In a 24/7 digital commerce world that spans the world, speed of payments and the speed of innovation itself are paramount.
Aditya Mishra, vice president of product management at Plastiq, said product teams can help improve financial services development, particularly when it comes to integrating payments into the mix. But to do that, those same development teams need to fine-tune what information they try to gather from customers, as well as what they do with the information once it’s in hand.
“Everything changes when you put the payment lens on [a situation]”He said,” especially with the speed with which things are changing. “
This is especially true when it comes to shaking up the status quo.
Change your approach to product development
Mishra said product development teams need to change practices to better suit end users, so that the teams themselves are agile and forward-thinking.
He said two dimensions govern how the product team leverages consumer information. On the one hand, there is the continual exploration of the “next big problem” to be solved. There is always the possibility of being caught off guard by a new problem or a consumer desire that takes a company by surprise: company vigilance and a constant stream of feedback can minimize that risk.
Regarding the second dimension, product teams must monitor the receipt of already launched services and products.
Mishra said that at any time, on any given day, especially for payment teams, exploration and resolution of new problems becomes paramount. Thinking about systems, finding patterns, and making sense of remote data points can also help discover new use cases and solutions to the pain points of various end users.
Offering an example, he said that an enterprise focused on small and medium-sized businesses could form a customer advisory board of, for example, 15 companies across various business verticals.
“You can constantly work with them to evaluate and refine product decisions moving forward,” he told PYMNTS, to see what held them back or what challenges they face when evaluating new payment technology.
It can be a challenge for development teams to grasp problems as they are being narrated by end customers and reconnect them to existing solutions.
Growth in demand for speed
Companies that are evaluating automation are evaluating technology stacks and are constantly having problems with the speed of payments.
“They expect the funds to be transmitted within nanoseconds,” Mishra told PYMNTS. “But we are still preparing the infrastructure for instant payments around the world. From the point of view of the adoption curve, we are still at the beginning of that life cycle. “
Along the way, it will take time to educate customer segments and bring them up to speed – literally – on real-time payments, he said.
Elsewhere, we are seeing a movement towards the consumerization of B2B payments, which is based on personal efficiency and familiarity with a digital interface that mimics what we use in everyday life.
Smaller companies, in particular, are looking for friendlier and faster mobile interfaces. However, larger companies are more concerned with the frictions of scaling, auditing, and robustness of a product.
“Efficiency takes on a completely different flavor with larger companies,” Mishra said.
In an effort to “amplify” customer information in the payment space, speed matters. Product teams are limited in terms of staff and resources, and collaboration can be an advantage.
Many product development teams can collaborate with other staff members within the same organization to get more information, Mishra told PYMNTS, for example by observing employees in the sales department.
Being right in front of your customer while someone tries to sell a product can produce otherwise unattainable insights. Automation, in terms of data collection and analysis, can also accelerate product development, he said.
Letting the business customer lead the conversation can also boost development, Mishra said, instead of simply wondering how they like or dislike certain product or service features.
That level of customer-driven discovery, he said, “offers gold nuggets hidden deep in the lifecycle … understanding the workflows outside of your product is a kind of key information source.” .