle.
By integrating analytics, A/B testing, and user feedback, modern marketing teams gain insights into the impact of various payment options, checkout processes, and user experiences on conversion rates. This evolution has led to a customer-centric approach where every aspect of the payment journey is optimised for maximum satisfaction, resulting in higher conversions and improved retention rates.
PE: How vital is the user experience when it comes to conversion rates and player retention?
LW: The user experience is paramount in driving conversion rates and player retention. A seamless, intuitive, and frictionless payment journey instils confidence in users and reduces the likelihood of abandoned transactions.
Moreover, a positive user experience contributes to customer satisfaction and loyalty, increasing the chances of repeat transactions and long-term engagement. In this point in time where customers have so many choices, a superior user experience sets a business apart, directly influencing its bottom line and sustainability.
PE: In what ways do you believe this can best be measured? How crucial is the efficient usage of data?
LW: Measuring the impact of user experience on conversion rates and player retention requires a combination of qualitative and quantitative methods. Surveys, user feedback, and usability testing provide qualitative insights, while metrics such as conversion rates and deposit success rates eventually are the key data points for measuring the efficiency.
The efficient usage of data is pivotal as it allows for informed decision-making, continuous optimisation, and targeted improvements. Data-driven analysis helps identify pain points in the payment journey, enabling businesses to address issues promptly and enhance user experience for better conversions and retention.
PE: What are some of the key features when it comes to the payment experience that boost conversion?
LW: Simplified payment Process: Minimising steps and data entry required during checkout reduces friction and encourages quick transactions. Multiple Payment Options: Offering a variety of payment methods accommodates diverse user preferences, enhancing convenience and trust.
Transparent Pricing: Clear presentation of costs, fees, and charges fosters transparency and minimises surprises during the payment process. Security Assurance: Implementing robust security measures and communicating them effectively instils confidence in users to proceed with their payments.
By integrating these features, businesses can create a payment experience that not only facilitates smooth transactions but also positively impacts conversion rates and customer retention.
Looking ahead to the SBC Summit Barcelona, the Payment Innovation series places a closer analysis on some of the industry’s key technologies and developments.