Technology / Creating Competitive Edge In A Ever Changing World
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Autor: anton 27 November 2010
Words: 561 | Pages: 3
C Co om mp pe et ti it ti iv ve e a ad dv va an nt ta ag ge e t th hr ro ou ug gh h s se er rv vi ic ce e i in nn no ov va at ti io on n
With the introduction of Ð²Ð‚?smartÐ²Ð‚â„¢ cards and Ð²Ð‚?smartÐ²Ð‚â„¢ terminals, Banks now have the capabilities which
use to be exploited by the largest smart-card users in the world Ð²Ð‚â€œ the Telcos. Telcos have over the
years innovate what they can do with the Ð²Ð‚?smartÐ²Ð‚â„¢ SIM (Subscriber Identity Module) cards ranging from
contacts information, SMS mailboxes, games and on-demand applications such as live stock quotes,
video streaming to electronic wallets, etc. to increase its subscriber spending.
Banks are now able to leverage on these features of the smartcard to have multiple applications
residing on the smart card and localized storage of information to create customized offerings or
personalized services for card holders. This allows Banks to create one-to-one marketing program,
tracks consumer spending patterns more efficiently and offer cross-selling opportunities at the point-
of-sale through the download of vouchers or promotions. At the same time, utilizing the ability to
perform off-line transactions, Banks can be more business friendly to merchants by instituting variable
floor limits so as reduce transaction time while managing credit and fraud risks, especially in fast-food
outlets where quick service turn-over is of paramount importance.
As highlighted above, with customersÐ²Ð‚â„¢ increasing demand for greater convenience and service level, a
simple card payment transaction no longer suffice to fulfill customer needs. More complicated and
complex transactions incorporating loyalty program, privilege program, voucher program,
personalization program, etc. together with card payment transaction is going to be the norm in the
In order to achieve the above goals, Banks need to have an intelligent transaction platform which
supports a key concept termed Active Transaction Routing (ATR) which allows a single Ð²Ð‚?composite
transactionÐ²Ð‚â„¢ to carry multiple constituent transaction messages. These messages can then be
composed into various combinations to create a wide variety of unique services. With this platform,
the Banks are equipped with the flexibility of implementing new applications and complex business
rules that extend beyond the BanksÐ²Ð‚â„¢ hosts to third party service providers, etc. with minimal
customization to back-end hosts. This capability and agility to create new services will not only
enhance revenue or reduce costs but will also further strengthen the bankÐ²Ð‚â„¢s competitive edge.
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