At Infosys Cards and Payments, we help our clients harness the power of technology-led innovation across the entire payments ecosystem encompassing payment networks, merchant services, stored value, FI payment services, and payment aggregators. Our thought leadership and a design thinking approach helps us co-create solutions with our clients to address their business problems.

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December 12, 2018

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Payments - Creating visibility by making itself invisible

Payments is a unique touch-point which is used by all industries for value exchange. Previously seen as a mere back-office operation and a cost-center necessary to run the business, payments industry has now rightfully gained corner office attention to become the strategic differentiator in winning customer mind-share and business growth. And the funny part is that the payments industry is creating this unique visibility by making itself invisible.

Payments used to be a slow, costly, painfully data-entry driven (and error-prone) activity for businesses-delaying critical business transactions even days/weeks and reducing profitability. For Banks & Payments Service Providers it meant taking huge risks around Security, Fraud, Compliance and keeping a huge army of operators to fix and monitor transactions. With the advancement of Digital Technologies, Data Sciences and Automation, Payments is increasingly becoming faster, cheaper, secure and intuitive - in short 'invisible' for the users. Today as we don't remember - we google it, similarly we don't pay - we venmo it!

Explainable Insight at Scale

Payments Transactions with additional remittance information are like Pandora's box - we can identify who paid, how much, when and why. With increase in Digital Payments Volume, convergence of online and offline commerce and availability of technologies like Explainable Artificial Intelligence (Explainable AI) machine can now not only identify a profitable customer or a potential fraud transaction but also explain like a human why it thinks so. This kind of white-box thinking and continuous machine learning help hyper-targeting increasing the system efficiency which was unimaginable even few years back.

Evergreening Payments Infrastructure to address ever-changing business needs and remove constraints of growth

Payments companies are learning from the pain of maintaining legacy platforms and adopting a new Evergreening strategy - they are constantly upgrading and iterating their IT infrastructure so that they never go out of date to become a legacy problem. Also they are opening up their infrastructure through Open APIs for external consumption and monetization. Futuristic Payments companies also started to appreciate the value of partnerships with Fintechs to meet ever-changing customer needs.

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Digital transformation is beyond technology adoption and needs an organizational culture change. This needs an iterative learning approach at scale starting with early adoption in few value streams and then extending it over the enterprise and beyond. We help you navigate this massive exercise by bring you:

a.       AI Powered Core to Deliver Insights   

Use AI to Automate and augment business process- Automation and customer self-service to improve straight through processing and reduction in operational costs. We help gather real-time actionable insights to improve operational efficiency, compliance and customer advocacy.

Business Activity Monitoring solutions automate infrastructure management to ensure your critical systems are always up and payments operations are always meeting SLAs. This is extremely critical in faster payments regime for both domestic (e.g. NPP in Australia) and cross-border payments (e.g. SWIFT GPI).

With Open Banking getting huge traction; Cloud, API and Microservices based solutions are becoming mainstream. We help this API economy adoption journey through Payments Analytics and Design of new Overlay services.

Protect customers and business Partners-We help address cyber threats and payments security challenges through real-time active monitoring and an integrated secure infrastructure.

b.      Agile Digital at Scale

Customer expectation, extreme competition and ever-changing regulatory requirements make Payments business extremely agile and complex. We help your Payments organization to address this agility at scale through our consultants who have experience working in similar complex environments and using proven frameworks such as Scaled-agile framework. 

Payments is a network business and hence any new Product need to scale to become successful. For such kind of customer adoption, the truly innovative product must be at least an order of magnitude better than the existing product. Our Product Managers appreciate this fact and benchmark new designs against existing solutions to improve the odds of success - otherwise we recommend pivot to new designs.

We help build scalable global platforms which differentiate our clients from competition. We partner with leading global cloud infrastructure providers (like google and amazon) to bring scale, security and agility to our solutions.

c.      Always-on learning

Drive continuous improvement by transferring digital skills along with ideas from a cross-section of industries and innovation ecosystems.

Strategic Partnerships with leading vendors and industry groups - We help enable growth by accessing the capacity and capabilities of an ecosystem of partners. We work closely with leading vendors (Finastra, Visioplus), industry bodies (SWIFT) and fintechs(Volante).

 

Re-engineer and explore new approaches - We help re-engineer legacy platforms and extend standard capabilities provided by vendors with differentiating ones developed internally with microservices. We help deliver more features faster and build end-to-end journeys.

 

We help organizations co-create and recognize value through design-thinking workshops, experiment with sandbox environments and providing training through our learning solutions.

We find Design Thinking to be a refreshing approach to problem-solving and use the core premises of desirability, feasibility, and viability. Design Thinking spark customer-obsessed innovations thereby solving the initially unrecognized challenges faced by our customers.  Infosys has been working closely from an organizational perspective to incorporate Design Thinking and an innovator's mindset into how our teams collaborate, ideate and prototype more user-centric solutions. E.g. Through empathy sessions, we listen to our clients, end-users, and industry experts and formulate the best responses to the megatrends in the Loyalty and customer experience space.  Following is an outcome from such a Design Thinking session specifically addressing Loyalty Issues faced by customers today.

 

Customer Journey

Customer Persona - Empathize

Addressing Solution -Define and Ideate

Design Considerations - Prototype & Test

Earn

I do not understand the Loyalty Program - too complicated.

The Loyalty Program should be easy to understand and easy to use.

 

Show them Value from the program

 

Explain them the point accumulation and redemption process through interactive statements and communication

 

Provide Chatbot/FAQ/Self-serve channels to clarify doubts around the Loyalty Program

 

It takes too much time to earn meaningful points

Show Contextual Loyalty at the point of Sale- time for immediate gratification

 

Short term Loyalty promotions build long-term loyalty by making customers feel valued and understood frequently and thus maintain & grow a relationship.

Provide them additional benefits for their frequent purchases.

 

Convergence of online and offline commerce - provide deals in stores based on their online searches

 

There are just too many Loyalty Cards in my wallet

 

Why should we use your loyalty program?

Can the various points become interoperable with minimum costs involved in redemption?

 

Can we provide unique value to the customer for program differentiation?

Blockchain or Points Bank based solution with a partner ecosystem

 

Personalized offers - build relationship beyond spend pattern - non-liner loyalty design(Behavioral rewards) for effective engagement

 

Can I get special treatment for my loyalty beyond cashback/points?

Can we offer special pricing for the customer based on the relationship?

 

Can you waive annual fee or provide travel benefits beyond points/cashback offers?

 

 

Gamify the experience with Leader-boards/ Milestones/ Variable tier benefits.

 

Can I get benefits for sharing with my friends in Social Media?

 

Can I get benefits for sharing feedback of my experience?

Offer points for Social media likes or shares

 

Offer special benefits for sharing any constructive positive/negative feedback.

Plan non-linear engagement models

Burn

Can I be reminded to use the points and best offers at the right time?

Can we offer a personal shopping experience for best deals?

Automate the deal-finding algorithm based on various factors and send push notifications/auto-apply best offers

 

 

Do you know me, my interests?

Allow using points in both online and offline stores

 

Understand customer spend pattern and push right offers for redemption at right location at right time

Allow expedited redemption for preferred customer categories

 

Customer segmentation and analytics led campaign management (A/B Testing etc.)

 

Beacon-based notifications

 

Can I redeem my points/cashback seamlessly?

Mobile coupon or better automatic redemption at smart point of sales

 

Promote redemption and avoid making rewards points a balance-sheet liability. Rather engage customers through meaningful redemption options to make the experience meaningful.

Offer Omni channel redemption options

 

Focus on great customer experience, think just beyond points accumulation or burning if you solve some real customer problem (i.e. Starbucks App to order beforehand and avoid queue or Uber VIP Program to arrange cars with privilege)

  

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