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Huffington Post: Cognizant’s Vice President and Head of Banking and Financial Services in the UK & Ireland Highlights the Lessons Learned from ApplePay

“The concept of using a mobile device to pay for something isn’t new—the likes of Google Wallet and pay-by-phone parking services have gained some consumer traction already, while other services like Zapp are on the horizon,” writes Tony Virdi. “However, with the introduction of ApplePay, we may now have seen the pivotal moment that could presage the decline of plastic credit cards.” Excerpts:

“For many countries where credit cards were never widely adopted in the first place, and the banking structure is not as widely spread as in Europe, ApplePay could enable a quantum leap to a new culture and mindset around payments.

Apple’s strength is all about the customer experience and making things as simple and intuitive as possible. It is this ethos which may allow it to succeed. But what lessons could other businesses take from what looks like becoming Apple’s latest success story?

Understand your customers: Apple’s loyal fan base is already accustomed to making electronic payments using its technology and, crucially, they have learned to trust them with their payment details. This trust is linked to the power and influence of the brand, which has been built on a combination of innovation, design and all-inclusive marketing. In today’s socially connected world, there is a wealth of information and behavioural patterns that surrounds every individual—what we call Code Halos—that can be tapped into. By monitoring and analysing this data, businesses can personalise products or services in more meaningful ways and build a strong sense of customer insight, loyalty that can be used as a platform to launch new products and services.

Play to your strengths: Another big advantage for Apple in the mobile payment space is its ability to offer a combined hardware and software solution, enabling it to have total control over the successful and secure integration of the two. Importantly, ApplePay has been designed to meet online and physical needs in the same seamless way, making it easy and quick for customers to use…There is a wider lesson here for any organisation: the importance of knowing your unique strengths and building on them.

Never neglect security: In their flurry to innovate and keep up with customer demands, companies need to ensure they have robust security in place, especially when financial information is involved. Companies that fall victim to attacks take time to rebuild customer trust and confidence. Another one of ApplePay’s trump cards is its security, with a fingerprint ID system and secure element, generating a unique, random number for each transaction.

If ApplePay does prove to be successful—and its innovations in product design, security and customer understanding give it a very strong chance—we will look back on this moment as a pivotal, disruptive moment in the retail payments industry, and one that all businesses can learn from.”

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