Putting The Data to Work
Payments and financial services providers are no longer just focusing on how their products look, feel, and operate in 2022. They now prioritize making the end user the focal point of the experience. And that is where the data comes in.
“Brands are enabling intelligent interactions that put people at the center,” said Galileo CRO Seth McGuire, in the recent PYMNTS.com report, Baseline 2022: What The Next Six Months Holds. “The more intelligent the interaction we build, the fewer people will need to be involved in delivering better experiences and more adaptive solutions to customers.”
This represents a considerable shift that not only changes how products are now built on the back end, but also an enormous technology investment from financial services providers. As a result, the market opportunity for fintech companies is considerable. “Older tech stacks will not compete with digital-native core platforms going forward,” said McGuire.
Why is this such a significant trend? Because the data enables the customer interactions to be intelligent, which means enhancing the customer experience, making it more personalized and automated, and removing unnecessary people from the process.
Furthermore, while banks and other traditional financial institutions are good at collecting data, they are known for lagging when it comes to leveraging that data to personalize and automate the customer experience. This is where fintechs offer a considerable advantage. “The average turnaround for new technology at a major financial institution is just over two years,” noted McGuire. “By contrast, teams working on a modern technology platform can turn out the same or better results in a matter of hours or weeks, delivering useful data from across a provider’s ecosystem.”
When providers properly utilize the data they collect, they can offer customizable solutions that can be scaled. Consumers and businesses can then connect more efficiently, which positively impacts everyone’s bottom line.
McGuire believes that we will see this trend continue into the second half of 2022 and beyond. “It’s no longer about the product itself. It’s about the customer experience,” he said.
The Key Challenges of Co-Branded Debit that Brands Must Solve
Launching a co-branded debit card? Learn the hidden complexities, regulatory challenges and resource demands to maximize ROI and customer loyalty.
How Next-Gen Secured Credit Expands Financial Access for the Underbanked
Learn how innovative secured credit solutions with dynamic funding expand financial access for underbanked Americans.
5 Ways CTOs Can Use Virtual Assistants to Drive Innovation
How CTOs can leverage AI chatbots to modernize banking, cut costs and enhance customer experiences.
What Are the Top 10 Programming Languages in Banking Technology?
Discover the 10 essential programming languages powering modern banking systems and how they’re shaping financial services technology.
Why Galileo Leads the Digital Issuance Industry in 2025
Discover why Galileo was named Best in Class in Javelin’s 2025 Digital Issuance Provider Scorecard. See how its secure, flexible platform outperformed top competitors across 25 key criteria.