A Strategic Partnership Built for the Future: Banking on World-Class CX
The banking and financial services (BFS) industry is experiencing an unprecedented transformation, fueled by the latest advancements in payment systems related to new technologies — from digital payments and wallets, contactless banking, and a range of credit offerings like buy now, pay later (BNPL), peer-to-peer digital transactions, cryptocurrency, blockchain, and more. With smarter ways to pay, consumers expect nothing less than a great customer experience (CX) at every touchpoint, where convenience, friction-less interactions, and safetyplay critical roles. This also necessitates improving customer servicing capabilities and operational infrastructure.
As with any BFS company, having a groundbreaking value proposition is key to earning the consumers’ trust. In particular, most of those companies in Latin America typically enter the market with a focus on solving customers’ key pain points, simplifying and enhancing day-to-day banking experience. The challenge, however, lies in keeping up with rapid growth and ensuring the customer is front and center as the partner scales their product offerings beyond the initial solution. This is where our partnership comes in.
Integrating payment and CX capabilities
Core business processes, such as customer onboarding, fraud prevention, transaction validation, and customer care, are foundational to expanding into new markets and building trust. However, they are not necessarily part of the initial strategy focus of fintech and payment companies. To further the “digital first” agenda, Mastercard, a global technology company in the payments industry, has partnered with Teleperformance to develop a solution for Latin American fintechs and payment companies that combines Mastercard’s payment capabilities with Teleperformance’s global expertise in CX, digital transformation, and back-office service flexibility. By enabling worldwide support and digital CX excellence, Mastercard can empower its users and elevate their satisfaction and driving digital payment adoption in the Latin American region.
With the industry evolving at an incredibly fast pace, coupled with increasing competition, there is undoubtedly a growing need for providers who know how to adapt to the speed of business, have the necessary expertise in banking and technology, and can drive innovation, operational excellence, and mutual trust. In other words, offering a world-class digital integrated business service offering, for end users will be part of the core value proposition that any successful financial services or digital entity must bring to the table. Being the partner of choice for leading fintechs across Latin America and the Caribbean, Mastercard focuses on propelling its fintech partners toward greater success. But for early-stage companies, the cost of hiring and servicing can be quite challenging. The partnership with Mastercard and Teleperformance will enable participating organizations to take the next steps in promoting innovation within payments while ensuring security and customer care.
With more than 30 banks, payment providers, and fintechs in Latin America and another 140+globally currently supported by Teleperformance, our partners can certainly bank on our tested and proven expertise. And with over 40 years of industry experience, our understanding of the needs of fintechs and beyond runs deep. More so, we are able to co-create effective customer journeys with our partners to ensure their essence and value proposition are transmitted in every interaction with their customers.
Accelerating digital economies, driving innovation
Payments support the development of digital economies and drive innovation beyond borders. So although Mastercard’s partner program with Teleperformance begins in Latin America, a global opportunity is definitely in sight. By leveraging Mastercard’s experience in payments alongside Teleperformance’s expertise in CX and back-office support in the banking, financial services, and insurance industry, fintechs and payment providers are better positioned to grow their business while still delivering on their core value proposition.
For more insights into the payments industry and the critical role of CX and Digital Integrated Business Services in this space, you may download the latest report from Harvard Business Review Analytic Services, produced in association with Teleperformance. This is just the beginning. We will continue this dialogue as we now roll-up our sleeves to work for our clients. Our insights will continue as we launch in our journey – together.