• Keith Rowling, Managing Director UK & Ireland at First Data Corporation


• 11.12.2015 10:29 am

Digitalization is changing the banking experience, the way we perceive the environment and participate in it. First Data is a global leader in commerce-enabling technology and solutions that has been on the wave of digital technologies in the financial industry since 1979. With the advent of millennials and “Digital Natives”, the arena of transaction and payment processing is experiencing a generation gap of sorts - where some banking users are extremely tech savvy while others slightly lag behind. To balance individual technology preferences and increase customer satisfaction for everyone in today’s digital world, First Data has recently defined its Digital Agenda, a strategy for more effective digital product development and solutions.       

After conducting market research experts from First Data and YouGov found a significant need for electronic transaction solutions that are easy to use and at the same time provide functionality that the end user wants. Another interesting finding was online banking outperforming mobile banking in functional performance, with the survey results revealing user preferences for mobile banking app features such as the ability to see direct debits (62%), to set up new payments (60%) and to see full transaction history (57%).  

“I guess it’s not a huge surprise that mobile banking apps haven’t yet really satisfied some needs,” comments Keith Rowling, Managing Director UK & Ireland at First Data Corporation. “Today consumer expectations for digital solutions are extremely high, especially when it concerns so called “digital natives”. I think this creates a challenge as well as a wide range of opportunities for financial institutions to differentiate themselves in the market.”  

The fundamental concept behind First Data’s Digital Agenda lies in the transformation of the product development process for financial institutions and end users. Within the framework of the Digital Agenda, end users should be involved in product conception and design from the very beginning. A need-based, as opposed to assumption–based, approach lies at the heart of the methodology. Design thinking, customer-centricity and empathy form other crucial pillars of the Agenda. This multi-pronged approach helps First Data develop digital payment and commerce processing solutions that address customer challenges and meet a real demand on today’s dynamic market. 

To illustrate this Rowling gave an example of a successful First Data digital solution that transforms the customer experience:   

“What do you usually do if you lose your credit, debit card or PIN? Generally you phone or go to the bank and explain the situation before a new PIN is sent in the post. First Data has a solution that completely transforms this experience. PIN via SMS or PIN via Web gives consumers the option of receiving a new PIN via mobile or online, meaning they don’t need to wait 5-10 days solving their card problem. It is this type of solution which is an example of really fulfilling a customer need.”

“Another example would be digital collections. Today, when a cardholder falls into arrears, the standard process is to receive a call from a bank agent to discuss a potential payment.  Digital collections allows a cardholder to self-cure through a mobile device, putting the cardholder is charge of a payment plan and avoiding a potentially embarrassing conversation.”

Ultimately the Digital Agenda is part of First Data’s efforts to consistently offer its clients and their customers, the advantages of the digital age. At the present moment businesses in 118 countries choose First Data to process more than 2,300 financial transactions per second. Bearing in mind the objective of the Digital Agenda to offer solutions which improve customer satisfaction, the success of First Data seems inevitable