Did You Know? 88% of FIs Say Improving CX is Key Factor Driving Anti-Fraud Investments
July 17, 2019
Consumers are increasingly digital in everything they do. In fact, more than 60% of consumers of all ages log into their financial accounts at least once per week, with younger consumers showing particularly strong use and engagement with the mobile channel (Figure 1). As a result, banking and commerce transactions are rapidly migrating into the online and mobile channels.
Considering this overwhelming trend towards digital, it’s not surprising that improving the customer experience is the #1 consideration for the majority of merchants and FIs as they are contemplating new investments in fraud mitigation and authentication. According to a report from global research firm Aite Group, 86% of merchants surveyed and 88% of FI respondents indicated that improving the CX is a key factor driving their investments in anti-fraud technology (Figure 2 and Figure 3).
The same report highlights Payfone’s unique ability to enhance customer experiences by verifying identity securely and little or no friction on the customer’s end. The paper also shows how Payfone’s diversified signals deliver 73% higher identity verification rates.