Technology has empowered people to take control of their finances – so how does BPAY know what it takes to stay as leader of the payments pack?
To answer the key questions on how to take the pulse of consumer perceptions and trends and measure the responses, BPAY calls in Jigsaw Research.
Head of insights and strategy at this strategic market research agency is Alessandra Tonei, who specialises in finding the pivotal messages that BPAY and its biller clients can take on board.
“It’s important to show that the space in financial payments is ownable, as this world changes.”
“We wanted to see how the BPAY brand is seen today – and how it has been strengthened over time and remains relevant,” she says.
Jigsaw spoke to a wide range of stakeholders in the BPAY world to analyse what to include in the consumer research.
Billers and service providers, digital architecture builders and online experts all helped build a solid foundation for the research. Then Jigsaw went to some high profile personalities including a well-known business journalist and a mummy blogger specialising in household management to help fine-tune their questions.
“All of these people made valuable contributions on the spread of issues involved in the payments market,” says Alessandra.
BPAY launched a large quantitative study, and panels of respondents spent up to 30 minutes each completing online surveys. “These delivered us robust data to answer the issues raised,” she says.
Qualitative focus groups then fleshed out these issues to furnish invaluable insights in key areas. Jigsaw ran eight focus groups, each compiled of up to eight people from targeted socioeconomic groups and life stages, to explore their relationships with BPAY.
Three issues stood out, says Alessandra.
“The first is that as payment system providers, you need to think about people’s financial management needs in a segmented way so you can offer them better solutions,” Alessandra says.
People differ greatly in their core emotions on money, and she says the research revealed five distinctive segments in how people address financial management.
For example, ‘Finding their Feet’ customers are a younger cohort, yet to establish a pattern of financial management behaviour, who worry about what they are doing and are looking for better solutions.
Another cohort is those who are ‘Stressed and Stubborn’ – typically, busy women aged 40 to 59 who worry about money and bills, are quite traditional in their payments usage and reluctant to try new technologies.
Understanding the differences among these groups of people helps the payments universe come up with solutions that satisfy each cohort.
Alessandra identified the second major finding of the research to be around the relative decline in security as a key factor.
“BPAY is viewed as a secure payments method, where nothing goes wrong,” she says. But with the rise of Tap and Go and other technologies, it is important to recognise that people’s expectations of “good enough” security can mean this is not a game-changer for everyone in their choice of payment options.
The third finding is around perception. “Interestingly, many people still believe that BPAY payments take a few days to go through from end to end, when this is not quite true, as the payment is in most circumstances dates the date it is paid. ” says Alessandra.
“Delivering this message will further bolster brand perceptions of the BPAY service and in the future, if BPAY moves to real time payments the BPAY service will strengthen the relevance of all parties in the payments chain,” Alessandra said.
Published by BPAY Pty Ltd. BPAY is offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice – before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.