Amid ongoing COVID-19 disruptions and the anticipation of the second wave, enterprises are redesigning key operations to ensure business continuity, and the contactless payments industry is no exception.
With the impact of the crisis becoming clearer with every passing day, Fintech companies are focusing on devising action plans to tackle similar catastrophes in the future. Like the other institutions, contactless payment service providers must take necessary actions to tackle the crisis and its repercussions on the global customer base. Given the current scenario, the focus of their actions will certainly be short term, but the actions they take now will help build a framework for future sustainability and business development initiatives. Positively, the crisis will also help forge stronger bonds between customers and other entities in the contactless payments ecosystem.
“With the rise in adoption of digital payment applications, e-wallets, and similar applications, there is an immense opportunity for fintech companies, new entrants, and other intermediaries for making the most out of this opportunity,” says a financial analytics expert at Quantzig.
Get in touch to know more about our offerings for the contactless payments industry.
At Quantzig, we understand the need to ensure business continuity at this point in time. And to help businesses do so, we have devised advanced solution portfolios to provide the necessary support, capacity, and assistance that fintech companies may need to thrive in the new normal.
In this article, we offer a summary of the issues facing contactless payments companies and the focus areas they must analyze to support their customers, ensure business continuity, reinforce organizational policies, and drive growth in the post-pandemic era.
Key focus areas in the contactless payments market
With easy access to huge volumes of data on customer demographics, industry segment, age group, and behavior, business-relevant customer segments can be created to identify common characteristics of such customers. These segments can then be mapped to the potential needs of customers to improve the effectiveness of targeted marketing campaigns.
Next Best Offer
At the customer-level, the customer persona and the historical transaction data can be integrated and analyzed using regression-based models to predict when the next transaction is likely to happen. Equipped with such insights, contactless payments companies will be better positioned to notify customers of the best offers and plans.
Contactless payments is just one area witnessing an unexpected demand surge due to the COVID-19 crisis. Our financial analytics experts have identified several other FinTech segments that will face the brunt of the current situation in the post-COVID era. Request a FREE proposal for insights.
Social Media Listening
Based on our past experiences of executing web and social media analytics projects for contactless payments companies, we understand that the best practice is to apply text mining and natural language processing (NLP) to classify the comments based on their sources- platform-based, service-based, or payment based. Once the comments are categorized, businesses can classify them into sub-groups within each category for identifying the areas where improvements are needed.
Notably, the futuristic fintech landscape will witness the emergence of fintech innovation that will empower contactless payments service providers to cross-sell services over a single unified platform. Next-gen contactless payments platforms are also expected to offer consolidated fintech solutions, enabling users to carry out a range of operations including payments, investing, and fund transfer. Assisted e-commerce on existing platforms is another feature that modern enterprises will provide to users in the post-pandemic future.