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Delivering a Flexible, Frictionless BNPL Experience

Earlier this year, Citizens Financial Group, Inc. expanded the reach of its point-of-sale offering for merchants with the introduction of Citizens Pay. Designed to allow consumers to finance large purchases in “pay-over-time” mode, Citizens Pay provides a virtual line of credit that can be used for repeat purchases.

Below Matt Norton, Citizens Pay senior vice president and head of business development, shares the value proposition offered by Citizens Pay, the services available to retailers that opt to provide it, and more.

RIS: What specific advantages does Citizens Pay offer to retailers that are not accessible using pay-over-time options available from other banks? In other words, what are the key differentiators?

Norton: Citizens Pay is a fintech within a national bank, delivering nimble technology for a frictionless customer experience, paired with the product depth and flexibility that can only be delivered by having your own balance sheet. We cover purchases of all sizes, with loan terms from three months to 60 months, with a line of credit that makes repeat purchases simple and easy. We also have unmatched omnichannel experience to provide a consistent financing experience to customers regardless of channel.

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RIS: What are the distinct elements of the value proposition afforded by Citizens Pay?

Norton: Flexibility and depth of product – we’re not one-size-fits-all. We tailor programs based on the specific goals and needs of our partners. It’s a truly strategic approach, more than just a way to pay at checkout. Loyalty building through frictionless repeat purchase capabilities keeps customers coming back again and again, shopping with confidence through an easy to use, transparent pay-over-time solution.

RIS:What are some of the services Citizens provides when it comes to setting up the Citizens Pay option?

Norton:We help our partners promote financing early in the shopping experience to unlock significant incremental sales. We provide Javascript for tools to display monthly prices on product pages, along with calculator tools, display assets to help merchandise products with financing in-store and online, and analytics to power marketing campaigns and optimize the program.  

RIS: How does Citizens work with retailers to promote Citizens Pay to its greatest advantage?

Norton:We take a truly strategic approach, working closely with our partners to understand the product parameters that will drive the greatest increase to AOV and conversion, all while optimizing profitability.

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RIS:  What is the scope of services Citizens provides to retailers that opt to offer Citizens Pay that they might not get from another bank, let alone a fintech?

Norton: Flexibility, the willingness to create a brand-forward experience for our partners, and superior rates. We tailor programs to what our partners need to grow their business. Having our own balance sheet and years of experience in this space means we can offer consumer rates that drive lower monthly payments, leading to greater affordability and more sales.

RIS:Citizens recognizes the value of a pay-over-time program that isn’t “one-size-fits-all.” What, specifically, do you do to ensure that each retailer has a program that suits its needs and is flexible as well?

Norton: We’re highly collaborative, factoring in the product and branding needs of our partners. We also have engagement from our experienced management team throughout the relationship, focusing on analytics and program optimization strategies.     

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