The centre of the finance and technology venn diagram has traditionally been resilience.
It’s the one thing everyone looks for, talks about and benchmarks effectiveness against. It’s the immovable object, the absolute essential.
But it isn’t everything.
In fact, flexibility, and systems that provide space for innovation, have become even more critical to a business’ success. We wrote about our thoughts on the rising importance of flexibility over resilience here.
The ability to make real time changes, accommodate consumers changing financial circumstances and create a payments infrastructure that generates customer loyalty are all a major part of what differentiates businesses, and catapults them above their competitors.
In 2021, there is no need for flexibility to simply be reactive. New and innovative payment methods, customer authentication, personalised communications and expansion into new markets mean that technology in payments can be a primary enabler for business growth
And there are a few important reasons why. Let’s think specifically about what else sits at the centre of the venn: security.
We are moving towards a more digital future. This makes it harder to prove who we are, and communication between consumer and businesses becomes more limited. A piece of paper with your address on, or an ID card flashed at someone behind the counter, are simply too easy for scammers to take advantage of.
But equally, digital authentication comes with its own problems and opportunities for online fraudsters to take advantage of both individuals and corporations.
Customer authentication through payment orchestration encourages safe seamless transactions and better customer communication. Payments are more secure, the risk of fraud is reduced, and customers have a positive brand experience all at the same time.
And if authentication is a must have and not a nice to have, we need to make it as intuitive as possible.
As we start to move to fully electronic transactions, including FX, payments, finance and trade, the method by which we prove who we are is being strengthened, both as consumers and employees.
According to Accenture Global Consumer Pulse Research, aside from consistency, 84% of customers revealed that being treated like a person, not a number, is important when winning and retaining business. The same research also found that 73% of consumers expect specialised treatment for loyalty and anticipate rewards for past interactions, as well as for sharing their preferences or personal information.
That’s why personalisation is so important. These days it equates to customer satisfaction. The way that data is managed enables you to track customer preferences and improve your services.
Our BRIDGE technology optimises a retailer’s payment capability, improving the customer experience, elevating revenues and reducing operational costs. It’s being used by forward-thinking companies who know that securing revenue by all means possible is the key to getting ahead of the competition.
Does that sound like you?
Speak to our BRIDGE Builders today.