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Lane's blog archive

2014 (1)
Lane Martin

Lane Martin

Managing Principal at Capco
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Empower your 'people' to execute your omnichannel vision

29 Apr 2014

It’s old news that the customer journey has changed in the last decade and continues to evolve as new digital channels are introduced or enhanced. Customers now expect to bank on their terms. This drives banks to act more holistically to ensure the customer and their interactions are fluid regardless of channel. This is a logical perspective for c...

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Mobile wallets forgot the merchant

  Merchant adoption certainly is a barrier and pace car to the progression of emerging payment technologies. The responsibility, however, in my view, should and often is facilitated through merchant acquirers. The Financial Institutions who serve the merchant and ingest the payment on behalf of the merchants. Often times these institutions are divisions or subsidiaries of the largest banks (ChasePaymentech, Citi Retail Services, Bank of America Merchant Services, etc.). These teams should be working together to think holistically on connecting the experience for all parties in the payment ecosystem. Processors, like FirstData and Elavon are too a part of this ecosystem and have strong technologies that can provide tremendous insight to customers, spend trends, and merchant performance.  To help these businesses progress, SKU level data access would provide more transaction granularity yielding better analytics. An example of this in action is the FSA exception for medical purchases at retailers to provide assurance of qualified tax purposes. Since its deployment, there’s better assurance and less fraud occurring across these accounts. The industry should consider extending this and opening up SKU level purchases to processors, networks, issuers and acquirers.  As big data is coming from new directions and players, merchants may want to keep it simple and have their financial partners build them analytics to provide real insight to business performance through known and trusted providers.