Kashmera Self, Director of Mobile Product Platform at Interac shares some of the key themes presented at this year’s Innovation Project.
Theme #1 – Competition versus Collaboration to create value
Organizations need to revisit their existing business models and assess how new partnerships can drive meaningful value. Organizations no longer have the luxury of keeping their blinders on – working in partnership with businesses, whom you may have viewed as competition in the past, will not only increase the use of your service, but enable great customer experiences. Organizations who have approached business in a cooperative manner, can accelerate product adoption and usage at a faster rate.
Theme #2 – Personalization
Personalization is not specific to in-store retail, e-commerce or m-commerce. Instead, personalization is about understanding the lifecycle of a customer – independent of a defined period of time or through a defined channel and completely agnostic to device, OS, platform etc. The driver is to understand the key pain points and deliver on those value propositions where the focus is on delivering a unique and distinctively valuable solution that will solve an urgent problem that satisfies a real need (rational) and not just a perceived one coupled with an emotional need.
Theme #3 – Trust
Consumers are getting comfortable with the idea of exchanging their data for something of value, but this will not alleviate the burden of businesses having the appropriate measures in place to protect that data. Businesses need to demonstrate that consumers can trust them with their data, which will take time and a giant leap forward would be the idea of a manifesto or bill of rights that consumers are starting to demand, where in plain language the end user understands ownership and use of their data.