March 20169Figuring out the "what" the customized benefit for a specific customer's distinct needs is imperativedo should feel personally empowered to share feedback on what's working well, and how we can improve it. When it comes to major trends in payments each of us has to work in a way that makes it easy to be ready for what's next. Here's what consumers are asking for and what we have to deliver.1. Understand the impact of the shift to digital. We believe the shift to digital is the profound story of our time. It is changing the way companies do business, and is a critical piece of how companies must move forward. For MasterCard itself as a company, digital transformation has been extraordinarily important and beneficial for our busi-ness. Re-platforming to digital is ongoing and universal. When every device can be a commerce device, it creates a huge and virtually limitless opportunity. That's why we con-tinue to relentlessly execute on the digitization of everything, every day. 2. Make the experience of working with you easy. How many of us can think of a recent experience with technology that was less than ideal? I'm sure it comes to mind quickly. The real risk in making any interaction too complicated is that once you've confused a customer, they aren't likely to return. So allocate time and resources to making sure the consumer experience is everything it can be including easy. Consumers will nev-er say "that's too easy" but you'll know you've made a difference with reduced calls to your call center, increased positive messag-es in social media, and perhaps, in-creased business all because you took the time to think about what delights the consumer.3. Offer a safe and secure ex-perience. From initial design ideas to the final product, keep security at the forefront of all that you do. Customers are counting on companies to provide this. And, you can't be content with what you do today to protect your consumers and their data you have to stay vigilant in this space. Because guess what? So are the folks with less than honorable intentions. You have to stay ahead of them. For MasterCard, we've got a team of employees dedicated to delivering this. We are constantly enhancing what we do in the security space, taking it to the next level. 4. Listen to feedback. Social media makes this a much more interesting world than it was even 10 years ago. You can begin to see trends in consumer preferences and behavior much more rapidly than ever before. As technologists, we have to begin by listening to what your customers are telling you, and then continue to rapidly iterate on your offering. Sometimes, it's as simple as a tweak to a product or solution sometimes it means a wholesale change needs to be made. But be listening and ready to action change when it's needed.5. Continue to Innovate. Although it may seem like a buzzword, innovation means more to the survival of your business than ever before. And I'm sure you have very smart people in your organization who can help drive this. But if we've learned anything from the concept of crowdsourc-ing, hackathons, open APIs and other idea-generating solutions readily available to your company, innova-tion can come from anywhere. While not everything will succeed, encouraging innovation is a risk worth taking. Companies have to continue to push the envelope not straying away from what made them good to begin with but working to continue to be relevant to their customer base as needs change.We exist in a multi-brand, multi-technol-ogy, multi-device world. Change is fast and complex and endless. But we believe it's important to recognize that while digital transformation is inevitable, that doesn't necessarily mean that it is immediate. Our customers have to know we will be ready to serve them as they shift their behav-iors to digital. Transformation does not necessarily mean your core rela-tionship is different it can be more important to enhance and build on what already exists. Focus on what you do well, and delight your cus-tomers with that experience. BC
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