‘Simplified Commerce Experience’

The fusion of commerce and financial services is becoming increasingly prevalent in the modern business landscape. Technology plays a crucial role in enabling merchants to offer innovative payment experiences, but the way financial services are delivered is equally important in shaping next-generation commerce offerings.

One approach that retailers are adopting is expanding their digital wallet capabilities. By utilizing a single ledger to create multiple stored value “purses,” retailers can offer customers a seamless payment experience. These purses can contain rebates, rewards points, gift cards, or even health and wellness benefits, allowing customers to utilize multiple forms of payment in a single transaction. Some businesses are taking this concept a step further by integrating finance capabilities directly into their retail wallets, offering consumers access to credit and the ability to open bank accounts within the digital environment.

In order to successfully implement these new commerce innovations, it is crucial to maximize the use of data and information. Data has become a valuable asset that drives innovation across various aspects of business operations. Whether it’s leveraging real-time cloud sharing for financial activities, enhancing risk models for better decision-making, or utilizing customer data to improve loyalty programs, businesses have numerous opportunities to unlock value through data insight.

At Carat, we are working closely with our clients to develop strategies for simplifying data integration and driving informed decision-making. These strategies include facilitating better data sharing between merchants and issuers, enabling users to utilize conversational AI for instant data insights, and deriving valuable insights from various sources beyond payments data, such as share of wallet and out-of-store customer behavior. By harnessing the power of data and information, businesses can enhance their operations, improve customer experiences, and drive growth in the evolving commerce landscape.