Jan 18, 2006

5 key factors for success (and 7 common but critical mistakes)

In retrospect, when you step back and analyze various successful and not so successful projects, the factors that make the difference between success and failure often seem obvious. Of course, when you are in the middle of things and don’t have the luxury of hindsight, some of these factors don’t seem at all obvious.

I have been running seminars for banks in various parts of the world to share insight on this subject. Things learned from my own mistakes, plus mistakes I have seen made by others.

In a nutshell, here are 5 key factors for a really successful EMV deployment:

1. Focus on enhancing the payment experience.
2. Achieve cardholder critical mass very quickly, merchants will follow.
3. Deploy faster by leveraging the experience of other banks around the world.
4. Show merchants how your payment brand can help solve major problems.
5. Position your brand as a new way to pay.

And 7 common but critical mistakes:

1. Focus on loyalty rather than the payment experience.
2. Start with a pilot.
3. Offer merchants a “one size fits all” solution.
4. Require merchants to substantially change how they operate the POS.
5. Require customers to use kiosks or PCs with card readers to add or modify programs.
6. Focus on complex business models with too many new players (mobile companies, product manufacturers, etc.).
7. Launch without positioning your brand as a “new way to pay”.

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