Whats unique about Shazam is that it functions as both a switch that routes financial transactions and as a card processor that authorizes on behalf of its bank customers. Where the industry is changing is in higher volumes of transactions because of micropayments or services such as iTunes, things that involve many more transactions, smaller dollar amounts and greater overall card usage, says Dooley. The only thing that keeps me up at night are the opportunities and how the industry is transforming from ATM and debit cards to paying for goods and services with a variety of media, whether its a contactless card, a cell phone, mobile banking through your Palm or PDA. Its no longer the same old payment processing and new media types are just starting to hit the marketplace.
As technology intercedes, its not so much heavy lifting as it is about having a sound strategy for integrating data in order to provide Shazams target audience with new services at a competitive price. Our core customer philosophy is to enable community banks, says Dooley. We want to provide them with the technology, products and services that allow them to compete effectively against the big banks and maintain customer loyalty at the most cost-effective price we can without compromising quality and integrity.