**London**: Weilynn Tan, head of Ecosystem Partnerships at North, discusses the evolving payments landscape, emphasising the importance of meaningful collaborations and a data-driven approach to managing partner relationships in enhancing customer experiences and driving growth within the FinTech sector.
The payments ecosystem continues to evolve through collaboration among various stakeholders, including FinTech startups, banks, and merchants. This interconnectedness is essential for meeting consumer expectations for seamless payment experiences. Weilynn Tan, who serves as the head of Ecosystem Partnerships and SVP of Product Integrations at North, highlighted the significance of partnerships in an interview with PYMNTS.
North actively seeks partners that bring innovative solutions aligned with the needs of both clients and merchants. “We look for partners who not only bring innovative solutions that align to the needs of our clients and our merchants but also align to the vision of making payments as seamless and value-driven as possible,” Tan stated. The emphasis on collaboration is likened to a nightclub environment, where Visa and Mastercard are the prominent DJs but the real interactions occur on the dance floor with various entities coming together.
Managing a multi-partner ecosystem is a complex endeavour. Tan pointed out the importance of adopting a data-driven approach to track engagement through metrics such as adoption rates, transaction volume, customer retention, and revenue. “Partnerships don’t really end when you sign the contract. It starts,” she remarked, indicating that maintaining regular communication with key partners is vital. This involves aligning on key performance indicators (KPIs) and assessing the ongoing health of relationships, thereby enhancing North’s partnership strategy.
Additionally, Tan underscores the value of the human element in collaborations, akin to personal relationships. “It’s kind of like the partnerships and relationships that we have as people. I take that personal approach to my work partnerships as well,” she said. This mindset reinforces North’s commitment to fostering strong, value-driven relationships despite the complexities of customer journeys that are often influenced by numerous touchpoints.
The foundation of North’s partnership strategy involves a rigorous vetting process aimed at identifying potential partners capable of enhancing the ecosystem and supporting continuous growth. Structured engagement is crucial, leveraging quality standards and performance metrics to align incentives and broaden total addressable markets. Tan explains the strategic integration approach at North, where flexibility meets structure. “Finding partner solutions that can help bridge those gaps of legacy systems is really important to continue growing,” she noted.
Tan offered insights into how North approaches integrations. In one instance, North incorporated a payments feature into an appointment scheduling product, elevating it from a basic function to a significant revenue generator. This contrasted with a simpler integration with a sales tax automation provider, showcasing North’s ability to navigate different complexities with tailored solutions.
As the FinTech sector has matured, Tan observed a shift towards strategic partnerships that focus on quality and meaningful impact, moving away from merely accumulating a high volume of partnerships. “The players who are key value-added services are really choosing where they want to place themselves for the most meaningful distribution and where they can get the most addressable market for the least cost,” she explained.
With the commoditisation of payment services, achieving and maintaining partner loyalty is increasingly challenging. Tan asserts that being a “really good partner” goes beyond financial incentives. It involves thorough preparation for meetings, consistent alignment on KPIs, and a genuine interest in understanding and supporting partners’ products. North also fosters loyalty through strategic value drivers, including co-marketing ventures, joint product development initiatives, and providing partners access to a broader network. “A big part of maintaining our partners’ loyalty is all of that, and making sure partners feel like they’re also growing with us and not just transacting,” Tan concluded, underscoring the importance of mutual growth within these partnerships.
Source: Noah Wire Services
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