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

A whitepaper to help retail banks and credit unions balance revenue concerns with customer support.

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

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With COVID-19 creating uncertainty and market volatility around the globe, financial institutions (FIs) are feeling the strain on their payments business. 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. 

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.