In this episode of Digital Banking Podcast, Josh DeTar discusses the development of payment technologies with his guest Mickey Goldwasser, VP of Marketing and Chief of Staff at Payrailz. Having been in the industry since he got out of college, he calls himself a lifelong FinTech. He selflessly shares with us his helpful insights on how to embrace technology and explore artificial intelligence.
Mickey’s goal at Payrailz is to create a smart payment experience that will satisfy the end customers. “Our focus is trying to re-imagine payments and to do so in a way that matches innovation.” The topics that Mickey and Josh touch upon in this episode go beyond just financial services. From machine learning to digital relationships, they answer some burning industry questions.
If you want to hear more about the importance of personalized customer experience, machine learning, and product marketing, tune in to the latest episode of the Digital Banking Podcast with Mickey Goldwasser.
⚡ Instead of marketing themselves, financial institutions should focus more on their customers. Mickey explains that financial institutions tend to get caught up in their own desires; they sometimes forget what their customers actually want – to pay for something in the easiest way possible. “You’ve got to go beyond transactions. You’ve got to make an emotional connection with the consumer. So you have to understand how people think about money, and then you have to innovate to deliver on those kinds of expectations. That’s all about shaping the market rather than be shaped by the market.”
⚡ Personalized digital experience is the future. Since financial institutions have plenty of customer data at their disposal, they can use it to personalize the user experience. For example, they could get monthly reminders about bills, subscriptions, or other recurring payments. “FIs have a ton of data. They’ve just never been really able to use it effectively. So obviously, when we talk about artificial intelligence and machine learning, it’s fed by data, so FIs have an advantage there.”
⚡ Do we need less money movement options? People like to have choices, especially when it comes to payment methods. Mickey and Josh discuss how some countries don’t have checks anymore, while they are still acceptable in the USA. Is there going to be only one universal payment channel? Mickey doesn’t think so. “Whenever a new technology was introduced, it wasn’t like ‘Which technology do you want us to turn off? Because we, as consumers, got spoiled, and we were like ‘Oh no, it’s just another way to access money.'”