Our recent webinar, co-presented with Forrester, and Chris Thomas, Experian’s Director of Fraud and ID in EMEA, highlighted the acute need for businesses to move beyond merely relying on known customer to a 360 degree understanding of customer behaviours, transactions and the contexts within which these transactions are made. This will enable organisations to move beyond just KNOWING their customers to really UNDERSTANDING their customers.
This approach creates a significant opportunity on two fronts. Firstly, it will help enhance a sense of knowing and trust with customers. These feelings are key drivers of loyalty and therefore will impact on overall customer retention rates and lifetime customer value. Secondly, as Chris discussed during the webinar, a deeper sense of understanding will enable organisations to adopt more customer-centric approaches to challenging issues such as authentication and fraud detection. Successfully balancing a positive customer experience with the need to manage risk remains a real challenge but one which can be successfully overcome through the acquisition of omnichannel behavioural and transactional customer data, the interpretation of this data with cutting edge analytics and then efficient management of the resulting decisions and supporting workflow processes using innovative technology.
Within the webinar, the audience were asked in a live poll to consider how their mobile fraud metrics compared with traditional channels. Significantly, 51% of the poll admitted that they lacked visibility of mobile fraud metrics, and when asked what was the biggest challenge they faced to incorporating mobile fraud management into their fraud prevention strategy, again almost half (45%) identified a lack of visibility of mobile traffic. The results paint a disturbing picture, because if organisations can’t understand the true scope of fraud, how can they develop an effective strategy to combat it without negatively impacting good customers?
A third live poll asked the audience to consider in which channel they expected to see the majority of growth in their customer relationships. It is no surprise that, given that we are now seeing the Millennial generation (those who have reached the age of 18 since 2000) assume primary importance as a customer group, that online and mobile web came out top at 69%. Interestingly, only 13% identified the Internet of Things (IoT) as a key channel for future customer growth.
Businesses need to meet the huge increase in customer expectation for a completely seamless digital journey while ensuring absolute security, and Experian has a range of resources to guide that journey. Visit our dedicated web page to access the webinar recordings and other useful resources.