Fiserv, Inc., the provider of financial services technology solutions, unveils research about the nine characteristics that are the hallmarks of a successful new payments product.
George Warfel, consulting director, Global Payment Solutions, Fiserv, formulated these nine principles based on time-tested learning and observations across a range of payments products. Adding to the development were focus group-based insights gleaned from banks and bank customers concerning the latest innovations in payment systems (including mobile and web-site based payments). Fiserv finds that a successful new payments product has these traits:
1. All electronic from initiation, to settlement, to statements, any new payment product must be completely electronic2. Ubiquitous new payment products must work everywhere, all the time
3. Intuitive if users cant immediately and intuitively figure out how to use it, the payment product is doomed to fail. Any successful new payment product must be easy to use
4. Secure successful new payment products will include two-factor authentication, end-to-end encryption, firewalls and smart compartmentalization of data
5. Easy users dont want to have to remember their account number or credit card number. Successful new payment products will have easy to remember account codes such as a cell phone number that consumers already know6. Informative payment data will be delivered automatically as part of completing the payment
7. Interactive using any new form of payment should be highly interactive – and fun8. Always on consumers dont want to wait for an application to download or to be directed to a web-site more than once. Successful new payment products will have single keystroke or touch access
9. Customizable allowing the user to completely customize the payment application, whether it be changing the graphics on the screen or adding their own sounds for alerts, new payment products will let the user create the experience they want
Warfel has more than 25 years of experience in payments product innovation and has developed retail and wholesale banking products in markets from Hong Kong and Denmark to the U.S. and Canada. His payments innovation work extends from central bank national payments systems to consumer level payments products. A social scientist by training, Warfel deploys surveys, focus groups, customer product design sessions and payment product innovation laboratories in his development of payment systems and products. He holds a patent for an image letter of credit system and has received industry awards for his payments innovations.
D.C.