5 Key strategies for competitive advantage in payments

FIs compete for higher market share and customer base. In order to be profitable and continue to be relevant in the market place, your financial institution would need to implement competitive strategies to stay ahead.

  1. Making effective use of data: Leveraging data at its disposal will make your bank to derive actionable insights that will enable effective decision making. Being able to curtail unnecessary engagements and using a compass to identify and navigate possible future opportunities will result in immense benefits. Your financial institution will be able to make effective decisions from vast amount of customer data and take the right step in order to win the competition.
  2. Ensure frictionless transactions: Difficulties and bottlenecks in transaction processing usually result in unhappy customers. Putting in place the required infrastructure that supports efficient transaction processing will have a positive impact on customer satisfaction which can serve as word-of-mouth advertisement to prospective customers.
  3. Multiple payment options: Providing customers with multiple payment options is a good strategy to wining the competition. Real-time account-to-account payments are fast become the trend in many markets. Digital wallets are being implemented. To keep up, the focus should be on flexibility. Utilizing flexible solutions that support multiple payment types and methods will put your FI at an advantage.
  4. Give customers control over payments: Customers prefer simple and intuitive solutions. Giving them control over how and when they receive payments, and in what currency – will be invaluable. Personalizing offerings will be a key competitive differentiator.
  5. Use One-Stop Payment Solution -: Inflexible legacy infrastructure cannot support rapid change. By utilizing a robust and inclusive payment solution will provide modern capabilities and transform your legacy payment solution affording you immense benefits.  

To conclude, embracing collaboration with fintechs may be the best way forward to balance scale and innovation. A partnership approach will enable you to deliver new value-added payment services at affordable cost, which will have positive impact on your customers’ experience. Contact Us today!

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