Reference no: EM133975004

Question: Develop Fintech needs for a business. This is the Empathize step of the Design Thinking framework. Here, you put yourself in the client's shoes and learn about their needs. Identify a business from your network or visit a local business in your neighborhood. Introduce yourself as a student researcher learning about Fintech payments. Describe what you are learning about Fintech and inquire about their willingness to help with your school project, if they are using Fintech products/services, why (why not), their business input, operation, and output, their customers, growth plans, and challenges. Your learning objective is to assess the Fintech needs of a business. [Instructions: Use "A2 Template" for this assignment. The template is in the "Class Resources" folder in D2L. There is a 50% penalty for not using the template.]
Describe the business you selected and interviewed.
Business name
Worldpay
Describe the primary products/services of the business
Worldpay provides payment services that enables them to accept payments domestically and internationally.
Describe the interview setup (at the office, in Teams, etc.).
The interview was conducted during a lunch meeting in Atlantic Station
Describe the person(s) you interviewed. What is the job role of the interviewee? What role in making decisions does the interviewee have in the company's Fintech products/services? Enjoy trusted, budget-friendly assignment help from today onward!
The person I interviewed is Ericka Sampey, a Senior Fraud Detection Analyst. Ericka's role involves reviewing transactions that flag for potential fraud. Once flagged, a review is completed that includes reaching out to the business to uncover details. The goal is to determine if the transaction is a risk not only to the business but to Worldpay as well.
Research and write what the Design Thinking framework says about the Empathize step.
Empathize is the first step in the Design Thinking process. This step is used to develop an understanding of the problem you are trying to solve. Empathy allows businesses to focus more on the needs of your clients rather than internal assumptions. This step is crucial to business development and problem solving.
Empathize 1 - views from the perspective of the business you interviewed. Write what you learned about their Fintech products/services, customers, and competitors.
What are the company's primary Fintech products/services, and how are they used in the business operations?
The primary Fintech product Worldpay offers is merchant services, which allows business to accept payments for goods and/or services.
Who are the company's customers and what is the role of Fintech products/services in their customer interactions?
Worldpay's customer base is mostly small businesses, but they have relationships with larger corporations as well. These were not provided in the interview for privacy reasons.
Who are the company's competitors and what is the role of Fintech products/services among competitors?
Some of Worldpay's competitors would be Stripe, PayPal and Square. These companies also provide merchant services to clients and in many cases the competition is centered around pricing, fees, and fraud prevention.
Empathize 2 - views from the perspective of the business you interviewed. Write what you learned about how Fintech products/services are used in their business. Discuss in terms of the business inputs, processes, outputs, growth projections, and performance improvements.
Describe how Fintech products/services support the input, process, and output of the business.
The FinTech product examined is merchant payment processing with built-in fraud monitoring. The inputs include customer payment information such as card details, transaction amounts, and basic transaction data submitted at checkout. These inputs move through automated processes that include transaction authorization, fraud checks, and risk review. The outputs are approved or declined transactions, settlement of funds to the merchant, and transaction reporting. This service supports business operations by allowing payments to be processed quickly while reducing fraud risk and limiting the need for manual review.
What are the company's growth projections, and what role do Fintech products/services play in the anticipated growth projections?
Growth for this payment and fraud-prevention service is driven by increased use of digital and online payments. As more transactions are processed electronically, FinTech tools allow the service to handle higher volumes while maintaining security and reliability. Scalable systems and automated fraud tools support continued use of the service as transaction activity increases.
What are the company's plans to improve performance, and what role do Fintech products/services play in the planned performance improvements?
Performance improvements for this service focus on improving speed, fraud detection and accuracy of approvals. FinTech tools such as real-time monitoring and data analysis help reduce false declines and improve the overall payment experience. These improvements support both merchants and customers by allowing legitimate transactions to process smoothly while blocking fraudulent activity.
Empathize 3 - views from the perspective of the business you interviewed. Write what you learned about innovation in their sector, opportunities and challenges, and a Fintech vision.
What are the Fintech innovations in their business sector, and what role do these innovations play in the company's business processes?
FinTech innovations related to this service include real-time payment processing and automated fraud monitoring. These innovations allow transactions to be reviewed and approved quickly while continuously monitoring suspicious activity. This reduces delays in payment processing and strengthens security for merchants and customers.
List the Fintech opportunities and challenges in their business sector and describe the anticipated impact of these opportunities and challenges on the company's business processes.
Opportunities for this service include continued growth in online payments and improvements in fraud prevention technology. Challenges include increasing fraud attempts and the need to keep systems updated as payment methods and regulations change. These challenges affect how efficiently and securely payments are processed.
Ask about their Fintech vision and write what you learned. Note: write their answer and your reflection on how their vision helped you further understand the client's Fintech product/service needs.
In the interview, Ericka explained that the vision for this payment and fraud prevention service is to provide secure and reliable transactions that are easy for businesses to use.
This response helped me better understand that the service is designed to support everyday payment activity while protecting both merchants and customers from fraud. It reinforced that security and simplicity are key goals of the product.
Research. Write a research question on the Fintech sector's customer/competitor behavior, business processes, and innovations.
Based on what you learn in this assignment, write a research question on the Fintech customer's/ competitor's behavior, business processes, or sector innovations.
How does Worldpay's payment and fraud-prevention technologies influence customer behavior and competition in the payment processing industry?
Write a 30-50-word annotated bibliography for three references that serve as the literature review for your research question.