Catch our President, Gary Singh's take on the new Datos Insights report and the critical need for modernizing card programs. In his post, Gary outlines three key considerations that are essential for starting your modernization journey. Read on to find out what they are and see how modernization can lead to more responsive products, faster time to market, and differentiated experiences. Read the full report here: https://lnkd.in/gCXj5XwU #Zeta #NextGenProcessing #datos #digitalexperience #cardprocessing #cardprograms
I was talking to a card program executive a while back, and he was telling me that it takes weeks to update the rates in their system every time the Fed changes interest rates, costing them millions a year, because they have to open a ticket with their legacy platform. When things get this broken, it’s often easy to wonder why card issuers haven’t modernized already. A new report from Datos Insights talks about this journey of modernization in a staged approach. I thought it was worth double clicking on the hardest part of the journey: starting it. Here’s a link to the Datos report: https://lnkd.in/gDiCGEpH In order to take the first step in modernizing your platform, you need to address three key things, and I think it’s worth discussing what those are up front: 1. More People: running two systems in parallel requires additional training and additional staff to manage. In the long-run, this pays for itself with better operational saving, lower infrastructure costs and better growth, but people need to align on an acceptable timeframe for ROI. 2. Seamless Experiences: providing a unified experience means coordinating data across multiple digital tools and using the right middleware to deliver that experience. In new sidecar programs, it can be easier to just carve out a complete program (such as small business, prepaid or commercial) rather than try to build a blended data experience. 3. Data and Reporting: in some cases, you may need to merge data from two sources to do business and regulatory reporting. The advantages of course, are more responsive products, faster time to market, the ability to own your IP and create differentiated experiences, and more. HDFC provides a good example of accelerating innovation by adopting a modern platform. I’d love to hear from others on their thoughts. Given the growing risks of the status quo, how do you take this initial step into modernization and overcome these challenges? What’s holding you back? Please let me know your thoughts in the comments. Alan Ng Alex Johnson David B. Shipper #NextGenProcessing #datos
