Executing a Payment Modernization Strategy

As we go through the aftermath of the disruption that was caused by covid-19, we realize that a lot of things have changed. That is digital transformation, fast tracked digital transformation.

Digital transformation has accelerated our movement away from cash towards digital payments, and the payments modernization trend shows no signs of slowing down. Companies are racing to move towards modernizing their payments.

At the Africa Fintech Summit, VMware’s Lorna Hardie, advised companies on what they need to consider for a payment modernization strategy. Lorna is the Regional Director for Sub Saharan Africa at VMware.

According to Lorna, modernizing payment is all around modernizing your app which is the way you engage with the user.

“In everything, we always want to prioritize the customer. We want the customer to have a seamless experience. In modernizing payments, the focus needs to be the customer and how convenient it will be for the end user,” she said.

Banks need to deliver a digital, customer first experience that will, in the end, get the trust of the customer. This means providing an array of services to the customers. Lorna suggested that these companies need to provide a one-of-a-kind experience.

In giving this experience, a lot of things are key. Developments such as digital payments, mobile banking, contactless transactions, e-signing, and digital lending all make the experience more convenient for the end user.

Lorna went ahead to give a case example of VMware and how they assist companies strategize their movement to a modernized payment system. She said that typically talk to their client about several steps towards digital-first banking.

The first step will be to become future ready, fully resilient, and to support a multi-cloud strategy. A company will need to leverage the public and hybrid cloud to meet new business needs and demands. It is important because it enables you to run your environment in the cloud, with the same consistent management, security, and automation approach.

Below are the important steps as described by Lorna;