Handling the complexity
Managing regulated products is complex. Many businesses operate across multiple jurisdictions where payment channels can change depending on the country of operation. Fees and costs often depend on regulation, the type of program and, of course, the product proposition. Change is continuous, particularly in how fees are charged, and costs calculated.
Setup billing to your end-customers according to your business model
Understand your costs and easily track them as deep as on a transaction level.
Make use of data
All your data at your fingertips. Analyze in the way and form useful for your business.
Operating financial products generates a vast quantity of data. Harnessing this data to better understand customers provides a huge opportunity to our partners. Data comes from a wide variety of sources: applications, card transactions, banking transactions, personal data, mobile usage, behavioral data, billing data and product selection all provide key insights to the use of program propositions.
At Paynetics, we recognize that data needs to available, accurate and timely. Being in the Cloud we have pooled data into easy to access databases that can accessed via our API’s. The data is well structured and provides key insights to the use of propositions. It can easily be labeled to get use of machine learning algorithms as ell. For example, for onboarding, knowing which channel a potential account holder chooses to apply for the product, the order in which the application is made, the time spent in KYC, the probability of drop off points, the actual products considered & chosen to provide rich information from which a better user journey can be planned.
Every element of a product proposition can be investigated to improve the product and to provide a better journey for the customer. Not only is this important for product improvement it also key to be sure that the right customers and using the products in the right way. Regulators want to be sure that any financial product is being used by targeted customer demographic in a safe and appropriate manner. This becomes particularly important if products could be used by vulnerable customers for example, distressed customers or children.