Payment Ponderings - A GPC Blog

Data analytics has become an indispensable tool for businesses worldwide, and the financial institutions in the Caribbean are no exception. The region's dynamic economic landscape, coupled with rapidly evolving customer expectations, necessitates innovative strategies to stay competitive. By harnessing the power of data analytics, financial institutions in the Caribbean can unlock valuable insights, enhance decision-making, and create personalized experiences that drive revenue growth. Let’s explore how data analytics can be a game-changer for revenue generation in Caribbean financial institutions.

In today's rapidly evolving financial landscape, where technology continues to reshape the industry, financial institutions in the Caribbean and Latin America are increasingly turning to API integration and strategic partnerships to unlock new opportunities. By leveraging application programming interfaces (APIs) and forming collaborative alliances, financial institutions can expand their service offerings, enhance customer experience, and foster innovation. Let’s look at the benefits of API integration and strategic partnerships for financial institutions operating in the Caribbean and Latin America.

What is a payment processor and what should you look for when choosing one?

Large financial institutions (FIs) are historically not known for innovation in financial products or services, and before recent times, the financial industry as a whole, was known to be traditional and not very innovative. In fact, one could argue that the last great financial innovation was the credit card. However, necessity breeds innovation, as the saying goes. And as the financial crisis that began in 2008 hit, alternative financial instruments, methods of payments and a multitude of fintechs sprung up to address various financial needs and gaps in the network of payment services. Still, the inconveniences felt from users in the traditional banking system wasn’t quite enough to propel these alternative payment methods into popularity. Fast forward 12 years, and a global pandemic of unseen proportions accelerated the conditions for fintech growth and the drastic need for alternative payment options. Whilst banks were still considered trustworthy, the continued frustration in the banking operating systems, as compared to the upcoming tried and tested alternative payment options, propelled innovation in the financial sector.