Only 51% of UK bank employees recommend their institutions’ international payments services, according to a revealing survey commissioned by Wise. The findings underscore the pressing need for banks to revamp their cross-border payments solutions if they hope to stay competitive against dedicated international payment providers.
The study, executed by Censuswide on behalf of tech giant Wise, aimed to gauge bank employees’ perceptions of their own international payment services. The results were less than flattering. A mere half of those polled felt that the fees for sending money abroad were reasonable. Moreover, 19% openly expressed their discontent with their banks’ international payments offerings, and 32% stated that, although they once advocated for their bank’s services, they wouldn’t do so now.
However, the survey revealed an even more telling statistic about banks’ own products. A whopping 62% of those polled stated they would contemplate using a fintech card while travelling abroad instead of their bank’s own offerings.
Wise Platform Head Steve Naudé remarked: “This research clearly shows that those working within banks are dissatisfied with how they serve customers’ cross-border needs – a problem that will become more pronounced over time as people and businesses increasingly live and operate globally.
“If such a large number of banks’ own employees – those closest to their products – wouldn’t recommend their own services, and a majority prefer using fintechs, there is clearly a significant opportunity for banks to better serve this growing customer need.”
He continued, highlighting the challenges banks face in enhancing international payment services, especially when constrained by rigid systems. “At Wise Platform, we make it easy for banks to innovate by allowing them to leverage Wise’s global payments network seamlessly, without needing to implement any major changes to their systems.”
Wise Platform, an infrastructural solution from Wise for financial establishments and large corporations, collaborates with more than 70 global banks and businesses. This partnership facilitates swifter and more affordable international payments for numerous bank customers right within their existing apps.
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