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Reimagining Payments: Preparing for a Digitally Connected World

 

Chandra Shekaran

Senior Consultant, Cards and Payments Industry Advisory Group, Banking, Financial Services and Insurance, TCS

Rakesh Lakhani

Lead, Payment Transformation Industry Advisory Group, Banking, Financial Services and Insurance, TCS

Embracing a digital-first payment strategy for exceptional customer experience

The ongoing pandemic is driving customer demand for digital banking services such as real-time payments and contactless payments. As banks expand digital self-service capabilities in the payments space, customer experience is emerging as a strategic differentiator as well as a cornerstone of enduring relationships. However, existing systems and processes are inadequate to support the rising demand for digital services and deliver exceptional payment experience. The way forward for banks is to define a digital-first payments strategy and swiftly implement payments modernization programs to seamlessly deliver digital banking services.

The need for rapid payments modernization and digital transformation has exposed gaps in the existing offerings. To address this, banks must expand access to digital banking touchpoints with special focus on some key areas:

  • Commercial banking 

  • Business and personal finance management

  • Financial inclusion 

  • Digital currencies

  • Financial crime management