Instant gratification has become the new normal, and consumers are increasingly viewing time as a currency. Today’s consumers expect brands to meet their needs with immediate solutions, and in many cases, they’re willing to pay a premium to save valuable time.
Brands are responding to consumers valuing their time above their dollars with digital processes that eliminate friction, automate redundant tasks, and anticipate needs. This has led to the phenomenon of collapsing time - referring to the seamless experiences that expedite transactions.
By collapsing time, businesses win new customers who, at increasing rates, are ready to spend money to gain time. And, these customers tend to stick around, preferring to do business with brands that respect their time, understand their priorities, and get it right with digital experiences.
The concept of collapsing time is a universal phenomenon, impacting nearly every aspect of modern life. Today’s customers demand that their in-person encounters complement and expand upon their digital engagements. Take, for instance, telehealth, which turns a historically lengthy process of visiting a doctor into an on-demand video consultation. Patients can receive their prescriptions digitally, and even have the choice of visiting the pharmacy in-person or subscribing to a digital service to have their medication delivered directly to their home.
Or, picture a customer shopping for a new car. When they start the process online, the dealership can have the vehicle of interest prepared and ready for a test drive upon arrival.
Consumers are now accustomed to checking in to their flights, hotels, and even restaurant reservations all from their mobile app. Service technicians, like plumbers, can order replacement parts on the job site. Even entertainment has adapted to fuse digital and physical through innovations like mobile ticketing and cashier-less concession ordering in theaters and stadiums.
As consumer expectations for instant experiences continue to accelerate across industries, brands must reinvent traditional business constructs to offer “phygital” experiences that collapse time between intention and outcome.
One such opportunity exists in the cross-border payments space. Since the pandemic, more consumers have shifted to digital mediums for cross-border payments. In 2021, 58% of SMEs say they are sending and receiving more cross-border payments now than they were before the pandemic.
Not so long ago, it was commonly accepted for international transfers to take days or even weeks to finalize. But consumers have little tolerance left for slow money movements – even across borders. Instead, consumer expectations for speed have accelerated exponentially thanks to advancements like same-day delivery and real-time communication. According to a Citi Group study, 55% of retail clients and 59% of corporate clients cite speed as their biggest global remittance pain point.
As more individuals live, work, and travel between countries, global citizens are demanding immediacy as the norm. Expats sending money home, remote teams collaborating across time zones, businesses selling goods worldwide – cross-border transactions underpin life in an interconnected planet. Yet outdated systems like wire transfers and card networks strain to support instant global commerce.
Our time is precious. The “hustle culture” of the early 2000’s is dead, making way for a generation of consumers who understand time is their most valuable resource. And they understand it is finite.
Brightwell’s ReadyRemit enables near real-time and same-day access to funds, streamlining the process of sending and receiving cross-border payments. While consumers exchange one currency for another when sending global remittances to friends, families and colleagues abroad, they also exchange their dollars for valuable time returned to them.
ReadyRemit has been instrumental in helping financial institutions collapse time for their customers by consolidating, and automating time-consuming steps in the global remittance process. This has led to loyal customers, higher retention rates, and a stickier product ecosystem for ReadyRemit partners.
Ready to usher in a new era of global customers by meeting their demands to regain their time? Get started with ReadyRemit today.