If I could redraw the famous Evolution of Man image for banking, the hunched-over homo habilis would be clutching a mess of paper cheques and withdrawal slips, homo erectus would have a fat wallet full of payment cards, and the modern man would hold just a streamlined smartphone.
by Blake McClelland
Director of Business Development
It won’t be long before we’re using our phones to get on the subway, buy our lunch, decide where to get happy hour drinks and then access our condos at the end of the day. Deploying programs on legacy technology can run the risk of losing relevance and, more importantly, market share. Programs need to adapt to keep up with consumer demand for new technology.
How do you keep your program relevant and encourage customers to keep using your card as the market evolves towards mobile and virtual accounts?
To be ready for the future, you have two real options:
- Migrate your processor & update your foundationThis is the tear down vs. renovate approach. When you start from scratch with a clean slate you have unrestricted capability and can maximize your options. Depending on your card portfolio and roadmap, it may be an option to deploy new products with new technology and slowly migrate as cards and programs roll over.
- Build onto the one you haveChoose a modular next-generation processor that layers on top of your legacy infrastructure. Adapt to new and future technologies without starting from scratch. A next-generation processor can seamlessly migrate thousands of cards with no break in service—and current cardholders can keep using existing plastics. When the next evolution of payments emerges, layer that new technology on, and make yet another smooth transition.
If Apple’s recent Apple Watch announcement is any indication, it’s hard to predict what’s coming next. Make sure your program is built on a processor that can handle anything the future brings.