Last updated on Nov 8, 2023
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Customer experience
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Regulatory compliance
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Technological capabilities
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Market dynamics
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Change management
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Innovation and agility
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Here’s what else to consider
Digital payments are transforming the way consumers and businesses interact, offering convenience, speed, security, and cost-efficiency. However, implementing a successful digital payment strategy requires careful planning and execution, taking into account various factors such as customer needs, regulatory compliance, technological capabilities, and market dynamics. In this article, we will explore some of the key considerations for designing and deploying a digital payment solution that meets your goals and expectations.
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- Rohit Garg Group Head - Business Banking
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- Ghazal AL Sakaal Executive Vice President-Global Head of Digital Strategic Partnerships, Banking as a Service | Building new platforms |…
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- Sujith George AVP @ Mashreq Bank
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1 Customer experience
One of the most important aspects of a digital payment strategy is how it affects the customer journey and satisfaction. You need to understand your target audience, their preferences, pain points, and expectations, and design a payment solution that addresses them. For example, you may want to offer multiple payment options, such as credit cards, mobile wallets, QR codes, or biometrics, to suit different customer segments and contexts. You may also want to provide features such as instant confirmation, loyalty rewards, or personalized offers, to enhance the value proposition and engagement of your payment solution. Additionally, you need to ensure that your payment solution is easy to use, secure, and reliable, and that you have a clear and responsive customer support system in place.
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- Sujith George AVP @ Mashreq Bank
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Implementing a digital payment strategy should also involve setting up a reliable customer support system. Customers may have questions or encounter issues during the payment process, so having a dedicated support team can ensure a positive customer experience.
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- Rohit Garg Group Head - Business Banking
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A key aspect of the customer experience is also providing a redressal mechanism to the client in case the transaction fails. If the payment experience is instant , ensuring instant reversal of the transaction and refund completes the loop and makes it a great experience.
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Respect the customer’s money like it’s yours. Put the customer’s need ahead of the bank/ payment provider’s need at every step of the journey. And when things fail have the humility to acknowledge and go back to the drawing board to fix the gap. That’s all.
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2 Regulatory compliance
Another key consideration for a digital payment strategy is the regulatory environment and the legal obligations that you have to comply with. Depending on the type and scope of your payment solution, you may have to adhere to different rules and standards, such as anti-money laundering, data protection, consumer protection, or payment service provider licensing. You need to be aware of the relevant regulations in the markets where you operate or plan to expand, and ensure that your payment solution meets the requirements and expectations of the authorities and the customers. You may also want to monitor the changes and trends in the regulatory landscape, and be prepared to adapt and update your payment solution accordingly.
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3 Technological capabilities
A third key consideration for a digital payment strategy is the technological infrastructure and resources that you have or need to acquire to support your payment solution. You need to assess your current capabilities, such as your hardware, software, network, security, and data systems, and identify the gaps and opportunities for improvement. You may also want to explore the potential benefits and challenges of adopting new technologies, such as cloud computing, artificial intelligence, blockchain, or 5G, to enhance the performance, functionality, and innovation of your payment solution. Moreover, you need to consider the integration and interoperability of your payment solution with other systems and platforms, such as your core business processes, your partners, or your customers.
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- Ghazal AL Sakaal Executive Vice President-Global Head of Digital Strategic Partnerships, Banking as a Service | Building new platforms | Open Banking | Neo Banking |Connected Banking
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In addition to Rohit Garg's excellent input, embracing technological innovation forms the backbone of a robust digital payment strategy. Implementing emerging technologies like AI and blockchain can streamline transactions, offer enhanced fraud prevention, and provide real-time analytics. This proactive adaptation keeps a system advanced and customer-centric, fostering greater reliability and efficiency in the digital payment landscape.
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4 Market dynamics
A fourth key consideration for a digital payment strategy is the market conditions and the competitive landscape that you face or anticipate. You need to conduct a thorough market research and analysis, to understand the size, growth, demand, and trends of the digital payment market, and the strengths, weaknesses, opportunities, and threats of your competitors. You also need to define your unique value proposition and differentiation strategy, to position your payment solution in a way that attracts and retains customers, and creates a competitive advantage. Furthermore, you need to develop a clear and realistic business model and revenue stream, to ensure that your payment solution is sustainable and profitable.
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5 Change management
A fifth key consideration for a digital payment strategy is the change management process and the organizational culture that you need to foster and maintain to implement your payment solution successfully. You need to communicate your vision and goals effectively, and involve and empower your stakeholders, such as your employees, customers, partners, or suppliers, in the design and deployment of your payment solution. You also need to provide adequate training and support, to ensure that your stakeholders have the skills and confidence to use and benefit from your payment solution. Additionally, you need to establish and monitor key performance indicators and feedback mechanisms, to measure and evaluate the impact and outcomes of your payment solution, and to make adjustments and improvements as needed.
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6 Innovation and agility
A sixth and final key consideration for a digital payment strategy is the innovation and agility mindset and approach that you need to adopt and cultivate to ensure that your payment solution remains relevant and competitive in the dynamic and evolving digital payment landscape. You need to embrace experimentation and learning, and test and validate your assumptions and hypotheses, before scaling and launching your payment solution. You also need to be flexible and responsive, and adapt and iterate your payment solution based on the changing customer needs, market conditions, technological developments, and regulatory requirements. Moreover, you need to seek and leverage new opportunities and partnerships, to expand and diversify your payment solution, and to create new value and growth.
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- Saurabh Jain Payments | Digital Lending | Open Banking I BaaS | Data economy | Fintech
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In today's day and age of the connected world, developing an ecosystem approach is extremely important, as this helps create newer distribution models, and unlock new value propositions for the players in the market.
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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- Saurabh Jain Payments | Digital Lending | Open Banking I BaaS | Data economy | Fintech
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The digital payments platform should be able to cater to multiple channels and experiences so that the clients can offer a friction free experience to their customers, and the platform is able to tie them up all together providing a comprehensive picture to the client in terms of data, analytics, and reconciliation capabilities
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