Next Gen Payments Redesign
Objective & Scope
Meet all payment and money movement needs of customers by providing industry leading digital capabilities that are safe, simple, fast and reliable
Leverage our global network and become the preferred payment choice by delivering easy to understand, personalized experiences and drive engagement across products
Invest in a scalable and secure tech stack that can handle high transaction volumes while ensuring reliability and performance
Develop APIs to support integration with various payment methods, partners, and financial institutions to broaden service availability
Improve upon our existing set of payment and transfer capabilities across four needs:
•P2P transfers
Moving money between accounts
Paying bills
Seamless spending
Discovery
Digital payments were already central to our customers’ financial needs, and were fruther accelerated by the COVID pandemic
Our industry is rapidly changing as the economics of the payment value chain is shifting and AI and machine learning technologies continue to evolve
Traditional and new competitors are providing best-in-class experiences that our bank can learn from and gain competitive advantages
Design Recommendations
Develop a prioritized list of initiatives to inform investment planning with an experience design that includes distinguishing features from those of our competitors
Identify key emerging opportunities and map out how these options fit into our value chain
Enable real-time processing for transactions, allowing customers to move money quickly and efficiently
Finalize KPIs to monitor and measure success
Align on cross-domain goals that will get us there
