As financial institutions currently need multiple advances when it comes to retaining loyalty and digital wallet share, Key Moments offers firms customised experiences based on everyday activity triggers in order to strengthen and increase the overall transaction value, as well as customer engagement. These features are set to result in increased revenue.
Furthermore, Key Moments provides clients with personalised experiences that load directly into a bank or a credit union’s existing mobile application. This drives efficient outcomes across all card portfolios, which also include 26% more transactions and USD 20 – USD 40 per customer’s card per year of additional revenue.
The Strategic Resource Management (SRM) noted that no program costs or risks will be associated with the implementation of the Key Moments platform. Financial institutions will simply be required to provide payment data, which includes a monthly transaction stream as well. While using a proprietary process, SRM can monitor critical areas of opportunities for its development procedure.
Based on key data points across multiple payment activities, SRM is set to deliver an assessment, as well as recommendations, which also incorporates improved customer payment experiences. The company will offer Key Moments and its potential of Open Banking APIs in order to give a solution for businesses and partners to increase revenue and strengthen the experience of users.
According to the press release, Key Moments was designed in collaboration with the technologies from Flow Networks. The deal aimed to improve the manner in which companies and enterprises engage their customers in real time while keeping their data secure and meeting their needs, preferences, and demands. Strategic Resource Management’s strategy of development
In January 2023, the company shared a commentary on the trends it predicted to make the most significant impact in 2023. Included in the list of predictions were listed: the need for institutions to have a deeper awareness and understanding of the overall fintech market, the persistence of staffing challenges and difficulties, the competition for deposits which were set to represent a significant focus for banks and credit unions, as well as the rising in popularity of ITMs.
Earlier in December 2022, SRM released the “Rising to the Challenge: SRM’s Seven Rules for Optimizing Vendor Contracts” report. As banks and credit unions were more reliant on vendors and third-party technology providers in order to keep pace with the digital landscape development, they also needed to offer services and products that meet the needs of customers.
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