The future of e #payments industry: How managing #risk can drive #growth
Key insights from McKinsey & Company report
four areas #payment firms can focus on to gain a #competitive edge.
1. Strengthening #risk processes to maintain #regulatory #compliance
2. Fighting #fraud while enhancing the #customerexperience- consumers expect that payments providers will protect—and reimburse—them when fraud occurs. As a result, #fraudprotection has become critical to ensuring payment system integrity, managing the customer experience, and protecting companies against #reputationalrisk
3. Building #operationalresilience to prevent #failures- #disruptions from externalities, such as #cyberattacks, to internal failures, such as outages, could result in heavy #financial and #reputational costs.
4. Improving #credit and collections processes to address a new normality
#digitalpayments #fraud #cx #banking #fintech #finserv #riskmanagement #regulation #regtech #ai #ml #kyc
