Will Contactless Payments Radically Transform FinTech? | Quantzig

Quantzig, a leader in delivering scalable analytics solutions and data science services, today announced the completion of its recent article- Will Contactless Payments Shape The Future of Fintech?

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Key highlights-

• Insights on key focus areas in the contactless payments market
• Impact of COVID-19 on FinTech operations

Our financial analytics experts have identified several other FinTech segments that will face the brunt of the current situation in the post-COVID era. Request a FREE proposal

The pandemic outbreak has undoubtedly had a huge impact on operations across industries, drastically transforming the way businesses function. To ensure business continuity in such a scenario might seem complicated but is also the need of the hour. Hence, FinTech companies are now focusing on devising action plans and risk mitigation strategies to tackle the catastrophe and its impact on key business functions. Given the current scenario, the focus of their actions will certainly be short term, but the actions they take now will help build a robust framework to ensure success. Positively, the crisis is also helping FinTech companies forge stronger bonds between customers and other entities in the contactless payments ecosystem. Request for more information and personalized recommendations from our experts: bit.ly/3iMV5zX

“The COVID-19 pandemic has transformed all aspects of the financial services sector including banking and capital markets, wealth management, insurance and funds transfer, and contactless payments,” says a data evangelist at Quantzig.

Speak to our experts to learn more about our offerings for the contactless payments industry.

Key focus areas in the contactless payments market

1. Customer segmentation
   
   With easy access to huge volumes of data, FinTech firms can create business-relevant customer segments to identify common characteristics of customers. These segments can then be mapped to the potential needs of customers to improve the effectiveness of targeted marketing campaigns.
2. Next best offer
   
   At the customer-level, the customer persona and the historical transaction data can be integrated and analyzed using regression-based models to predict transaction frequency. Using these insights, contactless payments companies will be better positioned to notify customers of the best offers and plans.
3. Social media listening
   
   The best practice is to apply text mining and natural language processing (NLP) to classify comments based on their sources- platform-based, service-based, or payment based. Once the comments are categorized, businesses can classify them into sub-groups for the easy identification of improvement areas.

Based on our past experiences of executing analytics projects for contactless payments companies, we understand the challenges commonly faced by players in this sector. Hence, we have put together a comprehensive portfolio of advanced analytics solutions to help key decision makers in the Fintech industry tackle the crisis with data-backed decision-making. Book a FREE Demo to gain limited-period complimentary access to our proprietary analytics platforms.

Additional Resources:

1. Managing Insurance Risks: Quantzig’s Perspective on Insurance Risk Management
2. Digital Analytics in Insurance: How Digitalization & Process Automation Will Transform the Insurance Sector

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal

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