In the past decade, fintech solutions in the B2C space have been met with great success, with the likes of PayPal, Square, and Stripe having risen to positions of great prominence.
However, despite their great success and innovation, fintechs had yet to extend their reach to a particularly difficult nut to crack:
Specifically, Discover had pinpointed a bottleneck that was severely hampering their plans for growth into new markets. Their onboarding, invoicing, and administrative processes for partnering with new suppliers and buyers relied on outdated procedures that required manual intervention at vital touchpoints.
Discover Card found that payments, invoices, and money movement were taking too long to process. This impeded both Discover’s ability to collect payments in a timely manner and their customer’s ability to issue payment methods to employees, send and receive money, and manage their accounts.
To remedy these problems, Discover desired to modernize their existing systems. By automating and transforming legacy processes, they could streamline speed bumps across all vital procedures and cut down significantly on sales cycles, increase customer retention, and enter new markets.