In the latest edition of our member CEO spotlight series, PIF speaks with Paymentology CEO Shane O’Hara.
Paymentology runs issuer payment card processing platforms across the world, spanning Mastercard, Visa and Union Pay networks, and is recognised as the leading innovator in the sector.
Can you tell us about your role at Paymentology?
As CEO I lead the global strategic direction of the business and provide a vision for the future, I have a great senior management team around me that drive and help shape our strategy.
Our goal is to support global challengers and mainstream retail banks struggling with traditional legacy systems and looking to improve their customer experience. We support banks in their customer digitisation journey, simplifying complex payment technology by delivering the fastest integrations in the market. My team and I have been involved in the growth of some of the biggest challenger banks in the world, working with the likes of Revolut and Standard Chartered Bank.
We have come far from our fledgling days 5 years ago; our footprint is rapidly growing and today we have several offices across the globe that are perfectly situated to support banking institutions in different locations. This is only the start for us as we move into the future.
The Covid-19 crisis has forced many businesses to adapt to new ways of working in a very short space of time. What are some of the most important changes we will see in the payments and fintech sector over the next 12 months?
The current situation has highlighted how vital reliable payment processors are as customers shy away from using cash
We have seen a clear change in consumer behaviour spend during Covid-19, online use of cards increased by approximately 60%. The current situation has highlighted how vital reliable payment processors are as customers shy away from using cash. There is a greater focus on the customer by the more traditional banks too who are now feeling the pressure from challenger banks. This payment digitisation will allow banks to run their card programmes effectively and Covid-19 has acted as a springboard to speed this process up.
Furthermore, traditional banks are a little behind when it comes to data analysis. Understanding a customer’s card spend behaviour will enable banks to offer more value to the customer.
Paymentology’s payment processing platform gives the bank clear access to the customer’s spend trend and expenditure potential in real-time. Through data analytics, banks can get to know their customer better and by doing so they have better chances to succeed in the future with their card programmes.
What do you see as the biggest challenge facing the industry in 2020?
Fintech will continue to be a disruptive industry. It is driven by technology and if you add its fast adoption to new tech and agility to make changes, fintech is fiercely competitive.
Banks will have to ensure customers are taken on a positive payment journey that goes beyond the point of sale
However, I see cybersecurity and data management remaining the biggest challenges for banks. Banks will be challenged by the need to meet customer expectations whilst remaining compliant and improving operational efficiencies. Loyalty and reward card programmes can help with customer retention; however, banks will have to ensure customers are taken on a positive payment journey that goes beyond the point of sale.
How is Paymentology positioned to support growth and innovation in the sector?
Our product offers rich data functionalities that allow banks to broaden their revenue streams, using innovative AI and cutting-edge fraud detection tools yet to be seen by our competitors. Our intelligent augmented spend data analysis provides our clients unrivalled access to their customer’s spending habits which in turn enables them to target products and services to consumers more effectively. Last year we were awarded the Fintech Innovation Award in Hong Kong, this recognition cemented our position as one of the most cutting edge payment fintechs globally.
I believe Paymentology will continue to be the frontrunners in the industry due to our continued passion to deliver superior data and offer far more flexibility than other legacy processors in the market today.
Looking ahead, our business strategy is clear on what needs to be achieved from a product capability perspective but more importantly so through continuing to invest in the relationships we are forming. I believe Paymentology will continue to be the frontrunners in the industry due to our continued passion to deliver superior data and offer far more flexibility than other legacy processors in the market today.