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Here’s how you build a successful BNPL: study
5 KEY TRENDS THAT WILL SHAPE THE LABOUR MARKET
International Workplace Group (IWG), a global workspace provider, highlighted five trends arising from the hybrid work model. ”One of the lasting legacies of the pandemic is the accelerated uptake of hybrid working. As the workforce in Hong Kong is now spending more time working across different locations, company leadership and HR managers are making pivotal shifts in policies as they adapt to the new hybrid reality,” said Paul Macandrew, Country Manager for Hong Kong & Greater Bay Area, IWG.
From ‘Human Resources’ to ‘Human Relations’
Human resources were identified as one of the first sectors to reorient themselves. According to the research, more focus would be put on mental health and happier employees. Backing this up was survey data from the City Mental Health Alliance Hong Kong, which has shown a rising trend in employees who recognise investments in both resources and cultural aspects of mental health and wellbeing.
A better way to measure productivity
Better ways of measuring productivity were also highlighted, as the research pointed to a cloud-based workflow to help evaluate an employee’s work effectiveness.
Hyper flexibility is no longer just ‘nice to have’
Data from a survey conducted by IWG highlighted over 70% of job seekers looking for flexible work policies, with another survey also showing that 72% of all office workers would choose hybrid working over a 10% pay raise.
A broadening talent pool
Meanwhile, a widening talent pool was also expected to take place due to the same hybrid model. Hiring managers would be able to cast a wider net in their search. This would help spur efforts to build a more inclusive and diverse workforce.
Reimagining the workplace
The workplace is also expected to be redesigned, as companies will need to re-assess the role of the physical office.
The global BNPL market is projected to be worth $3.98t by 2030
Here’s how you build a successful BNPL: study
Getting the right specialised talent and building a good technology stack with the right partners are amongst the core building blocks needed in order for businesses to launch a buy now, pay later (BNPL) solution successfully, according to a joint study published by publishing services firm Deloitte and cloud banking platform Mambu.
“BNPL is now a key sales and conversion driver for retailers and e-commerce providers. Merchants, if they have not done so already, are looking around for an embedded finance solution that can help them design BNPL experiences at speed and at low-cost,” said João Caldeira, partner at Deloitte.
He added that BNPL is now seen as a new revenue driver. Caldeira notes that the ability to quickly add seamless installment-based digital payments at the point of decision has the potential to change a business.
Deloitte and Mambu have teamed up to list five core building blocks for businesses looking to develop BNPL solution. First is the value proposition: that is defining and understanding what merchants and customers need and developing a model to solve their key pain points.
Technology and data are another core block. “Developing a technology stack with best-of-breed partners to enable real-time decisioning as well as the creation of next-generation solutions that deliver distinctive customer experiences,” they wrote in the report.
Risk and compliance is also key to BNPL. Service providers are tasked with designing a risk framework that provides a competitive edge, from in-built fraud detection and management to defining the risk appetite, model, and strategy
Businesses are also called to invest in specialised talent in critical areas to complement businesses’ existing teams, as well as build their brand and differentiate their products and services in the market.
The final core building block, “go-to-market”, would see businesses bundling the offering within their portfolio and bringing the minimum viable product to life.
Deloitte and Mambu were inspired to make the report amidst booming demand for BNPL services. The global market is projected to be worth $3.98t by 2030, growing at a compound annual growth rate (CAGR) of 45.7%.
In Hong Kong, livi is the first bank to introduce BNPL. The livi app offers a range of mobile payment solutions through UnionPay QR Payment, and livi Debit MasterCard. The innovative BNPL product is called ‘livi PayLater’.
