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Banco Bradesco
Digital Payments - The Customer Wants A Unique Experience and Tokenization is A Good Way Provide This with Security
Mobile payments have been a driver to revolution in payments. The pandemic has spurred changes in customer payment behavior, with a preference for faster, safer, and easier payment options. To meet these expectations, banks and financial institutions are turning to tokenization for better payment experiences, enhanced security, and cost savings in the ever-changing and vulnerable payments landscape.
The first important point is to deliver a frictionless experience, we can see issuers offering a credit card, and in the same time of the sale, the customer has a smartphone able to make transactions. During a long time in Brazil one of the pain points was delivering the card for the customer at the right time. Invisible payments are not a trend but a reality.
Tokenization empowers customers in a world dominated by subscriptions, super apps, and mobile purchases for travel, food, rides, and more. By giving customers control over their payment credentials, tokenization enables them to manage which merchants can access their information and provides detailed insights into spending, time of use, pricing changes, and other challenges associated with digital payments that offline customers do not face. If experience is the word, the motive for all of this change, be real time and one click buy is mandatory.
Social media, artificial intelligence, and personal assistants have heightened customer expectations for quick and seamless experiences. Customers now expect immediate confirmation of transactions, without any delay. Tokenization enables banks to connect with merchants and provide simple, and sometimes invisible, purchasing experiences for customers. This is evident in the use of tokenization for tag cars or digital wallets like Google and Apple Pay.
After the pandemic, customers prefer contactless payment methods to ensure health and safety. When customers find a provider that offers a good payment experience, they tend to consolidate their interactions with that provider, presenting a great opportunity for payment companies to increase customer loyalty and profits. By delivering what customers really need, payment companies can achieve genuine growth. Trough tokenization and with data, the issuers can deliver a customized experience for the customer, giving different credit for online and offline world, keeping the recurrence actives and allow that the customer see the benefits in relation to security. Unfortunately, this is a sector extremely attacked by frauds but with this technology banks can cancel the affected token, replace to keep the service live with the customer consent, and work with the authorities to find the transactions origins and cut this in the roots.
All of this actions engage the customer allowing relation with the bank where the company is not only a credit provider, but a company that take care of their customer helping to manage the spends by card in general. Adding all of this to an opens finance concepts, making the bank channel become a strong tool to financial control.
Banks and financial institutions are turning to tokenization for better payment experiences, enhanced security, and cost savings in the ever-changing and vulnerable payments landscape
Tokenization is technology that is allowing more and more customers to be a card on the hands, in different way being a smartphone, personal computer, and electronics using IoT in an easy and safe way. Former Business Degree by Faculdade Zumbi dos Palmares and with a Digital Marketing specialization in Ohio University. Guilherme Oliveira is a professional working for almost 17 years in several areas in Bradesco Bank, having gone through innovation, channels and payments. Currently their main responsibility is delivering a frictionless and fluid experience and digital payments for the bank customers.
