During the last week of October, Payfone was onstage multiple times at Money 2020, one of the largest conferences where the financial services industry congregates to connect and create the future of money. During the event, we had a chance to engage with our customers, meet with partners and new prospects, and take part in key industry conversations. Payfone’s CEO, Rodger Desai spoke with industry leaders in two fireside chats about relevant topics – the customer experience, Pass Rates and Trust Scores.
Rodger joined Carol Juel, Synchrony’s EVP and CIO, to discuss the merging of physical and digital worlds to ensure fast and easy payments and the new ways the transformation of the payments industry will have on consumers and businesses. The discussion revolved around how trust is at the core of delivering fast, easy and secure customer experiences and the importance of pass rates. During this chat, Carol referenced Synchrony’s partnership with Payfone with complimentary shout-outs “Payfone is a shining example of how work gets done” and “the opportunity to work with Payfone brings trust to another level.” Thank you, Carol!
Rodger was joined onstage for a fireside chat with Mastercard’s Rob Carter, Director, Product Development & Innovation, Cyber & Intelligence Solutions, about “The Trust Gap” whereby approval rates of card not present transactions are 25% lower than card present transactions. The discussion revolved around this phenomenon that hinders the customer experience, stunts revenue and increases operating costs. Practices that enterprises can follow to reverse this Trust Gap were discussed.
PayPal Holdings Inc. and Synchrony Financial have been sparing about the details of a new credit card they plan to issue for PayPal’s Venmo peer-to-peer payment service, but on Monday a top Synchrony executive said the partners are counting on a key characteristic of Venmo to help market the new card.
Is your customer experience designed for the wrong person?
That’s the question that Payfone’s CEO Rodger Desai and Mastercard’s Director of Product Development & Innovation Rob Carter will explore in their Money20/20 fireside chat about an emerging economic phenomenon known as the “Trust Gap“. The session will examine how the fear of fraud has forced many companies to design their online journeys for fraudsters instead of customers, hindering the customer experience, stunting revenue and increasing operating costs. Desai and Carter will also break down some of the practices that Mastercard is employing to reverse the Trust Gap, and how other enterprises can follow similar strategies to create faster, frictionless and more fraud-free experiences for customers.
Tuesday, October 29, 3:05 PM – 3:25 PM
Tech Tonic, Expo Hall, Level 2, The Venetian
And don’t forget to visit us at booth K52 to check out our Trust Score demo and get your personal Trust Score!
The call center is one of the most challenging channels when it comes to balancing security with customer experience. Fraud methods that target the call center – such as ANI-spoofing and account takeover attacks – are on the rise, with 51 percent of financial service professionals believing that phone channels see the greatest number of ATO attempts.* At the same time, we all know how unpleasant it can be to deal with security processes such as knowledge-based authentication and PIN codes when dialing into a call center, and quick and easy user enrollment remains a top priority for 91 percent of call center industry leaders.*
The good news is that there is hope for brands looking to use technology to solve these issues. Payfone’s Call Center solution uses a sophisticated, multi-layer approach to authenticating call center calls and the identity of callers to prevent ANI-spoofing and ATOs while also delivering a frictionless experience to >90% of callers. Enterprises can alleviate security concerns by leveraging the Payfone Trust Score™ and call authentication for real-time porting and SIM swap intelligence and to prove possession of the phone dialing into the call center. The Fonebook can then be used to identify callers for an increased ANI-match rate that eliminates the need for KBA questions and contains callers in the IVR so that they can quickly service themselves instead of requiring human intervention.
Curious to see what other features make Payfone’s Call Center solution so comprehensive and to see how your current solution stacks up? Download our Call Center Authentication Checklist below for the most critical differentiators to look for in a solution.
TSYS unveiled a breakthrough authentication product today that delivers unprecedented real-time verification of customer identities to help companies combat synthetic and account takeover fraud. Called the TSYS Authentication Platform, the new offering leverages Payfone’s Trust Platform and Trust Score to verify that a customer is who he or she claims to be, which will enable enterprises to provide a frictionless customer experience while reducing application, transaction and account takeover fraud.
The TSYS Authentication Platform is available in Europe now and is expected to launch in North America in 2020.
Did you know that 38% of customers drop out of the onboarding process because of frustration with the serious amount of paper or the overwhelming volume of information required (Deloitte).
In a new episode of Money20/20’s Money Pot podcast called “Mind the Trust Gap: Strategies to Improve the Customer Journey“, Scarlett Sieber and Sanjib Kalita turn to our CEO, Rodger Desai, to uncover strategies that financial institutions can use to strike the proper balance between security and a great customer experience. Follow the link below to listen to Rodger’s insights on the “Trust Gap” and how overcoming it can help companies cut through the competition.
With nearly 111 million consumers using services like Airbnb, Uber and Freelancer.com daily, the sharing economy is booming more than ever before. And if you consider the sensitivity of the information, goods, services, and funds being exchanged, it should go without saying that the secure identity authentication and verification of users accessing these platforms is critical. But as a new report from PYMNTS shows, many sharing economy platforms are still using surprisingly weak identity verification and authentication methods that put consumers’ digital identities and data at risk.
Based on their survey of 3,585 consumers in early 2019, PYMNTS made the following conclusions about the digital identity authentication and verification techniques being used by sharing economy platforms today:
Based on PYMNTS’ data, it can be concluded that sharing economy platforms could solve these issues by employing the identity verification methods most preferred by their users (fingerprint scanning and personal questions) – but that would only be addressing one side of the experience vs. security coin. As numerous news articles show, fingerprint biometrics can be shockingly easy to hack and personal security questions have the same issues as passwords and email addresses – they’re notoriously simple to crack using information found or purchased on the dark web.
So what can sharing economy platforms do to both raise their users’ satisfaction levels and ensure that their data and identities are protected against fraud?
Passive identity authentication, an emerging technology that is already in use at many of the world’s largest banks, healthcare companies, and technology enterprises, would allow sharing economy platforms to authenticate users frictionlessly through their mobile phones without any action necessary on the part of the user. When compared to fingerprint scanning or personal questions, passive authentication is even more seamless, and is substantially more secure as the only way a fraudster could crack this technology is if they were actually in possession of the target’s mobile device (which is not scalable).
Passive identity authentication, such as Payfone’s mobile authentication tools, would enable sharing economies to leverage the same level of security used by large banks while also extending the best possible experience to their userbase.
The rise of mobile technology and automated platforms has led to more advanced self-servicing and convenience for consumers. Ironically, many of those same technologies also lead to more call center interactions and human intervention when customers are unable to complete transactions on their own, which causes frustration (long call wait times, annoying security questions to verify identity, and then having to re-verify your identity each time you are transferred to another part of the call center), as well as higher expenses and a decline in customer satisfaction.
Payfone CEO Rodger Desai recently joined a panel of industry experts from Infobip, Citi, and Amazon Web Services at Medici’s inaugural Inner Circle event to share insights about what companies can do to differentiate themselves with safer, faster and easier customer experiences and stay relevant in the digital age.
No industry is safe from the Amazon Effect or the Uber phenomenon or the WhatsApp moment, especially Financial Services. With consumer expectations higher than ever, brands are having to revolutionize the way they communicate with their customers. We are in the new age of omni-channel, omni-present communication that must respect the intelligence of customers and address their preferences. With technology like AI-powered chatbots leveling the playing field, companies must “meet” customers wherever and whenever they choose, without compromising on richness of context or trust and security. As FinTechs increasingly move away from disruption and focus on mutually beneficial collaboration with financial institutions, there’s a need for a platform-based approach to ensure that the end-customer’s experience is curated rather than confusing.
Make sure you have a platform that will grow with your company and orchestrate content in a plug-and-play fashion across all customer touchpoints and channels. Contact us to learn more.
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.