Disruption is happening everywhere. Universal online access, mobile devices and expectations for real-time commerce mean that today's consumers rely on mobile solutions to get things done on the go—anytime, anywhere.
When you talk to consumers, you'll discover they're looking for new experiences and expecting their banks to innovate, at the same time requiring a secure, super-responsive and streamlined customer experience – in person, online, or by phone.
And wherever they are, consumers expect you to know who they are. They understandably demand personalized interactions across all channels, and choices for how they pay, and interact with retailers. Add to this ease of use, great functionality, privacy, quality and availability and you'll give them a winning mobile experience.
However, all of this requires a reimagined payments approach, and a fundamental transformation in how payments are processed. To accommodate the demands of its consumers, the banking industry has "changed more in the last two years than the last twenty", said Jeremy Wilmot, SVP and General Manager, ACI Americas, during a 2014 ACI Executive Payments summit, "The Disruption Opportunity".
He added, "Innovation is key to taking advantage of the disruption opportunity." And with the rapid pace of change, it's easy to forget just how much has changed. Contactless solutions, pre-paid debit cards, cash back at POS are now the norm because they save time and offer convenience.
But with these new choices comes additional complexity and risk for the payments provider. Evolving payments options, channels and technology result in increased infrastructure complexity, and in turn open up new opportunities for fraud. As these changes also drive software, network and infrastructure changes, you need to ensure that you continue to deliver the highest service levels for customers.
The key to reducing risk is visibility.
To do this you need to be in the driver's seat and see your entire payments environment like never before. A problem with the underlying infrastructure can compromise even the most effective risk management initiative. To ensure you make the most of the disruption opportunity, you need end-to-end visibility across the entire payments value chain.