Businesses need a payments strategy that extends beyond moving money, Fiserv SVP and GM, Global eCommerce and Carat Platform Casey Klyszeiko writes in a new PYMNTS eBook, “The Innovation Mindset: How to Achieve It in 2025.”
The payments ecosystem is transforming. With more purchasing options than ever and a voracious appetite for convenience, commerce is becoming increasingly complex. Coupled with technological innovation, shifting consumer expectations, regulatory changes and global challenges, companies must depart from their traditional approach to payments and embrace the ever-changing future with innovative technology in mind. Failure to adapt can put any business at risk of falling behind, giving those who seize opportunities to innovate a prime position to grow brand loyalty as we enter this transformative era of commerce.
To thrive in today’s dynamic landscape, businesses need more than just a payment solution — they need a future-forward approach to commerce. A business’ payments strategy can and should extend beyond simply moving money and should place the customer experience at the center. Creating consistent customer experiences across channels and geographies is the new normal and should form part of a strategy to build customer loyalty and drive revenue growth.
At Fiserv, we innovate with our clients to build differentiated customer experiences that create efficiencies and can scale. A few examples include:
We continue to make investments at Fiserv with a commitment to bring relevant and innovative capabilities to the market. We are focused on simplifying the way our clients do business with us, making it faster to bring new services to market.
While payments have become a linchpin to the buying experience, our clients are also challenging us to bring efficiency to their business in ways that create revenue and lower costs
At Fiserv, we are unique in our role at the intersection between merchant and banking — a position that provides data advantages. How we leverage our own data and how we make merchant data available to our clients is a central underpinning of our strategy.
To that end, we’re using data to supercharge our optimization engine to strengthen authorization rates and thwart fraud at the point of purchase, critical levers that grow revenue and manage expenses. We’re helping our clients to share more of the data they collect at the point of purchase — such as device IDs and geo-location — with issuers, to enhance their decision logic and increase approval rates.
This shift in mindset is no longer optional — it’s essential. The payments and commerce market must embrace a forward-thinking approach to be successful. The ability to leverage data to deliver innovative customer experiences will position payments technology as a catalyst for transformation. In the spirit of Wardle’s teachings, now is the time to challenge tradition and seize new opportunities. By adopting a “yes, and …” approach and leveraging technology, partnerships and industry and expertise, businesses will be able to navigate the complexities of today’s world and thrive in tomorrow’s.
