Today Your Customers Need a Modern Payment Experience

October 21, 2019 Patrick O'Brien

Over the last decade, the payments industry has been rife with change. And that's to say the very least.

Financial Payments with Credit Cards

From the $10.4 billion Vantiv-Worldpay merger to the strong challenges presented by newcomers to the payment services industry — the Squares, Venmos, and Zelles of the world — large financial institutions are witnessing fundamental changes in how payment services are being offered to consumers. The issuer-acquirer relationship has proven incredibly lucrative over the past few decades, and companies looking to get their foot in the door are hot on the heels of incumbents.
That's because today’s customers are constantly on the hunt for newer technologies that simplify their daily payment needs. Speed and agility, then, have become incredibly important value offerings that could differentiate both up-and-coming companies and industry giants from the competition.
When It Comes to Payments, What Do Customers Want and Need? 

First and foremost, financial services companies need to understand modern customers' payment activities and habits — the factors that are driving them. They're able to use this kind of customer data in a variety of ways, including the following:

  • Building targeted campaigns to increase customer spend.
  • Mapping out new product offerings and informing customers about them. 
  • Monitoring transaction activities.
  • Finding ways to mitigate risk.

The Know Your Customer metric is mostly associated with risk monitoring, but it has applications in other areas, too. Is the customer frequently traveling internationally? She might be interested in insurance offerings for travel. Has a customer recently spent more at the Home Depot and similar stores? He might be interested in refinancing his home or a home equity line of credit. Knowing these interests is key to personalizing financial experiences. After all, financial institutions want to know how their customers spend in order to create opportunities that are more catered to their needs.
Taking Advantage of Your Data to Enhance Customer Experience
Top-tier financial institutions must constantly work to connect business processes and swiftly take action when needed. Data-rich environments that employ integrated tools and technologies — think Salesforce and Einstein Analytics — help financial organizations glean in-depth customer insights and provide a better experience in turn.
Besides this, solutions such as Appirio’s Financial Onboarding Lightning Bolt ( are designed to both help you provide a great experience for clients and give customers the tools to help themselves.
Today the speed at which financial transactions are completed requires a different approach — an automated process flow followed by personalized interactions — to resolve client issues. Here at Appirio, for instance, we've used Salesforce's Lightning Flow to automate processes and help route dispute-management queries to follow the correct resolution path.
Putting Your Best Foot Forward
At Appirio, we partner with many financial services companies that are making a lasting mark in today's fast-paced financial world. For more insights into financial institutions, professional services, and other solutions, we're ready to help. Explore Appirio's Salesforce Hub or get in touch with an expert to learn how to get even more value out of your Salesforce-driven solution. We'll also be at Dreamforce, so let us know if you'll be there, too — we'd love to meet you.

About the Author

Patrick O'Brien

Patrick O’Brien is the Sr. Director of Partnerships and Alliances at Appirio. He has direct responsibility for sales and relationship management for Appirio’s strategic partnerships. His expertise includes CRM strategy in the retail and financial services industries. Patrick has worked for Appirio in a variety of sales and delivery roles.

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