BAKU, Azerbaijan, June 9. Modern banking
customers demand simplicity and transparency in cross-border
payments, Country Manager for CIS and Caucasus at SWIFT, Irina
Lohrer, said during the 10th International Finance and Banking
Summit taking place in Baku, Trend reports.


According to her, for an ideal customer experience, cross-border
payments should be available to bank customers 24/7 and instantly
through digital channels, just like domestic payments.


She noted that the demands of modern banking customers have
changed significantly compared to a few years ago.


"Currently, customers demand simplicity (easy initiation of
payments), transparency (knowing costs in advance), and a traceable
digital experience in cross-border payments. As a banking
association, SWIFT takes these demands very seriously and helps
banks improve customer satisfaction," she explained.


In her speech, Lohrer also highlighted the results of a McKinsey
study showing the current level of satisfaction with payment
services.


"According to the study, only 50% of customers are satisfied
with the simplicity of initiating payments; When it comes to
transparency of fees and commissions, this figure is only one third
(about 33%); and only 2 out of 10 customers are satisfied with the
payment tracking service," she said.







The SWIFT official pointed out that to overcome these problems,
the organization offers a wide range of value-added services to
banks and their customers at different stages of the cross-border
payment chain.


"At the stage of payment initiation, the 'Swift reference data
repository' service ensures automatic filling of the beneficiary's
account information. At the stage of payment verification, the
'Payment pre-validation' service checks the accuracy of the data,
eliminates inconsistencies, thereby minimizing the risk of payment
cancellation in the future. At the stage of payment tracking, the
'Swift GPI' service allows you to track the movement of the payment
in real time," she said.


Lohrer added that these services, previously reserved for banks'
back offices, have been integrated directly into banks' digital
channels in recent years.


"The new digital interface prototype demonstrated the ability
for customers to see all commissions, fees, and foreign exchange
(FX) costs in advance during payment, to prepare data without
errors, and to conveniently track the payment via a mobile
application. For an ideal customer experience, cross-border
payments should be available to bank customers via digital
channels, just like domestic payments, 24/7 and instantly," she
concluded.