Financial technology meets returns – end customers benefit

Financial technology meets returns – end customers benefit

286 million! This is the number of returns that are shipped annually in the Federal Republic. At first glance, this raises the question of what returns with financial technologies have in common. The answer: Together with a linked e-mail address, not only contracts, insurances and payment partners can be identified from the bank account, but also returns.
There is great potential here, which apart from the classic logistics companies can also use banks. With the Retouren.Coach they offer their customers an additional service and thus stand out from the competition.

How does it works? To do this, we’ll design a scenario with Tim and Anna:
Both order something on average three times a month through various online mail order companies – of course, they also send back various items. The problem: Both have to check their bank accounts and e-mail accounts several times to see if the returned items have been refunded. Since it can take different amounts of time, depending on the dealer, until the amount is refunded, one or the other returns can “go down” here. In addition, since 2014, end customers must pay in principle for the cost of the return. Many, but not all dealers, assume the costs of returning from goodwill. If one forgets this, one can wonder why not the complete value of the goods is refunded

Tim and Anna are lucky:

hey have recently moved and have changed their bank account. Of course, they also use the online banking app of their new bank. This now offers a new feature: If both of them link their e-mail address with the app, their returns will be automatically recognized as well. So you can save yourself logging into the various merchant portals or constantly checking your emails. So that they know where the return is currently, they use the tracking system. By push notification both know directly when the refund has been received in the account and if the full amount has been refunded. If you need clarification, you can also contact the respective dealers directly via the app without having to change to the browser. Since everything works well from the smartphone, they can also immediately show the way to the next parcel shop, where they can give up their returns.

The advantages at a glance:

    • Up- and cross-selling opportunities
      Use the additional touch points at the PoR to activate customers for additional products
    • Easy integration
      The Return.Coach can be easily integrated into existing loyalty apps as a feature.
    • Stand out from the competition
      Through the additional services you increase the customer satisfaction and loyalty.