Data can help businesses retain customers and drive revenue, Fiserv Senior Vice President and General Manager, Global eCommerce and Carat Platform Casey Klyszeiko writes in a new PYMNTS eBook, “The New Value Equation: 11 Financial Services Leaders Share Their Vision for 2025.”
Planning for success in today’s digital landscape requires a clear understanding of client needs, along with the right amount of creative thinking to understand where to invest in innovation.
As we partner with leading enterprise brands to plot their path to a successful 2025, our Carat team at Fiserv is centered on delivering solutions that help our clients enhance the end-customer experience. Our approach is to apply intense focus on what the optimal experience should look like and then work backward from that point with our clients to ensure we’re helping them succeed with innovative tools and solutions.
Using data strategically is an essential ingredient to making this work. As a data-driven organization, Fiserv works with clients to access and analyze their payments data in real time, giving businesses trying to retain customers and drive revenue a leg up. According to “The Platform Business Data Readiness Survey: How Real-Time Data Can Drive Growth,” a PYMNTS and Fiserv collaboration that surveyed U.S. retailers and consumer-facing platform businesses, 78% of firms with high data reliance saw an increase in revenue over the past year.
We continue to create and enhance solutions that use the unique data available to Fiserv, using machine learning and artificial intelligence to identify data patterns and enable our clients to make better payments decisions. The result is data-driven insights that can help businesses identify growth opportunities, reduce costs or provide marketing teams real-time shopper insights that can be personalized to deliver a better experience to customers.
Today, it’s more important than ever to make sure customer needs are met across the entire commerce landscape. We’re seeing investments among retailers in wallet experiences that boost customer retention while also delivering returns from the low-cost structure of alternative payment methods. By offering new omnichannel experiences through retail-branded wallets, retailers can get closer to their customers. These types of offerings not only reduce friction, but they contribute to overall customer satisfaction, which increases loyalty and drives more frequent shopping.
We’re also excited about the possibilities ahead for embedded finance. Businesses continue to explore ways to deepen their customer relationships by offering a range of financial services. We believe Fiserv is uniquely positioned at the intersection between a merchant and financial institution to create new and compelling solutions that meet our clients’ needs and create exceptional experiences for their customers.
Keeping up with an evolving business landscape and new customer needs is a reality for organizations today. However, it shouldn’t be viewed as an obstacle in the way of progress and growth. By maintaining preparedness —with the right strategies, tools and partners — success is achievable and sustainable, even in the most challenging times.
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