With COVID-19 creating uncertainty and market volatility around the globe, financial institutions (FIs) are feeling the strain on their payments business:
- Slowing customer spending and global payment-revenue growth is expected to cost the payment industry $165-210B in 2020 revenue (McKinsey & Company)
- Payment revenues are being compressed by near zero interest rates, card payment defaults, a reduction in high interchange fees and significant drop in POS volumes
- Payment fraud and cybersecurity threats are on the rise as fraudsters exploit the massive volumes of transactions and stimulus payments happening through mobile and online channels
- Customers are pulling back on non-essentials and adopting more contactless payments, digital banking and e-commerce transactions
Whether it is granting credit, facilitating payments or distributing government aid, banks and credit unions must figure out how to balance revenue concerns with unwavering customer support during these critical times. More than ever, customers are relying on financial institutions to ensure their banking and payment services are reliable, secure, and accessible when they need them most.
That is why INETCO is sharing tips on how real-time transaction data acquisition, continuous monitoring and analytics can help retail financial institutions balance revenue concerns with customer support.
This 45-minute webinar is for IT operations teams, card channel managers, payments fraud and cybersecurity teams interested in exploring how to:
- Improve stability of customer transactions – across all payment channels
- Roll out more online services and mobile wallet features without risk of service disruption
- Analyze and forecast the payments revenue and customer behavioral impacts of COVID-19
- Increase protection against fraud attacks aimed at exploiting the growing volumes of digital payments
- Reduce operational and support costs
If that’s you, you can watch the webinar on-demand here.
If you are interested in discussing how your financial institution can navigate the impact of COVID-19 while keeping customers happy, send us an email at email@example.com!