Technology Record - Issue 26: Autumn 2022

F I NANC I A L S E R V I C E S personalised solutions and products tailored to individuals. One of Paymentology’s key differentiators is that we pass a large quantity of data through customer transactions without sacrificing quality. We do this by enabling real-time analytics so that customers receive more relevant personalised offers, both in general and at the point of sale (POS). For example, if a credit-worthy customer makes an expensive, one-time purchase that pushes them into their overdraft, banks can use our analytics to offer a split-payment deal immediately after authentication. However, our real-time analytics do more than just notify a bank about a payment, they also provide the opportunity to build a customer profile. Our rules engine can pick up very sophisticated behavioural patterns and alert our clients when their customers are doing certain things at POS. Instalment and buy-now-pay-later plans provide customers with greater control of their finances and these can be made readily available with real-time analytics. By mapping spending behaviour to such a detailed level, banks can provide valuable deals that are tailored specifically to their customers’ needs. Not only does this enable them to market all sorts of relevant opportunities – for example, discounts on sports clothing, travel insurance, or restaurant offers – but they can also build a customer-centric business by offering customers products and features they will love. Paymentology supports superior user experiences such as multi-account mapping so that customers can have greater control over their finances. Access to such valuable data also allows our customers to improve their fraud modelling, and reduce false negatives, false positives, declined and fraudulent transactions. Historically, customers had a card linked to a specific bank account. If they didn’t want to use that, they would need to move money from other accounts or request overdrafts, which would take time, effort and often customer support. Today, we empower our customers by offering them these features at the tap of a button. Multi-account mapping combined with customer profiling puts consumers in control of their own finances. Ultimately, customers want more information about their finances so they can better manage their spending. And whether that comes from a simple transaction spend label like groceries, personal care or bills, or a highly personalised realtime offer (like buy now pay later) as they are making their purchase, our platforms allow our clients to give their customers the complete control they are looking for. Rowan Brewer is CEO of Paymentology 141 Paymentology’s rules engine identifies behavioural patterns and alerts its clients when customers are doing certain things at point of sale

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