Nadezhda Kotsinova for Standart: We are driven by our clients’ changing needs
10.01.2022 Share +
As a forward-thinking bank with a fintech mindset, providing alternative payment solutions has always been our focus. 2021 was especially successful because we introduced innovative products that rely on data to benefit both end customers and partners. Nadezhda Kotsinova, our Merchant Solutions Driver, spoke to Standard about how financial tools like BNPL are transforming the shopping experience and shared her thoughts on the future of financing. See for yourself:
- What is the main driver of your bank’s digital transformation?
- We are agile, brave and we aim high. This is part of our fintech culture and mindset and among the values our entire team shares. We keep up to date with the latest trends on the world markets, we study our clients’ needs and preferences, and we base our decisions on research and data. In this way we strengthen our position of a reliable partner providing secure financial products and solutions. Our transformation directed towards digitalization started back in 2016. Thanks to the new channels, innovative approaches and online solutions, we managed to give our clients much more than convenience, speed and safety. Apart from digital solutions for the end customer, this past year our team put a special emphasis on bringing all of these benefits to our partners as well. It’s worth noting that our business model’s premise is to meet our clients’ needs while helping our partners boost their sales results.
- What is the formula for а successful collaboration between a bank, its partners and end customers?
- On the one hand, our job is to help customers purchase goods and services in small and convenient installments without putting a burden on their monthly budgets. On the other hand, by providing a tool for more affordable client financing we help merchants to increase their sales by reaching more customers and to reduce unfinished orders by 25%. For us the secret lies in this balance – developing innovative solutions that meet the needs of both sides.
- What online solutions did you offer to your partners and clients in the past year?
- Our customers are looking for us in all industries – both on and offline. Our focus has always been on customers, their customer experience and finding solutions. In 2021 we became the first bank in Bulgaria offering BNPL that multiple online merchants already implemented. It allows clients to buy the product they want in four equal installments without any interest or fees. Another product we introduced to the market is Cash Online – a solution for fully online financing that is gaining in popularity. In 2021 we also introduced our Merchant portal – an online platform through which in a secure environment our partners from different industries fill out their order for the financing of goods, get information on the order status in real time and have access to useful data that help them increase their client base.
- Do alternative payment methods have a future here? What tendencies are you seeing?
- We are a fintech bank with a phygital approach (a mix of digital and physical channels), but at the same time we are a regulated institution that brings security and stability to customers. As leaders in the alternative payments segment in Bulgaria we can confidently say that the future lies exactly in the type of solutions offering incomparable customer experience and changing how we view shopping. We also believe that in the next few years the need for combining physical and digital channels, as well as for the diversification of payment instruments, will become more ostensible.
- What makes BNPL different from all other financing solutions?
- The advantages of this alternative payment method are significant, both for clients and merchants. Unlike other financing solutions, BNPL allows customers to buy goods with no interest and the whole process takes place online without any documentation, which makes it more convenient. For merchants, this adds an attractive payment method with a high approval rate, which will lead to an increase in sales and boost clients’ loyalty. According to global tendencies and data, 50% of merchants that use BNPL register 40% increase in the average shopping cart value, as well as a 10% increase in the number of customers. Also 60% of merchants report a 30% increase in the number of clients who place more than one purchase order.
- How did you end 2021 and how are you entering 2022?
- 2021 was a very dynamic and successful year for us. We are proud to have provided more innovative solutions for clients and merchants. We are going into 2022 with clear plans for improved customer experience in alternative client financing methods.