These integrators can configure installment plans so that they can be offered at specific retailers or retailer types – both physical and online –, over any spending amount or time period, specifying eligible customer types, card types and even interest rates. Outsourcing to fintechs is a viable option to gain a fresh perspective into customer needs in the form of app user reports and more targeted customer insight, without the IT burden.
Friction-free – the first choice for today’s consumer Customers are looking for convenient and frictionless payment experiences and will increasingly choose to spend their money where the option to spread the cost of a purchase is available. For issuing banks, this means offering payment installment plans can be the differentiator between gaining a customer and losing one.
Being idle in the digital age of banking is costing them revenue and customer relationships, but as more fintech providers step up to help, not hinder them, mobile-based payment solutions are starting to fill the gap. Although slow to catch up, issuing banks are well-placed within the payments ecosystem to capitalize on short-term credit provision – in fact, they can be the biggest winners.
Mehmet Sezgin, CEO & Founder of
myGini, is a payments and banking expert with over 30 years of industry experience. His new book, ‘Book of Bonus’, chronicles a career spent innovating and changing the way millions of us shop and bank.