Personal consumption and expenditures are the leading drivers of economic activity in the United States, accounting for nearly three-quarters of gross domestic product. Without a doubt, American spending habits require businesses to maintain technology assets like point-of-sale systems to keep up, while also requiring financial services firms to update their platforms with the latest features to include tracking, notifications, and much more.
As commerce has become increasingly digital, the challenge of modernizing payment schemes became top of mind for a leading payment processing and technology solutions vendor in the United States. This particular client’s challenge was wide-ranging, as their business touched nearly half a million merchants and nearly 12,000 automated teller machines in 46 countries worldwide.
Driving Financial Transformation
The client realized they needed to harmonize their disparate product ecosystem and merge existing solutions into a single suite for a one-stop payment shop for clients and businesses. While their existing portal got the job done and offered everything their customers needed, managing the platform was becoming expensive and created limitations for product expansion and future functionality. Management felt that in order to truly adapt to the future, an overhaul was required.
We were called in to provide technical leadership, solutions architecture, and overall goals with the intention of improving overall user experience. Our consultants recommended Liferay portal, a leading enterprise platform connecting customers with a variety of experiences. The platform was the perfect blend of modern and practical while also offering the support needed to migrate the client’s over 500,000 login IDs and 25,000 concurrent users.
A Platform That Pays Off
In the end, we delivered a working platform to the client that will help transform the way their customers manage payments. With a streamlined system, incorporation of site analytics, higher standards of application performance, and a personalized experience, the future is bright. Management expects a return on investment of $1 million dollars per year, faster growth, and broader market penetration to reach even more customers — truly a win in dollars and sense.
Your Turn: Where do you think the financial industry is headed with digital transformation in the mix? Share your thoughts with us in the comments below or tweet us @Perficient.
Learn more about our Liferay practice here.