The field of data science is growing rapidly, with an explosive demand across all industries for the acquisition and analysis of “big data.” Data science has the ability to take existing business practices to new heights and help make the best decisions possible. In the payments industry, where the ecosystem is constantly changing, the role data science plays is extremely valuable – especially regarding fraud management, merchant due diligence, and customer insight.
Over the last decade, we have seen the proliferation of payment methods and business management tools, resulting in a dramatic reduction of barriers to participate in ecommerce. This growth of alternative payment channels – such as mobile payments, ewallets, and Square – leads to newly enabled buyers from all around the world. This significant increase in global commerce and cross-border payments is a trend that won’t be going away.
In February, The Green Sheet published “Advances in Data, Automation Speed FI Merchant Boarding” by Matt Ward-Steinman, G2’s VP of Solutions Development.
In this article, Matt discusses the recent renaissance with underwriting and boarding merchants, and how the ability to make quick decisions and streamline the boarding of new merchants is becoming a must. He suggests that FIs (financial institutions) take a step back and rethink their current boarding practice. Innovative approaches – especially automation, the use of data, and continuous underwriting – are necessary in order to continue to grow and nurture the diversity of their business portfolio, while taking calculated risks.