Amit Das Business Analytics Leader | Data Scientist Payments, Wallets, Apply Pay and Customer Experience Oct 21 2014 80 4 0 ! " # $ Yesterday, I saw this article on TechCrunch. My mind raced back several years to a project for a payments company that I was part of. Traditionally, most payments businesses back then (and even now) are heavily oriented towards merchants, and have had only a few things to offer to the consumer –rewards, offers, chargebacks, purchase protection (in small pockets). However, our client wanted a detailed "consumer product strategy". Over a period of almost three-four months, the team having worked its way through mountains of data, gazillion research papers, hundreds of interviews, and many discussions with the firm’s subject matter experts, identified 6 dimensions that should define consumer strategy for a payments company (the fact that a payments company was so invested in thinking about a global consumer strategy was a big surprise, opportunity and challenge). The 6 dimensions were – Follow % & ’
Transcript
Amit DasBusiness Analytics Leader | Data Scientist
Yesterday, I saw this article on TechCrunch. My mind raced back several years to aproject for a payments company that I was part of.
Traditionally, most payments businesses backthen (and even now) are heavily orientedtowards merchants, and have had only a fewthings to offer to the consumer –rewards,offers, chargebacks, purchase protection (insmall pockets). However, our client wanted adetailed "consumer product strategy".
Over a period of almost three-four months, theteam having worked its way through mountains of data, gazillion research papers,hundreds of interviews, and many discussions with the firm’s subject matter experts,identified 6 dimensions that should define consumer strategy for a paymentscompany (the fact that a payments company was so invested in thinking about aglobal consumer strategy was a big surprise, opportunity and challenge). The 6dimensions were –
Security (my financial data is secure, and protected behind an army of geniesguarding a firewall that protects the real palace),
Ubiquity (I should be able to use it anywhere, anytime) ,
Value (is there a benefit to using this form of payment),
Convenience (I should not have to move the mountain to make payment so),
Control (I want to be able to control the usage and the payment methods tomy specifications), and
Access (it should provide me access to my funds).
Thus, in addition to many other ideas, we came up with the idea of the “wallet”.Back then, we were mostly talking about online wallets, while the modernconversation has moved to mobile wallets. We believed it to be the mostbreakthrough idea anyone could have come up with at that time. Our client, though,thought it was too ambitious! They went ahead with a whole lot of ourrecommendations, but not the one about wallet.
A few months down the line, another big company launched its online wallet, and itbecame the first such wallet (at least a noticeable one) to hit the street. We wereaghast! We felt bad. But, deep down, we felt good, because it was also a vindicationof something the entire team felt strongly about.
Switch to now – wallets are popping up everywhere. Payment innovation and mobilewallets are the newest investment rage. In India itself, there are more than 40 walletlicenses awarded by RBI in the last few years, I am told. Paytm, Mobikwik,Freecharge, Oxigen, Citrus, Airtel Money and many others are already live andfunctional and driving volumes through these wallets.
Yet, the day Apple announced its foray into payments through the Apple Watch andApple Pay, the world took note. Apple Pay, from what I have seen so far, doesn’t doanything significantly different (apart from the Touch ID, I guess) compared to itscompetition, but it does promise to deliver what Apple has been delivering for awhile – an Apple experience. While the world continues to debate about theapparent superiority of Apple against Android/ Samsung/ Windows/ etc. (dependingon which plane the debate is being carried out), very few people argue against theclear superiority of Apple when it comes to a consistently superior customerexperience.
So, how does Apple Pay stack up against the 6 dimensions - It is easy and
Report this! " # $
convenient (see the video here) . It is promising security (despite the recent leakof celebrity pictures). It is promising ubiquity (with tie ups with more than 500 banksand hundreds of merchants). It remains to be seen the value/offer ecosystem that itwill drive with so much information moving through mobile devices. However, thereis a ot of startup action happening in that space, and there will be some buy-outs forsure. I believe that “real time analytics”, “value based micro-segmentation ofcustomers”, “social credit underwriting”, “integrated marketing platforms” as some ofthe value driving initiatives that will spawn off from here. Access, I believe, willcome, simply with the wide-cast onboarding of so many financial institutions andmerchants. There has to be a 2-way movement of money for every stakeholder.Google has experimented with physical cards that work with its wallet (through amastercard tie-up). PayPal had launched physical cards in the past. There will besome reservations by regulators and customers alike (but as long as securityconcerns are addressed, these should be covered). Control, I believe, is an openquestion. Remembering Steve Jobs, I don’t think Apple likes its customers to havetoo much control over their devices. Rather, Apple has traditionally preferred tocontrol the experience a customer has. Their hypotheses has been that lettingconsumer have too much control often dilutes the customer experience theyeventually have.
Additionally, we have seen (historically) that Apple products can have a disruptiveimpact on customer acceptance of new technologies. If wallets become more“everyday in nature” with Apple Pay, it will not just benefit an entire startupecosystem around it (just as the Apps ecosystem has done), but also Android andother platforms where there have been many innovations on the payments front.
Vladimir NinovEntrepreneur, Social Media Expert, Sales &
Marketing Consultant,
Proven Sure Fire Ways to ExploitLinkedIn Marketing Secrets Today
Oct 21 2014 101,416 47 18 ! " # $
LinkedIn Marketing
Using LinkedIn advertising secrets can sky rocket your company and also end upbeing the difference between where your company is now and where it will be in thenear future.
You might have heard the old time analyzed truth, which states "Your Net-Worth isgoing to be a direct representation of the Network" Industry leaders understand thistruth, so they also understand and also recognize the power of LinkedIn UnlikeMyspace, or MySpace, LinkedIn is a site for professional networking, and based onlatest studies, LinkedIn, has more real "power professionals" with substantial affectin their vocation than any site on the internet.
Spending some time off to learn how to correctly implement LinkedIn advertisingTricks into your company, gives you the leading edge that you have to align on your
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Proven Sure Fire Waysto Exploit LinkedInMarketing SecretsToday
Employ! Engage with other people immediately. Get noticed! The earlier the better.You MUST display yourself a leader in your business. Individuals require mastersand moreover, they are seeking masters today. Intensify to the plate and also becounted. It will transform the influence, thus your company.
Benefit from LinkedIn Groups! Believe outside the package. The primary industryhas niches, and also sub niches within it. Find groups within your main industry,additionally, within the niches and also sub niches, and enroll in them. Contributevalue to the cluster. Direct these to practical resources (your own personal), locationyour authority directly in their deal with the intent to help them achieve more of whatthey want.
Show Authority - Just don't sign up, quitesign up and take cost. Take action! Mostpeople join LinkedIn and undergo the"normal" ways that LinkedIn offers to "getthe term out", thereby making a presence.This can't be you, get in and obtain creative.Don't wait for potential customers to cometo you - go to all of them.
LinkedIn is for networking with other people that’s why it's a Social Networking sitenot a site for spamming , you don`t have to go around posting your affiliate linkseverywhere. People go LinkedIn to meet other business-minded people and buildrelationships. Therefore, your goal on LinkedIn is to meet other like-minded peopleand get to know them, build your relationship.
LinkedIn is best and the biggest network for business orientated people. Just bythinking about this would make you want to learn everything about this LinkedInMarketing Strategy.
LinkedIn can also be combined with the Article marketing strategy that you can useto generate 30+ leads daily. It’s all about giving quality advice, that means youshould write quality Article and submit it to the LinkedIn directory.
Be recommended by your connections
I know you may understand thisbut when someone you trustrecommends someone to you,you are more than likely tobelieve that person has a lot ofvalue because you respect theperson vouching for them isn't it?This is true with gettingrecommendations on LinkedIn.The more recommendations youhave, the more valuable andsought after you becomebecause of all the trustedprofessionals who have vouched
for you.
How do you get lots of recommendations? You do this by giving a lot of qualityrecommendations to those that you can vouch for upfront, without asking foranything in return. By doing so, a majority of those people you wrote therecommendation for will feel it necessary to give you one in return. Just make surethat you don't recommend any stranger, and provide them for individuals you know,like, and trust. You will see that the more recommendations you give, the more youwill receive and this will only help bring in more business and achieve yourprofessional goals.
Conclusion
I believe that this cool and neat strategy that you can startapplying right away and start seeing immediate results inyour lead count.
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