Fintech Insights

Aggregated data is the new black

That data is the new oil is an old expression that becomes more and more relevant. Behind this statement, there are several factors that, combined, make this an topic that every merchant should include in their overall payment strategy. Customer experience, simplicity, data-driven insight, and security are just a few examples of features on the table for grabs.

The consumer experience has been in every merchant's mind over the past years.  The end goal is to make it as easy and efficient as possible and make the conversion rate as high as possible. If you look at this from a distance, it seems all good. Everybody should be happy, right? Nope, nothing could be more wrong. You see, during this effort to please the consumer, many merchants have created an administrative monster.

Multi channelThe multi-channel experience

The multi-channel approach means that every channel (in-store, mobile, e-com etc) need to be taken care of individually. Different systems,  databases, and reports make it almost impossible to understand the business and revenue streams. As a merchant, you are blindfolded, not knowing what, when, where, or who. From this perspective, it is also clear that any decisions are made in the absence of real and relevant insights.

This landscape also creates a situation where the consumer is facing a variety of experiences, depending on what channel they are using at any time given.

At Westpay, we address this situation with an innovative and pragmatic approach. Thanks to our platform, architecture, and processes, we can, on-demand, keep any desired payment solution in the same database. This saves a significant amount of time and resources, but it also gives the merchant the data, tools, and time to consume the data in their everyday decision.

WestpayThe Westpay experience

This is just one of many examples where Westpay, with its architecture, is able to expand the overall offering. Our offering opens up more revenue streams. As you know, we have a partnership with Swish, Klarna, and other alternative payments providers. We enable them in our environments and keep the transaction data together in a powerful report that helps our customers in real-time analyze, tune, and develop their experience to the next level. Now that's what I call a win-win.

Published oktober 28, 2021

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