Don’t Forget, Big Data can be used for Fraud Prevention (in addition to CX & Marketing)
It’s great when you walk into Starbucks and the barista asks you “the usual?”. Then you notice they already had your frosted banana bread bagged and your grande caramel macchiato cup ready to handoff and be made. Ok, they’re usually too busy to do that, but it does happen sometimes. Now if you’re a Starbucks junkie like me, you have the app and the barista scans it when you pay. That is the beginning stage of data collection that Starbucks can use to give you targeted advertising to get you back in via Star Rewards, free coffee and other offers. Pretty straight forward eh?
Many organizations look for safe ways to collect data like this so they can help with targeted marketing offers for higher sales conversions, or to find and eliminate process pain points, etc. Financial institutions in particular are investing more than ever in ways to help personalize customer interactions and keep satisfaction high and churn low. While focus in this CX space is critical, some companies get tunnel vision and forget the other areas big data can help themselves and their customers.
Fraud for example, can be fought utilizing big data the same way consumer spending and purchasing is tracked. With 2017 online sales set to grow even more, fraudsters are finding more and more ways to commit crime. Exploiting in-store pick up for example. A growing number of US retailers offer the option to purchase and pay online, but avoid shipping charges via pick up from the local store. Normally online purchases are shipped to “trusted addresses” or verified against the billing address for the card used to pay. This process gets around that in most cases and allows fraudsters to flash the email confirmation to pick up the merchandise. It happens so quickly, by the time fraud is detected, it’s too late.
CIO’s/CTO’s should be asking questions internally about what data they currently have vs. attempting the daunting task of rolling out new initiatives that can be very costly and time consuming. Most companies already have a treasure trove of data, but they just need help piecing it together. With the right partner, companies can typically track things like geographical location, how customers access their services (mobile vs. PC) and even down to their login habits like average speed of typing user name and password, vs. login with Touch-ID & biometrics, etc. All of which can be used to throw up red flags for potential fraud.
Convergys can help you make sense of it all. Our team of data scientists can partner with you to review everything from omni-channel analytics to data loss prevention and protection. We embrace a culture of vigilance in best practice cybersecurity standards, partnering with you to maintain data confidentiality, integrity, and availability. With Convergys, you can feel confident and reassured your data is actively being protected.