As consumers, our expectations around banking and payments are increasingly informed by the way we engage with other industries and digital services. Speed, context and openness need one another to create the relevant instant service and experience customers expect from a modern financial services organization.
Here are some key takeaways from the fourth edition of our Flavors of Fast report, which examines how payments are evolving and emerging around the world.
- The ability to innovate on top of instant payments in a contextual environment is what makes the difference, and keeps financial institutions relevant.
- An open payments system can provide opportunities for financial institutions to help both commercial and retail customers better understand and manage their financial picture with greater ease.
- By embedding immediate payment mechanisms into otherwise purely non-transactional offerings, business value is enhanced and everybody wins: An instant messaging app can become a means to resolve the restaurant bill; payday loan applications can provide instant access to funds; insurance services can make instant payouts; takeaway establishments can transform order-ahead services into order-and-pay ahead services.
- Security and better payment experiences are the most prevalent paths to loyalty. They also translate to our business imperative of growth. Transaction-based revenue is realized from increased payment velocity when customers are exposed to a more secure and user-friendly payment solution.
- What is the impact on my transaction services infrastructure. The paper offers practical lessons learned around the world.
For more information on Flavors of Fast or to download the report, visit here.
Tags: Payments, Digital, Innovation