What is coming in payments processing innovations?

With today’s many technological and scientific breakthroughs and innovations, we can truly say – what a time to be alive! The revolution in communication, that was brought on by the internet and mobile phones (and later smartphones), didn’t stop there. In today’s world, the digital revolution has taken over our entire lives.

Not only did the means by which we communicate has changed, but the way we communicate as well, mostly thanks to Social Media that put users and consumers in the center of everything. Nowadays, everyone has a voice, a means to express themselves and communicate more closely, not only with each other, but also with companies and brands.

People are talking about brands and businesses online whether or not these brands and businesses are present in the conversation. They are sharing their experiences, both good and bad and their opinions matter to their peers. And they are doing it using their laptops, tablets, and smartphones, at any time – day or night – when and where it’s most convenient for them. All the while, they expect to be heard and answered. That’s why contemporary companies need to have an online presence; they need to communicate with their customers and clients, using their digital channels to create seamless and consistent engagement.

The revolution in communication has influenced other parts of our lives, too. The way we shop and consume goods and services has also been swept away by the unstoppable wave of digitalization, while the greater adoption of Internet of Things will make this merger of offline and online worlds even more seamless.

The digitalization of financial industry and services

The digital revolution is here and businesses need to adapt to it (if they haven’t already). They need to endeavor to predict and stay ahead of trends, so they don’t come last in the technological race. Financial institutions are not an exception.

As already mentioned, digitalization has brought a shift from service orientation to customer orientation. This is even more visible in the financial industry where it’s important to deliver engaging experiences in the digital environment, tailored to the wants and needs of the consumers. The reason for this is rather simple. Customers of today have a large choice of products and services. What they want is to use them at their own convenience, at the exact moment and place they need them.

Digitalization has brought a shift from service orientation to customer orientation.

That’s why the products and services that the financial institutions offer need to be simple and quick. Offering customers simplicity is offering them an easier choice, a single function without the overload of information and with the focus on customer’s needs. Speed is also essential because no matter how amazing a product may be, if it’s not quick enough, it won’t be good enough. It won’t be usable in real-time for the customer.

A tailor-made digital environment will allow customers to be independent and perform more functions autonomously, but a good connection with the organization across all channels of communication will also allow customers to seek live help if something goes wrong. Research has shown that the brands that make it easy for customers to move between customer contact channels when it suits them, are rewarded by more purchases, higher levels of repeat spending and greater loyalty.

Our answers to customers’ needs

Mobile wallet, and its mobile proximity payment technology, fits the bill – it is practical and convenient, inexpensive at the user level and interconnected with other widespread technologies. To meet the increasing needs of customers, we developed a range of options made to satisfy these needs at specific moments, when and where the customers want. Our Mobile Wallet solution, a simple, fast and convenient proximity payment solution based on HCE technology, is suitable for customers using NFC enabled smartphones.

An alternative solution to proximity payments and great for younger generations and on-the-go mentality are wearable devices that are ideal for low value payments, as well as perfect companion on festivals, live music concerts and various sporting events. For those who are more traditional but still need a quick, easy and secure way to pay for low-value transactions, contactless cards require no signature or PIN, reducing queuing times at checkouts.

At BankInno 2016 Conference

Giovanni Cetrangolo, IT and Innovation Director at Mercury Processing Services International, participated at the BankInno 2016 Conference, held in Barcelona at the beginning of March of this year. Banks and their customers are becoming more and more digital. There is no way back. What is needed to keep up with the fast-paced digital environment? How to stay innovative and ahead of the rest? Mr. Cetrangolo tackled these and other key questions at Barcelona, presenting a case study on payments processing innovations and sharing interesting insights on what we can expect in the future.

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