Building Brand Loyalty with Smart Card Payment Systems
In this third and final post on how biometrics can drive brand differentiation, David Orme, SVP Sales and Marketing at IDEX Biometrics discusses how brand loyalty can be built with smart card payment systems. The previous post in our series on brand differentiation looked at biometric payment cards being an effective brand differentiator.
Smart Card Payment Systems build brand loyalty in multiple ways.
Technology has many advantages, and a primary advantage is its ability to adapt and evolve as consumer needs change. The implementation of a smart card payment system into a business’ strategy is no exception to this rule. With the technology becoming more affordable, it is now feasible for any number of business ventures to utilize this data-centric technology and take advantage of its benefits.
There are a number of advantages to implementing a smart card payment system, including:
Increased security is one of the main advantages of a smart card payment system. The use of biometric technology ensures that a consumer’s data is secure, which helps build consumer confidence. When a customer feels that their information is secure and their safety is important to a business, in addition to having a service or products that they want or need, they become a repeat and loyal customer.
Implementation of a smart card payment system allows businesses a unique opportunity to solicit feedback from their users based upon their activities, purchase history, and lifestyle. Since the data contained within the smart payment card is secure and unique to the individual, it allows them to give specific and relevant feedback to a merchant or business and enables that merchant or business to verify that they have actually used the product or service for which they are providing feedback. This allows businesses to incorporate that feedback, which in turn helps to build consumer confidence in the brand.
Smart card payment systems are advancing technology for businesses in new ways, allowing for the creation of loyalty programs that are more customizable. Loyalty programs are common and are viewed as a way to reward repeat business by giving something back to the consumer.
The integration of biometric technology into a chip which can be unobtrusively placed into a credit or similarly-sized card can help tailor brand recognition and loyalty in new ways. By storing consumer information and having it readily available any time the consumer uses the card at a merchant, it is easier than ever to reward customers for their loyalty. Loyalty programs can now be tailored more easily to specific individuals based upon their usage habits, which encourages consumers to return to a brand again and again because they feel that the brand has accurately seen who they are and what they are interested in, and can consistently provide them with items of value and high levels of service.
Smart card payment systems continue to evolve as biometric technology improves, and their uses will continue to evolve in new ways as well. Businesses who are interested in building a loyal customer base would be wise to implement systems that can provide a safe, secure, and helpful environment for their customers. Smart payment cards are one step in the right direction to creating consumer safety and confidence, both of which lead to brand loyalty and recognition.
The previous post in our series on brand differentiation looked at how biometric payment cards can be an effective brand differentiator.