How Virgin Media O2 Are Embracing Open Banking | Pay It Forward With Virgin Media O2

In another great conversation from the Pay it Forward podcast hosted by payabl. we spoke to Abraham Georgakarakos, VP of Digital and E-commerce at Virgin Media O2, to uncover the relationship between telecommunications and payments innovation.

Customer-centricity in billing is an increasing focus for Virgin Media O2 and in the wake of growing data consumption, it’s clear more can be done to meet evolving consumer demands.

This is one of the defining trends in the telecoms space, with PwC predicting that global data consumption over telecom networks will nearly triple, from 3.4 million petabytes (PB) in 2022 to 9.7 million PB in 2027. This is largely driven by video traffic and the sheer amount of video content being consumed online over 4G and 5G. Telecom giants like Virgin Media O2 are having to adapt to this change, but communicating this well is the challenge.

In the video above, Georgakarakos emphasises the importance of transparency and customer-centricity in billing procedures. Their organisation aims to enhance the billing experience by providing clear information about charges and services pre- and post-purchase. This is clearly in line with one of the major concerns telecoms companies face.

According to an EY report which surveyed consumers, three-quarters of respondents “believe broadband providers should offer more fixed-price guarantees, and almost half (49%) find explanations of price changes difficult to understand.” As such it’s clear that good communication of these changes is essential.

Georgakarakos also highlights the value-add services that Virgin Media O2 offers to enhance the experience, such as prioritising higher speeds, data allowances, and additional perks for customers. Value add can also come in the form of smart security, an area that is of increasing importance for them. He discusses the transition from traditional direct debit methods to more modern payment options like Apple Pay and Google Pay, catering to changing customer preferences.

We also find out how they’re embracing Open Banking and exploring alternative payment methods. There’s some interesting predictions here about embedded finance, with telcos integrating a diverse array of financial services into their platforms to better cater to customer needs.

Regarding the role of telcos in the evolving financial landscape, Abraham emphasises collaboration rather than competition with banks and fintech companies.

It’s another revealing conversation about the role of payments in a hugely influential sector. Be sure to check out other editions of the podcast here.