Nowadays, the customers are becoming more and more tech savvy and thus, they are counting on the digital means even for their daily work. Be it shopping, studying or banking, everyone wants these facilities on their fingertips i.e. without much of an effort. The payment processors have also realized the need for the digital economy and hence they are leaving no stone unturned as far as the safety measures in the digital payments are concerned. One such start up has also come forward and realized that the customers are more inclined towards online payments or online banking. Volt Bank has decided to join hands with PayPal, which is a global payment giant. This partnership has undergone primarily to address the needs of the consumers. As a result of the partnership, the customers would now be able to initiate the sign-up process easily and without much time. It seems like Volt Bank has a clear vision of leveraging the digital capabilities to achieve the long-term growth. Moreover, the customers would be able to manage their finances in a better way. The bank has also decided to work towards long-term success by considering the changing needs of the customers.
Truly, the need for the digital banking has come. The customers are now favoring digital banking as it involves lesser time and efforts. On the top of it, these transactions are safe which, in turn, helps in building the trust of the customers. Online transactions, digital payments are expected to witness strong momentum moving forward.
We will now go deep in the mechanics of the deal. This partnership reflects the first partnership of PayPal with any of the company carrying out operations in Australia. After the partnership, Volt Bank would be working with the 7.2 million active users of PayPal which are in Australia. They can initiate the process of signing up with using the PayPal account. Bottomline, the customers of PayPal could utilize the personal data to eliminate the steps when they decide to sign up for becoming Volt Bank customer. Also, whenever the Volt Bank advances the credit as well as debit cards to the consumers, it would be linked to the PayPal automatically. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]
The top management of Volt Bank reflected positive views on the partnership and has the optimistic outlook on the same. Because of the partnership, the signing up process would be streamlined because of the reduction in the paperwork. Thus, the process would be hassle-free for the customers. They believe that the customers get irritated when the data is being demanded several times. The customers can be brought onboard in a much more simplified way which could help in increasing the customer base.
Notably, with the PayPal’s data, there would still be need for Volt Bank to comply with the AUSTRAC’s (Australia Transaction Reports and Analysis Centre) requirements. These procedures have been made for the customers’ benefit as these help in revoking fraud as well as money laundering. Apart from the already-mentioned benefits, Volt Bank would also be able to further improve their brand image in the customers’ minds as well as in markets. The bank would be able to build trust as they are partnering with the global brand. The top management of PayPal also looks forward to joining hands with other companies in Australia.
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