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FIs can beat big tech to the punch for delivering payment experiences

Picture a boxing ring.

In one corner, you’ve got financial institutions (FIs) who have traditionally focused on providing products – loans, cards, accounts, investments, etc. – with little attention to how they are obtained and consumed. In the other corner are big tech companies like Apple and Google, who are laser focused on consumer behavior and experience, but have very little financial services experience. Who will win this epic showdown?

In a video interview with PYMNTS.com, Prasanna Narayan, head of Product at Ondot Systems, says “Consumers are not attracted to products, they are actually attracted to experiences. The when, where and how it is presented to the consumer is more critical to the success of the product than the product itself.”

As payments become more embedded into other processes, and nearly effortless to the consumer, FIs need a payments coach to help them quickly raise their game on customer experience.

“Ondot is focused on moving and modernizing products into a highly digital experience, so that every FI can immediately transform their existing portfolio of products into experience-driven functions,” said Narayan.

Got 4 minutes? Watch Prasanna’s full response on how Ondot is responding to big tech’s card encroachment.