Payfone’s CEO Talks Digital Identity and the Trust Gap at Data Disrupt 2018
October 19, 2018
“Trust Will Reshuffle the Fortune 500”: Payfone’s CEO on Digital Identity and the Trust Gap at Data Disrupt 2018
Why is it that you can walk into a bank branch and deposit a $10,000 check, but you’re limited to $2,500 or even less when you’re depositing a check on your phone? Payfone CEO Rodger Desai explained the significance of this discrepancy between the digital world and the real world recently at a panel discussion entitled “Fighting Fraud with Fire” at Data Disrupt 2018:
“At Payfone, we define that as the Trust Gap,” Desai said. “There’s a gap between where digital wants to get to and where the real world actually is. And at the end of the day, there’s so much at stake when it comes to who gets trust right. To us, trust is the KPI that’s going to drive the reshuffling of the next Fortune 500. Companies that figure out how to trust more people online and transact with them quickly are going to get more share than those who don’t. Part of that is the shift from being process-oriented to being customer-oriented.”
“We believe that 97% of transactions are good, but today, companies are forced to treat 100% of customers with suspicion,” Desai explained. “By providing the trust needed to welcome more of that 97% with a VIP experience rather than forcing them to prove who they are via cumbersome, costly, and oftentimes ineffective fraud prevention processes, Payfone helps companies gain a competitive advantage.”
Desai also provided insight into how Payfone overcomes this Trust Gap in a unique way by leveraging the same technology that allows you to make phone calls and send texts on your mobile phone without having to log in or use a password, and bringing that seamless experience to the web and to call centers:
“At Payfone, we took many of the good things happening in the phone world and brought them to the web. A simple example of that is that whenever you use your phone, it’s the only digital service you don’t have to log into. A few weeks ago, I went to India and my phone just worked [without requiring a login]. Before that, I went to Spain and it just worked. So the phone world has figured out how to create an experience in which the consumer is not involved in authenticating themselves.”
“So our notion was why can’t the rest of the web work that way? Why couldn’t I go, instead of to Spain or to India, to a bank website or a retailer website and the same way phones identify themselves when you travel physically, why can they identify themselves when you travel digitally?”
If your company is looking to gain a competitive advantage by being able to trust more of your customers in digital channels, Payfone can help.
Payfone’s technology helps companies:
1. Improve Customer Experiences: Drive engagement by treating customers to a more seamless and convenient experience across digital channels (mobile app and web, PC web, and call center) by replacing antiquated fraud prevention processes such as Knowledge-Based Authentication questions and SMS one-time passcodes with passive mobile encryption-based authentication.
2. Determine the Trust of an Interaction: We analyze and synthesize dynamic digital signals into a Trust Score that helps companies protect customers against SIM swap fraud, porting scams and other types of account takeover fraud.
3. Reduce OPEX: Dramatically decrease OPEX spent on antiquated and ineffective fraud prevention processes so that it can be shifted towards enhancing customer experiences.
View the full video of “Fighting Fraud with Fire” above for more insights on digital identity and digital trust from Rodger Desai and the other distinguished panelists (Dan Abelon, Partner, Two Sigma Ventures; Marcel Arins, President, International, Neoway; Mark Gazit, CEO, ThetaRay and Sunil Madhu, CEO & President, Socure).
Many thanks to Ariel Boyman, founder of DataDisrupt, for inviting Rodger to participate in this informative panel. For more information about DataDisrupt 2019, click here.