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January 22, 2016

The changing face of Transaction Processing with various technological advancements

“We haven’t even begun to see just how many transactions are going to take place online” – Natalie Massenet

True. Isn’t it?

Today, organizations are functioning in an area, where information has become the major source of power to survive in a highly competitive and rapidly changing market.

The managers are supposed to access and analyze critical data and information quickly to make strategic and operational decisions, regardless of type and size of the business.

This is why, Transaction Processing System was introduced that proved to be one-stop solution to handling all the operations as well as security and hardware problems.

Transaction processing is a set of information that collect, store, monitor and process data generated from all business transactions online.

It is the spine of most information systems that needs to be handled efficiently to avoid errors and downtime, record results accurately and maintain privacy.

There are two types of transaction processing- Batch time processing in which the information is stored but not processed immediately (e.g. – invoice or checks) and Real time processing in which the transaction is processed immediately (e.g. withdrawal from a bank account).

Lately, many companies have realized that how many valuable insights they can derive from big data, with more than 30 billion devices being wireless by 2020.

According to a study, by embracing Transaction Processing System

  • 46% companies said they have experienced reduced processing costs.
  • 42% said it provides better visibility into the transaction life cycle.
  • 50% said it improved approval cycles to take informed decision
  • 44% said it increased on-time payments

The Importance of Getting Transaction Processing Right

Transaction processing jobs are generally the most critical ones runs by an organization. Of course, no hotel wants to give its business to the competitors just because the online reservation system is unavailable. No bank wants to risk its reputation by being associated with ATM’s that run out of order. Hence, it is essential that TP systems should run on the most robust platforms.

Thus, those who want to take note of opportunities to make the most of TP systems and live up to the expectations of their valuable customers, here’s how to take step forward:

Rise of Mobile Wallet Use:

The adoption of mobile payment solutions has seen a tremendous growth in the last couple of years. Gartner, a leading technology research company shows that this trend will increase by an average of 35% annually by 2017, with more than 450 million mobile payment users globally. Hence, a significant amount of teamwork needs to be done between retailers, technical experts and electronic payments processors.

Hybrid Systems:

With hybrid system, the end users is bound to receive cost-effective solutions whether in general transaction processing or complex database queries. It provides the ability to manage resources for the diverse applications as one logical entity.

Documentation through Biometric Data:

As hackers or data are getting more refined in their work, use of biometric payments (fingerprint scanning and voice recognition) has become widespread with consumers. It offers a great deal of security because of their personalized nature.

Inclusion of Retailer Reward Programs:

Many brands like to return love to their customers in the form of incentives or discounts through different robust rewards programs. For this, data will be collected on the basis of purchasing habits, whether people use debit or credit card processing services.

Procuring third-party Support:

A third party services supplier ensures a single point of contact and eliminates the problems that usually occur when dealing with multiple service providers. Apart from serving high quality services, third party vendors reduce costs as much as 60% as compared to original equipment manufacturer.

Have you been following latest trends in Transaction Processing?

Do you think we left something to cover?

In any case, share your insights in the comments section below.

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