The buyer’s wish would be to have just ONE app for all the buying/making payments/transactions/billing
Infrastructure of a bank may be big or small, but clients and customers wish to receive privileged treatment – in terms of products and/or services. With the evolution of transactional banking, corporations expect coordination and understanding of the overall relationship and of their needs, as well as the ability to think beyond one product or one country.
With more and more people wishing to not deal with the bank for any of their purchases/activities, banks need to step up to provide a value proposition close to the customer’s heart.
Banks and vendors/organizations/outlets should find new ways of working together and this collaboration will benefit both parties and satisfy the customer who doesn’t have to think much about the process/mode of payment/transaction/billing/balance/change, etc. Banks need to invest in this collaboration all the more to remain competitive.
An app designed to provide convenience to the people, a competitive advantage to the outlets/stores/companies and a re-birth to banking would be phenomenal. This is how it would work:
The outlets/stores/companies could subscribe to banks to align the payment/transaction processes. The outlets would offer loyalty points/discounts/offers/sample trials/special packages to their customers based on the analytics [customer behavior (age, gender)/ location-based services/day and date (weekday, weekend, start/end of month) /time of day/season/occasion(Christmas, Ramadan)]
The app would enable every ordinary person (extraordinary customer?) to login with his details (bank account details and credit card limits) saved. Then, the work of analytics would result in a display of possible choices for him/her. Whether it’s a suggestion during lunch break on a weekday to stop at OPTP near him (geo-tagged) to pick his favorite burger at 10% off or a 15% off from across the street on his much loved KFC Chicken wings. It could be an offer on a weekend from Farid’s to grocery shop and enter a lucky draw for a car/bike or Hyperstar to shop for Rs.15000 or above and win a 5% discount at certain outlets around the mall. Of course, the offer would depend on how competitive a bank is willing to be.
Banks would gain advantage in the form of subscriptions from “famous places”, and also have people prefer their banking solution due its better discount offers. Outlets would entertain satisfied and loyal customers, and the cycle of loyalty and purchase would be unending. And the customers – well, they started it all and will surely get an awesome experience out of it.