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Tips to Help Financial Institutions Navigate the Impact of COVID-19 on Their Payments Business

With slowing customer spending and global payment-revenue growth expected to cost the payment industry $165-210B in 2020 revenue (McKinsey & Company), financial institutions are feeling the impact.

This whitepaper discusses the increasing importance of transaction-level data visibility, and provides tips on how the right combination of real-time transaction data acquisition, continuous monitoring and analytics can help IT operations, card channel managers, payment fraud and cybersecurity teams to:

  • Improve stability of customer transactions – Across all Mobile, Online, ATM and POS payment channels.
  • Reduce the risk of customer service disruption – During the roll-out of digital capabilities and mobile wallet features.
  • Strengthen detection and prevention of payment fraud and cybersecutity attacks – Aimed at digital payments and stimulus.
  • Analyze and forecast the payments revenue and customer behavioral impacts of COVID-19 – To acknowledge customer needs and preserve key performance indicators
  • Reduce operational and support costs – Through streamlined troubleshooting, consolidated tools and reduced false positives.