Nauman Hassan shares his experience in how banks can improve consumer satisfaction with adaptive learning.

1 year ago

Nauman Hassan has over a decade of global experience in bank payment systems and cards. He led the Implementation Team at Wirecard for over eight years and now drives the Client Services team at Paymentology.

Here he shares his experience in how banks can improve consumer satisfaction with adaptive learning.

Getting to know the consumer

Technology along with the surge of challenger banks have completely changed the way in which traditional banks engage with consumers. Now it is all about the experience and banks are finally focusing their efforts in digitizing their services throughout to ensure they remain competitive and show good results.

A positive consumer experience is critical to the sustained growth of any business, something challenger banks have been able to capitalise. It promotes loyalty, retention, and encourages brand advocacy.

In today’s digital world consumers have a plethora of options to choose from at their fingertips, with the resources necessary to inform themselves and make purchases on their own. By getting to know the consumer better and modelling the products accordingly, financial institutions can achieve differentiation in an increasingly competitive industry.

As consumers become more demanding financial institutions face a unique and modern set of challenges. This is where Paymentology comes into the equation by providing the environment to enhance consumer-oriented business workflows. We make sure banks know about their consumer spend patterns. For example, if a consumer frequents a specific airline website to purchase tickets, the bank is notified at point of purchase and able to offer additional financial products to compliment the consumer’s purchase such as insurance.

Improving consumer satisfaction with adaptive learning

As a torch bearer for payment innovation, Paymentology is well equipped with cloud-native infrastructure, a highly secure fraud engine and the availability of real-time data. This is how we can help banks deliver innovative and consumer-centric products to the market fast and effectively.

While the legacy processors tend to distant themselves from the consumer, Paymentology arms banks with products and tools to get to know their consumer better. The consumption of data at the point of spend revolutionizes the relationship by implementing the concepts of adaptive learning. Moreover, the API driven approach of Paymentology provides a wealth of options to expand your payment portfolio, with new features and functionality added continuously to improve the consumer experience and that of banks with us.

Ultimately, digitization requires a deep rethinking of the business model, rather than simply automating existing ones and data plays the most important role.

After many years of working in the industry at the forefront of banking digital transformation, I’d like to share my main working principles for effective customer engagement:

• Get to know your consumer – get close to the spend behaviour of your consumer to offer a personalized experience.

• Adaptive learning is not just a new buzzword – embrace analytics to provide data for predictive and adaptive learning.

• Monitor performance – measure and report on performance; and optimize accordingly.

• Continuous improvement - Evolve products, processes, and services with the consumer in mind.

• Effective and clear channels of communication – active listening and consulting with consumers to nurture relationships.

Nauman Hassan, Director Client Services at Paymentology, is a Gold Medallist in post grad studies of Computer Science, PMI certified Project Management Professional and a Certified Scrum Master. Based in Dubai, UAE, Hassan acts as the strategic point of contact for Paymentology’s key global clients.

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About Paymentology

Paymentology runs multiple issuer payment card processing platforms across the world, spanning Mastercard, Visa and UnionPay networks. We are recognised as the leading innovator in the sector. We specialise in: Replacing legacy Issuer card processing, Provision of cloud & data centre based processing, Direct transaction injection into bank GL, Delivery of rich card spend datasets to bank, Enablement of very latest cardholder spend controls, and Support of Debit, Credit and Pre-Paid card programmes.