Technology is setting new standards for customer experience that payment operators often struggle to reach, but in a digital era this is no longer negotiable
Gmail, Uber, Spotify, Airbnb, WhatsApp: all are digital disrupters that did not exist 15 years ago, but today are essential to our lives. These technologies have set a new bar for customer experience, driving higher expectations for payments and commerce.
Intuitive, seamless and personalised end-to-end journeys that place customers at the centre of each transaction are the new norm. So winning the hearts, minds and wallets of our customers requires a shift from traditional products that “get the payment job done” to holistic solutions that empower people and businesses to take control of their financial lives.
For more than 25 years, Mphasis has partnered with banks and financial institutions of all sizes to ignite digital innovation, empower transformation and unlock disruptive advantages through technology.
The company’s global head of payments, Andres Ricaurte, affirms that customer experience has been a key tenet in this journey.
“Banks have an inherent advantage that they need to capitalise on,” he says. “Current accounts, mortgages, credit cards, all kinds of policies and financial products, generated through relationships that span many years, they all represent terabytes of powerful data that banks have access to and can use to create unique profiles and personalised payments, financing and commerce solutions for every single one of their customers. “It is a richer value proposition than pure tech operators can provide.”
Just because you are not Netflix, it doesn’t mean you cannot deliver Netflix-like customer experiences by leveraging the power of new technologies
Network of you
Whether buying coffee, riding public transport, streaming music or purchasing groceries, payments represent the key through which we open and unlock the network of services that makes our lives work. This is something Mphasis calls the “Network of You”.
“We’ve implemented the Network-of-You model with many of our clients by transforming decades-old payments systems and processes into next-generation, artificial intelligence-
powered platforms that turn every payment transaction into a moment of meaningful customer value,” says Mr Ricaurte.
“Just because you are not Netflix, it doesn’t mean you cannot deliver Netflix-like customer experiences by leveraging the power of new technologies.”
While becoming a digital business can be a daunting task for most enterprises, Mphasis’s proven Front2BackTM Transformation framework focuses on iterative transformation levers that deliver chunks of value quickly, while creating the foundation to shrink and eliminate legacy applications.
“It is an ongoing cycle through which our customers can start launching new products in a matter of weeks, while implementing programmes that systematically reduce legacy costs and create savings which can be leveraged to further accelerate their digital agenda,” says Mr Ricaurte.
When business gets personal
Payments transcend our daily consumer lives. They are also the lifeblood of any business, and enhancing the visibility, predictability and flexibility of payments is key to ensuring sustainable cash flows. This is not always an easy task, particularly when businesses are part of complex supply chains with multiple payment terms and currencies.
“Especially in this uncertain global environment, it is more important than ever to help businesses create a holistic picture of their financial, operational and commercial networks,” says Mr Ricaurte.
By extending the Network-of-You philosophy to the business landscape, Mphasis is partnering closely with corporates and business-to-business payments providers to bring together disparate systems, processes and payment solutions into a single, actionable control panel that puts businesses at the centre of their network.
The Network of You accelerates the hyper-personalisation of the payments industry, which Mphasis sees as the future. It goes hand in hand with a digital transformation that will strike banks and enterprises whether they keep up or not, and a customer-centric business world which will call for even greater seamlessness, efficiency and context awareness across all payments and commercial transactions in the years to come.
For more information please visit www.mphasis.com/payments