The experience of fraud can be so jarring that it frequently causes individuals and businesses to completely change their financial practices. In three out of ten cases of fraud, according to one study, a customer will leave their financial institution.
When customers experience fraud, no matter where or how it occurs, their future behaviors are changed. The fraud threat landscape is evolving, and the competition within financial services in particular is broadening. As a result, financial institutions must seize opportunities to become a trusted resource for their customers and optimize the customer experience (CX).
This experience-driven age requires faster fraud prevention — predicting fraud before it happens and safeguarding the customer journey across every touchpoint. However, establishing competitive differentiation while elevating the customer experience isn’t an easy task.
According to a recent Javelin Strategy & Research study, banks face many challenges, including declining customer loyalty, an emergent fintech market and eCommerce platforms that continuously inch toward providing competing financial services. Ensuring a positive CX makes the difference in whether financial institutions can keep the customers or lose them to the competition.
CX and Payments Modernization
Momentum in…
