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Assignment 7 Applying Experimentation to Your Business.pdf...

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7. Assignment: Applying Experimentation to YourBusinessThe first step when expanding the product portfolio of theA&C Financial Servicesis to takea closer look at the competing players and existing technologies on the financial servicesmarket. First, the financial industry has been advancing technologically through theintroduction of artificial intelligence. With communication technologies being establishedas mainstream and are cheaper accessible, and mobile payment services are reliable,quick and efficient, consumers are increasingly choosing convenient ways of mobilepayment services. These are secure, fast, reliable, less complicated and less timeconsuming. As well as the increasing adoption of commercial enterprises is fostering thegrowth and demand of mobile payment markets. There are multiple business models andimplementations of mobile payment options. For instance, some are based on QR codes,Near Field Communication (NFC), online bank transfer systems, mobile wallets andmobile web payments. Accordingly, the mobile payment market is becoming more andmore diverse, and has a growing number of competitors which can be found withindifferent sectors using diverse technologies behind the mobile payment technologies. Themobile payment landscape is highly competitive and diverse.Overview of the competitive landscapeFirstly, traditional banks have been catching up and are providing sophisticated onlinebanking services. Online banking enables customers to access information on onlinetransactions, transfer money, make payments, manage personal finances, view accountbalances and many other features from anywhere at any time. Other competitors areonline operating direct banks such as DKB and N26. are players within the mobilepayment market which operate only digitally. In addition, the multinational technologycompanies Google and Apple are advanced players and competitors to the traditional andonline operating banks and provide contactless payment services for their customers.Their mobile payment operates through digital wallet services, this means customersconnecting debit or credit card information to their Apple Pay app or corresponding linkpayment information to their Google account. Moreover, fintech companies such asPayPal and Klarna are offering online payment services. In the last years they havebecome a part of consumers’ shopping behavior throughenabling flexible paymentswithin online shopping and mobile payment behavior. In comparison to Paypal, in orderto pay via Klarna customers can use the usual data for their online banking and anauthentication method of choice. Customers can decide between direct payments as wellas post-purchase payments. With Paypal you need to create a virtual account that

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Term
Fall
Professor
NoProfessor
Tags
PayPal, A C Financial Services

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