B merchants call for improved banking services and their payment hardware encounter issues

In the dynamic world of finance, staying competitive is crucial. A bank in South America is addressing this challenge by modernizing its point-of-sale device management system, aiming to keep pace with merchants and fintechs.

The bank's digital device portal, which previously showed its age, was unable to provide merchants with the tools they needed to manage billing for devices or view their current status. This outdated system was a significant hurdle, leading to a loss of larger accounts to fintech merchant acquirers.

Recognizing the need for change, the bank has turned to partnerships and modernization. The new solution, provided by Amdocs, a leading software and services provider, promises to revolutionize the bank's digital device portal.

This upgrade will offer merchants up-to-date billing status, reducing the need for customer service calls and emails. It will also streamline the onboarding process for new merchants, making it easier for them to find the devices best suited to their business.

Moreover, the new solution will equip the bank's sales and marketing team with the power to create more competitive discounts and promotions. It will also integrate with the bank's CRM system, allowing customer service agents to resolve issues quickly.

The bank initially considered developing an in-house solution but found it would take over a year and be too costly. The cloud-based solution from Amdocs, on the other hand, promises a swift implementation schedule of under six months.

This modernization is a significant step for the bank, as it seeks to remain competitive in the face of growing competition from fintechs. In the US, only 38% of small businesses use a legacy merchant acquirer, opting for fintechs instead.

Modernization requires easy product selection, device management and visibility, CRM integration, and product and promotion agility. The new solution from Amdocs offers all these features, providing more discounting and promotion agility than the bank could have built on its own.

The bank's modernization efforts extend beyond point-of-sale device management. In a separate initiative, the bank offers a mobile banking experience through the Deutsche Bank App. This app allows users to manage their accounts, track spending, set card limits, and make secure transactions anytime and anywhere on their smartphones or tablets. It supports features like contactless payments via Apple Pay and Google Pay, card blocking, and over 70 direct services within the app, including cash withdrawals with a code at more than 12,500 locations nationwide.

As banks continue to face pressure from fintechs, modernization and strategic partnerships will be key to remaining competitive. The South American bank's decision to modernize its point-of-sale device management system is a clear indication of this trend.

B merchants call for improved banking services and their payment hardware encounter issues