Google’s Project Tango - What’s the Impact for ePayments?
How can you leverage Google’s Project Tango to increase the success of your ePayments strategy?
Image from Google ATAP, http://www.youtube.com/watch?v=Qe10ExwzCqk
Certainly there are specific integrations of ePayments into Project Tango, but the biggest implication may be the change this creates in customer expectations. Project Tango is one of many technology innovations driving consumer’s expectations of living in an instantaneous networked world. You will need to deliver real-time any-to-any ePayments to keep up.
Google’s Project Tango is a mobile “phone containing customized hardware and software designed to track the full 3D motion of the device, while simultaneously creating a map of the environment. These sensors allow the phone to make over a quarter million 3D measurements every second, updating its position and orientation in real-time, combining that data into a single 3D model of the space around you,” according to Google.
Imagine a Real-time Networked Future
Imagine a customer finding a product they like online and getting a map to the product’s exact location on the shelf in the store. Imagine a farmer using their mobile phone to report what crops were planted where and report that in an automated way to their insurer, enabling the insurer to comply with the Department of Agriculture's Risk Management Agency. Imagine a county government using the customer’s smartphone to learn all about the exact location, dimension and materials in resident’s homes to provide more accurate property taxes.
How Will You Deliver Real-time ePayments?
As customers have these real-time, anytime, anywhere experiences with Google Tango and other networked services like Tinder, is it reasonable for customers to expect real-time anytime, anywhere ePayments?
How confusing would it be for consumers to leverage Google’s Project Tango to get a map to the exact location of a product in the store in real-time, then go to pay for the product, only to find that it took two to four days for the money to come out of their account? A shopper becomes a customer when they make a payment. Relationships begin and relationships deepen with the payment process. You have the opportunity to satisfy customers and deepen relationships with instantaneous ePayment settlement.
As consumers increasingly expect real-time ePayment settlement, ACH and traditional card payment schemes will be replaced by an any to any network that links banks, retailers and billers in real-time with single message payments.
Deeper Relationships & Cost Savings from Real-time ePayments
Quicker time to collect and lower cost of operating capital from instantaneous settlement are just a few of the benefits of real-time any-to-any payments. This any to any network will enable retailers and billers to link directly to banks, cutting out higher cost legacy payment networks.
Billers will take advantage of this anytime, anywhere, any channel interactions to provide the most convenient and satisfying interactions that deepens consumer relationships with instantaneous targeted offers. For example, utilities will leverage big data to determine that a customer’s bill is 30% higher than expected, prompt the customer to use their smartphone enabled with Google’s Project Tango to search their home for what has changed. Was a light switch left on? Did the insulation lose it’s effectiveness? Did a neighbor chop down their tree which was providing light on the home?
How do you think can you leverage Google’s Project Tango to increase the success of your ePayments strategy?
Related Blog Posts
Removing Gender Bias and Enabling Women to Succeed in Leadership Roles
The recent UK Women in Payments (WIP) Symposium 2019 took place in London, recognizing unique leaders who help uplift women in the payments industry. Among those recognized was ACI’s Melissa McKendry, vice president, Retail Banking Implementation Services, who was honored by WIP as the 2019 Advocate for Women.