While the COVID-19 crisis has spurred a boom in e-commerce in Latin America, many other sectors are suffering from devastating losses due to lockdowns and other ongoing effects of the pandemic.
It seems almost inevitable that companies will have to reduce costs in the near term and in the future. Typically, companies pursue conventional tactics such as reducing the number of employees or cutting benefits. While these can work to deal with revenue shortfall, they don’t position the company well during the crisis—or in the future.
But if a company in banking or financial services opts to explore market intelligence as a way to reduce costs, it can not only save significantly in the short term but position itself to be successful.
In the video below, I look at several key strategies that companies in the Latam payments sector can implement:
- Payments processing transparency
- Cutting out middlemen
- Using chatbots and automated call centers
- Developing a new bank branch strategy
- Digital acquisition
- New rewards programs
- Re-segment cardholders
And much more. Please scroll down to view the video, which offers practical approaches for merchants, acquirers, payment service providers and issuers to strategically reduce costs so as to strengthen—not weaken—your company.