By : Nav Kullar
October 30, 2018 09:00 AM
In the financial services industry, the challenge of leveraging new technology to meet consumer needs is particularly evident in payments and transaction processing, where new products and services are emerging all the time. This poses a conundrum for providers: how do you keep up with this growth and continue to satisfy the demands of your customers, without unmanageable costs or unacceptable risk?
As NCR discusses in its high-availability white paper, there are more options that can provide more flexibility and cost-effectiveness.
New challenges and opportunities
One of the most powerful reasons your business should reimagine its payment systems is to keep up with evolving consumer expectations. Moving away from traditional platforms and embracing new ways of delivering services can provide the agility required to offer a relevant, responsive customer experience.
There are a number of competing business drivers and requirements in the payments space. Flexibility and scalability, for example, are more important than ever, as customers become increasingly accustomed to being connected to brands and services whenever they want, wherever they are. More and more people are demanding the ability to manage and track transactions seamlessly across various channels.
Cloud compatibility for payments is another major consideration, as NCR's Andy Brown explored in a recent webinar. Financial institutions that are on board with the cloud revolution will open themselves up to many potential benefits, including the flexibility advantages and cost efficiencies of these technologies.
One of the biggest questions for any business considering a substantial overhaul of core systems is, will the rewards outweigh the risk?
That question really needs to be looked at from the perspective of the risks associated with doing nothing. How is the current architecture limiting the ability to continue to meet customers’ expectations and attract new customers? How are organisations going to continue to drive down operational costs while maintaining an inefficient transaction processing environment?
Still, completing a major migration to new payments systems is likely to be perceived by many organizations as a significant risk, but this can be mitigated by breaking the process into small steps in an appropriate sequence. For example:
The exact nature of the transition process will vary depending on the various systems, resources and goals of the individual organization, but taking this phased approach can provide valuable structure for the migration and support continuity in key services.
By finding a strategy that works for your business, you will have payments and transaction processing systems that are ready to meet challenges and seize opportunities, whatever form they may take.
To discover additional payments insights, ideas and strategies that make your job easier, visit our new payments portal at https://www.ncr.com/financial-services/payments-transaction-processing/payments-processing-strategy.