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How FIs can ensure efficient Retail Payment

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The Payment landscape in the US is experiencing digital innovations. In a recent Accenture report detailing five important payment trends to keep in view, “about 64 percent of North American consumers plan to use a mobile wallet by 2020—a 39 percent rise in the user base in three years”. Mobile wallets enable financial institutions to provide efficient customer experience and drive revenue.

Similarly, Mastercard recently launched a universal commerce platform to ensure more efficient payment processes for businesses all over the world. The company partnered with nine B2B network providers to link, buyers, suppliers, banks and solution providers.

Financial Institutions must explore innovative partnerships that will enable swift and convenient payment experience to customers and ensure product centric offerings that will drive revenue.

Financial Institutions must explore innovative partnerships that will enable swift and convenient payment experience to customers and ensure product centric offerings that will drive revenue. Customers appreciate convenience and are willing to pay for the service. For instance payment via mobile apps at US restaurant went up by 50 % in the last one year.

Retail Payment Security

It is no surprise that security is a crucial matter in payments. Novel devices with security gaps are being produced often to enhance customer experience. However, criminals are relentless in becoming more sophisticated. For instance, “Synthetic identity theft” has emerged as a major driver of payments fraud in the US”.“Unfortunately, the continued growth of account-takeover fraud demonstrates the never-ending need for hyper diligence around strengthening authentication,” according to a recent Aite reportJETHRO’s jPrivacy is a security authentication solution for your enterprise.

To ensure an efficient payment experience and generate revenue, financial institutions would need to provide customers with product offering options, accessible on multiple channels, and security. The report by Mobilepaymentsday stated 4 steps for an improved payment service:-
  • Status notifications: the average customer finds transaction alerts very helpful. They are reassured of successful transaction and security interference that occurs on their account.
  • Money management tools: The survey also added that customer expect their FIs to provide tools they can be used to manage their finances.
  • Multiple payment Interface channels:- Customers expect their FIs will deliver payment product offerings on multiple channels resulting in convenience and efficient customer experience.
  • Secured payment services:- FIs would need to put in place an evolving security strategy. For instance educating customers and staff of timely trends since “people are often the weakest link in the security chain”.