Consumers are savvier. Criminals are craftier. Now, companies have to ramp up their own capabilities to meet the higher expectations and strategies impacting their business results.
Technology is helping companies deliver a trustworthy transaction process as part of an exceptional experience for consumers. At the same time, they are using these tools to stop criminals. This is due in large part to the advancement of the smart payment platform. Here’s what the smart payment platform looks like.
Payment Types and Channels
More consumers and businesses use virtual assistant devices like Alexa, Siri, and Cortana. Therefore, the smart payment platform plays well with these and other connected devices. Together, they can extend what they can do to complete the purchase journey.
Thanks to voice recognition powered by artificial intelligence (AI), consumers can use these devices to easily manage payments. Or, they can complete transactions rather than typing and/or clicking. It’s easy to ask Alexa or use a Google Home device to access information about bills, payments, and account balances rather than look them up on a mobile device or laptop.
With this compatibility, the smart payment platforms will soon be able to integrate with other devices like wearables. They will also interact with chatbots found on payment or retail company websites or social media channels. In both cases, this will further advance the payment process.
And, there are new payment types now emerging thanks to these integrations. These include voice-activated payments. Also, instant transfer payments mean no one has to wait two to three business days to get the money in their accounts.
The smart platform incorporates “smart agents." These AI-enabled agents provide a personalized approach to each customer interaction but don’t require a human agent to be part of it. They can use the data they receive to understand each customer and deliver a personalized experience on the spot. Plus, the agents can use the information to ensure each is a legitimate transaction.
For example, insights about customer behaviors include debit and credit card spending, bill payment records and payment timing, and deposit trends. This information can help a company predict each customer’s behavior and intuitively manage these personal customer relationships. The result could entail removing more friction from the transaction experience to speed it along. Plus, personalized offers or product/service information delivered on digital payment or deposit receipts help customers and enhance revenue opportunities.
The intelligence gathered through the smart payment platform can help a company in other ways, especially when sharing data with sales and marketing. This means further personalizing the individual payment experience for each customer. Across every customer interaction, including payments, a company can use the smart platform to deliver the right information at the right time.
The smart payment platform with AI capability is also bolstering payment security to advance protocols beyond what criminals are able to hack. This includes ever-updated algorithms that take unstructured data and develop behavior patterns to separate legitimate transactions from fraudulent ones.
In milliseconds, a smart payment platform can analyze all the data provided and determine if this matches previous purchase behavior from that individual. If not, it may mean fraud, which can shut that criminal down, protect the consumer and the business from the risk, and build trust between the consumer and this business.
These smart payment platforms may also incorporate more biometric technology, including facial recognition that verifies and completes the payment for the consumer and the retailer. Consumers may already be used to that because some smartphones use facial recognition to grant access to the phone and app sign-ins. This can mean no more plastic cards or checkout lines.
How to Adopt a Smart Payment Platform
This is not the stuff of science fiction. The smart payment platform is a reality and is already in use by many companies that are providing a frictionless “pay my way,” highly secure transactional experience that their customers expect.
To do the same for your customers, partner with a payments company that offers these smart payment platforms and who can help you adapt your current processes to the new age of payments.