Having appropriate innovations in place aids companies in cultivating stronger loyalty among their core customers, providing insulation against competition. Business innovation usually aligns with customer expectations.
(Image Source)
GLOThe diversity of business approaches matches the variety of businesses themselves. Each organization holds its own crucial focus, which they deem pivotal in propelling success forward. To gain insights into navigating the evolving landscape, PYMNTS interviewed ten C-suite executives. These leaders shared insights falling into three main areas of innovation and investment: customer acquisition, core competencies, and modernizing critical infrastructure.
Underlying each viewpoint is a central question about value – specifically, the contribution of each solution to a business and its proactive impact on the enterprise’s forward-looking strategy.
Boosting Customer Acquisition in a Rapidly Changing Environment
Having appropriate innovations in place aids companies in cultivating stronger loyalty among their core customers, providing insulation against competition. Business innovation usually aligns with customer expectations. Joseph Pergola, CFO of Connatix, suggested that modern CFOs should act as “Customer-Focused Officers,” prioritizing digital investments that yield customer-centric returns and foster profitable, lasting relationships.
Customer expectations increasingly revolve around convenience and personalization. Thomas Marks, SVP of growth at sticky.io, emphasized the role of data and AI in analyzing consumer behavior for intelligent recommendations. Successful organizations will focus on consumer-friendly features.
The digital landscape has shifted from a mere strategy to an entirely new business approach centered on flexibility, features, and functionality.
Tailoring Strategies Based on Core Competencies
A key focus for both lenders and merchants is identifying products and solutions that differentiate and enhance business growth, sales, customer care, and repeat purchases. According to Ed O’Donnell, CEO of Versatile Credit, relying solely on traditional retail credit cards is insufficient.
Payments are undergoing a second renaissance with the rise of alternative options like buy now, pay later, wallets, and bank payments. Enhancing user experience (UX) is a significant investment for businesses, aiming to improve the overall customer journey.
Remaining relevant is vital as brands vie for consumer attention in a landscape filled with numerous spending options.
Investing in Infrastructure Modernization to Foster Innovation
Today’s CFOs play a pivotal role in driving strategies to digitize outdated workflows. Overcoming inertia is crucial, and the approach to this challenge is as important as recognizing it.
Modern, flexible, and open underlying technology is essential for future competitiveness and innovation. Outdated technology hinders great user experiences and proves time-consuming and inefficient to update.
Automating payment processes is increasingly important, as manual workflows are inefficient and prone to security risks.
Solutions transforming finance departments are likely to have a positive impact on the entire business.
Successful payment offerings in the future will be comprehensive, user-friendly, and swift. Businesses must invest now to keep pace with the rapidly changing payments landscape.
Cloud technology is a practical choice for achieving the necessary speed and processing power.
Fostering a positive human side of infrastructure is crucial for competitive differentiation and ongoing success. A satisfied workforce often translates into an optimized business environment.
Source: PYMNTS
