Targeting consumers via mobile based on past shopping behavior will help make an institution’s credit card the consumer’s preferred card as they get relevant offers and receive the benefits immediately – in real-time.
Easy delivery – no new infrastructure pain
A serious pain point for some of the small and mid-sized banks and card issuers in the US is the lack of infrastructure to roll out these types of services. As the rate of technology disruption seems to increase in the sector, it also makes it more difficult to commit to a single approach if it requires a big infrastructure investment. What if that infrastructure investment is superseded by the next great invention before you see any ROI?
This is where collaborating with the right fintech is so important for traditional financial institutions. Service providers delivering from the cloud do not require an investment in new infrastructure, or re-engineering of IT systems. Payment installments or building loyalty and reward programs via cloud-based mobile apps such as myGini has the bonus of giving customers more options without the need for banks to rip and replace their IT.
Defining loyalty in consumer terms – payments and rewards go hand-in-hand
It is these types of integrated services that provide the right user experience. People expect more from their services and they expect a high degree of personalization. If a bank or financial institution doesn’t provide it, consumers will find someone else who does. As Accenture’s ‘10 mega trends driving the future of payments
’ points out, “Providers that are present across the payments journey in the moments that matter to consumers – not just if or when a transaction occurs – are golden.”Being able to push fresh, relevant and exciting offers straight to mobile and match these offers to the latest trends or upcoming events is what is going to keep customer interest – and it’s easier than you think.
CEO and Founder of myGini, Mehmet Sezgin is the former director of Global Payment Systems at BBVA and was the co-chairman of Garanti Payment Systems between 2012 and 2016. In May 2016 he set up his own payments company myGini, Inc., a payment and card management application designed to connect merchants and consumers with their financial institutions via the Mastercard/Visa payments networks.