How can payment organizations effectively face the challenges of payment convergence and digital disruption? By turning to Payment Relationship Management (PRM), a consulting and analytics firm, that will provide the strategic payment consulting services and data analytics necessary to successfully navigate and compete in the new fintech ecosystem!
The rise of alternative payment systems in recent years has caused confusion for consumers, merchants and financial institutions. In fact, payments are one of the top financial service products to be disrupted in the new digital world of open banking (PwC’s Fintech survey). According to McKinsey, regional banks have $90B, or 25%, of profits at risk. Consequently, financial institutions need to rethink payments. PRM recognizes that for those large U.S. community banks ($1B – $10B) and small regional banks ($10B – $50B), this represents a significant risk. As a result, PRM seeks to help those regional and large community financial institutions develop a centralized payment view and analysis of their clients.
PRM product solutions will provide financial institution managers with the strategic insight into the payment landscape of their customers. This will enable financial institutions to more successfully compete by optimizing their payment mix, reducing costs, improving customer loyalty, and enhancing their marketing efforts for a maximum return on investment.
Payment Relationship Management Offering
PRM’s goal is to help large community banks and small regional banks successfully compete in this changing payment landscape within the digital world of open payments and banking. For that reason, they will address payment challenges head-on and provide two key services:
PRM Analytics– meaningful, visual reporting tools to measure, monitor, and report on the key performance drivers of your customers’ payment landscape by taking a holistic view of the payments each customer is performing, including ACH, wires, credit, debit, checks, bill pay, P2P, A2A, cross border/SWIFT and the transition to real-time payments (RTP).
PRM Consulting Services– lead customer engagement to collect the data necessary to leverage PRM Analytics and supply the strategic insight management needs to make decisions about the optimal payment mix, costs, efficiencies, and customer retention, throughout the full product lifecycle.
The PRM Data Analytics customer portal offers a visual representation of your payment mix through user-friendly dashboards that illustrate the following crucial findings:
Descriptive: What happened?
Diagnostic: Why and how did it happen?
Predictive: What will happen?
Prescriptive: What action to take?/ PRM actions
It is the combination of these insights that enables PRM to provide you with a clear vision into the future.
Evolution from CRM to PRM
PRM has taken Customer Relationship Management (CRM), which gives a consolidated view of the customer resulting in a more productive customer relationship, and evolved it into Payment Relationship Management (PRM). PRM allows for a consolidated view of the customer across all payment types, channels, and touchpoints, from the origination and payment recipient viewpoint. PRM enhances the customer relationship while driving payment optimization, efficiency, and reducing costs.
Register for MPC 2018 to Learn More!
Join us at the Mobile Payment Conference, August 22 – August 24, 2018 at the Wyndham Grand Chicago Riverfront in Chicago, IL where you will experience immersive training & networking with world class experts in FinTech, Mobile Payments, Cyber Security and more!
Come by Booth #16 to meet some of the Payment Relationship Management team and see live demonstrations of the PRM Analytics product! Also visit prmpayments.com to learn more about this innovative company and their payment product solutions.