What’s the cost of a failed transaction in Financial Services?

First, let’s take an example in a different industry.
If we go on vacation and find out the rental car we tried to reserve is not available, we do at least have options.
Option A – We could rent a different car.
Option B – Walk a few steps to the next rental car counter.

Here, the cost of a failed transaction for the consumer isn’t very high, and while it might impact the rental car company, it’s likely a one-off experience.

But it’s not that easy in financial services.

Scenario A – if your bank-issued credit card is hacked.
Scenario B – your online bill payment system crashes the day your EMI is due.

What do you think is the cost of these failed transactions?

The experience can range from awful to catastrophic.
Not only does this turn the consumer’s life upside down, but it’s also likely to trigger a lot of very negative implications for the bank
(especially in an era of social media when a single error can go viral, and you can become an internet meme overnight)

Security, reliability, availability, and consistent user experience have to be engineered into the platform from the start and must act as the foundation for a high-trust experience.


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