The future of digital payments is upon us.
With it comes the language of contactless, debit, credit, mobile and e-wallets, which epitomises this new era where instant payments and customer satisfaction are fast becoming the norm.
Despite the card payments industry continuing to show strong annual growth, appetite for newer payment options is palpable and a perception of innovation weariness across card payments may be hampering its image.
The customer experience is increasingly recognised as the product itself. As the two are becoming intrinsically entwined, the user’s expectations are set significantly higher and customers are not willing to accept a poor experience when such a vibrant array of options are available elsewhere.
Incumbent card issuers must recognise this competition as a hallmark of the industry’s changing dynamic and adapt their entire strategy accordingly. Value chain, growth, and research & development must be prioritised so that card issuers don’t fall behind the curve.
Companies are looking to diversify their payments offering to boost user experience and foster customer stickiness; a recent study by Deloitte found that 66% of respondents would pay with an alternative instrument to a credit card if the merchant incentivised it with a similar rewards proposition.
Card issuers are looking beyond their current remit to the benefits that fintech can offer in their systems, by collaborating with such new, disruptive firms, financial institutions are leveraging technology to build profit in untraditional ways.
It isn’t just competition that issuers need to be prudent about. Regulation across the space is unavoidably complex and the ability to navigate the application of new technologies to existing standards may be a case of ‘sink or swim’ for firms who mismanage the task.
Pace, responsiveness and personalisation should form the core of any strategy to the modernisation of card issuance.
Register for this webinar from Finextra, in association with FIS Global to join the discussion on the following areas with industry experts:
- The key characteristics of the card payments industry today.
- The dominant influences within payments technology that are driving customer appetite.
- How card issuers should develop and implement a business strategy which oversees a change in technology and/or platform.
- The fundamental business modules needed to achieve agility and remain competitive as a card issuer.
- How to pre-empt and navigate the regulatory trends across the evolving payments space.
- Anna Milne - Editor, Finextra [Moderator]
- Matt Collicoat - VP Cards Strategy and Money Movement, FIS
- Mariam Ogunbambi - Head of Card Operations, Starling Bank
- Anna Marekwica - Senior Product Manager, Cards and Propositions, Barclays
> Register your place now