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AsiaPay focuses on improving strategy, back office support and service quality for credit cards, debit cards, other payment products.
An outline of each of these services is provided. These snapshots present an overview of the services, and we can provide more details about the services we offer.
Cards and Payments Strategy
In the increasingly competitive cards and payments industry, companies need innovative and creative strategies to grow their business further and stand out from their competitors. Payment products are often one of the key drivers of profitability. New products, services and delivery channels can increase revenue from credit cards, debit cards and other payment products significantly.
AsiaPay will work with the client’s cards team to assess the current strategy, positioning, product mix and delivery channels, and then work to enhance the strategies or develop new products and services for the business. From new products to loyalty programs and delivery channels, new programs or services will be designed to generate revenue quickly and drive customer preference for the client’s products and services.
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For brand new credit card start-ups, there are a variety of creative strategies and options for setting up a new payments business or loyalty program. AsiaPay Solutions will work with the cards team to set business goals, develop the cards product and establish the infrastructure to support the card launch. With AsiaPay staff having started up new card centers from scratch, and having consulted for new start-ups, we can assist with the full range of services. For new card centers we assist with:
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Cards strategy, project planning, resources & tracking
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Development of products, usage programs & loyalty programs
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Vendor identification, requests for proposal (RFP) and vendor selection
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Development of functional requirements & procedures for the card center
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Systems evaluation, selection, functional requirements & implementation
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Writing & implementation of policies & procedures
We can also work with the cards team to develop an implementation plan and turn it into reality.
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Business Process Review for Operations Process Improvement
Efficient operations enable high service levels that make it easy for the customer to do business, resulting in customer preference for the company’s card products and services. By conducting a thorough Business Process Review in a short period of time, AsiaPay can identify key gaps in performance and work with the cards team to develop an implementation plan to enhance the cards business.
AsiaPay Solutions uses a 3-step process to assess the cards business and develop opportunities for improvement:
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Review current data, processes and policies to assess current practices
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Analyze and observe actual processes in detail to evaluate opportunities for improvement
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Develop alternatives that will enhance efficiency, timeliness & service quality
The Business Process Review usually focuses on key back office processes including:
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Application processing & account set-up
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Account maintenance
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Embossing & encoding
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Dispute resolution (retrievals & chargebacks)
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Customer service (call center & correspondence or electronic channels)
The consultant will work with the Bank to identify the processes to review, and then undertake the 3-step process to analyze current practices and develop opportunities to improve business performance. .
The expected result is an Implementation Plan focused on enhancing business practices and process flows. The client can use the Plan to enhance operations processes and increase efficiency in order to improve customer service and the bottom line.
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Credit Policies, Procedures & Processes
Effective credit management is critical to profitability within the cards business. While credit losses are to be expected within the payments business, credit policies and procedures must ensure that risk is optimized for maximum profitability.
The consultant will review current credit policies and procedures, as well as the application of these policies and procedures in application processing and collections. The consultant will also review current MIS. The process for the project is expected to be:
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Review current policies & procedures to assess current practices
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Analyze and observe actual processes, including account set-up and maintenance, in detail to evaluate opportunities for improvement
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Develop recommendations to enhance credit management & efficiency
Evaluation of credit, behavioral or other scoring models will depend on the current status of implementation. The consultant can assist with developing the framework for setting up or enhancing scoring models. The consultant will develop and document opportunities to enhance credit policies, procedures and processes. The expected resulted is enhanced credit policies and procedures that better balance risk, efficiency and credit losses to optimize revenue.
Collections
In a time of rising delinquency and facing the threat of increased credit losses, banks must use effective tools & techniques for collections. AsiaPay will begin by evaluating current policies, processes and tools used for collections and how they are linked to the bank’s credit practices. Based on the analysis, the consultant can identify opportunities to enhance collections. Components of the project are expected to include:
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Analysis of the current collections policy and procedures
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Observation & evaluation of current collections processes & tools
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Development of recommendations for procedures, processes, systems parameters or other tools to enhance collections, as needed
The expected result is a more robust collections process that can improve collections results.
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Fraud Prevention / Risk Management
Managing fraud risk effectively is becoming an ever more important business imperative in cards and payments. While fraud risk can not be eliminated entirely, AsiaPay can help improve risk management by evaluating current processes and developing strategies to enhance fraud prevention. The project is expected to include:
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Review of the current structure, processes & procedures for risk management
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Analyze current processes, parameters & performance
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Evaluate fraud analysis reports, software and other fraud prevention tools
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Review card center physical and data security
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Develop opportunities to balance and optimize risk
The review is expected to result in the identification of improvement needs and opportunities to enhance fraud prevention. The consultant can then work with card center staff to develop and implement an Implementation Plan to make improve risk management.
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Merchant Acquiring Program
Merchant acquiring offers an excellent opportunity to increase profitability, strengthen relationships with corporate customers, cross-sell additional services and increase revenue. While acquiring is often looked at as a low-profit business, correctly structuring it can result in an excellent business opportunity.
AsiaPay will analyze up processes for acquiring and help the Bank to implement best practices to maximize revenue, manage costs, & compete effectively. The consultant will work with the card center to current practices and set up a framework for enhancing the acquiring business including:
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Strategy, marketing & sales
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Merchant application & credit evaluation
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Terminal set-up & authorization processing
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Customer service & the call center
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Fraud prevention & chargebacks
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Clearing, settlement & payments
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Statements, reporting & MIS
The consultant will work with card center staff to develop an Implementation Plan. Staff can then implement it or work with the consultant on implementing best practices in each segment of the merchant acquiring process. The expected result is more efficient and effective acquiring practices that can increase revenue and optimize risk.
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Customer Service & Service Quality
High quality customer service is at the heart of a successful consumer services company, and increasing the quality of customer service management can yield immediate benefits. Customer service delivery channels include the call center, mail, fax, email, SMS, in-person and in-branch customer services. Managing service quality effectively can directly improve the bottom line.
AsiaPay can help the Bank enhance its customer service delivery and quality through:
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Observation and evaluation of current customer service delivery channels and practices, including the call center, correspondence and other channels
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Evaluation of current service levels standards & results
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Recommendations to enhance customer service delivery policies & processes
Customer service consulting projects are expected to result in recommendations for better management of customer service that in turn improves service quality, enhances competitive positioning of the Bank, and increases revenue. The client can implement the recommendations, or the consultant can assist with implementation.
In addition to working to enhance customer service, AsiaPay Solutions helps companies develop a comprehensive Service Quality Program. Implementing an effective Service Quality Program can create preference for a financial institution’s products and services. The consulting is expected to include:
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A service audit that evaluates current practices
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Development and implementation of a service quality measurement program to set standards, measure service levels, and implement improvements
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Low-cost, highly effective customer surveys that result in action items
While developing a Service Quality Program sounds straightforward, the reality is that setting up an effective program is a complex process that requires knowledge of service processes, cross-functional commitment, and detailed analysis of current practices. AsiaPay Solutions will use its experience to work with the cards team to assess current service levels, and then develop programs to measure service levels and customer satisfaction regularly and effectively. Development of a Service Quality Program is expected to result in effective management of service levels that in turn improves the company’s competitive positioning, creates customer preference and increases revenue.
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Implementation Support
The consulting programs are designed to evaluate current practices, identify opportunities for improvement, and set up an Implementation Plan. The Plan will detail the changes to be made, staff to work on the projects and target dates for completing specified tasks. The key to achieving results is implementation. Some companies prefer to undertake implementation themselves. Alternatively, AsiaPay can help the card center to implement change and achieve the results through a combination of remote or on-site report. By engaging AsiaPay Solutions, the card center can also have support on call so that issues can be resolved more quickly.
The specific type of support will be tailored to meet the client’s needs. Options include:
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Follow up on the Implementation Plan regularly to ensure implementation is on track, answer questions and overcome bottlenecks to ensure faster and more effective implementation
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Review results and documentation, provide alternativesand assist with ongoing program development
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Development of process flows, training programs, FAQs and other documentation or collaterals
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On site workshops, training, process reviews & support
If the bank needs on site support, AsiaPay staff can visit at mutually convenient times. The specific content of the support during the visit will depend on the client’s requirements. Alternatively, AsiaPay can provide support regularly through a combination of conference calls, emails and follow-up on action plans.
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