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To trust or not to trust is the ultimate question when it comes to online, card not present transactions. For e-commerce merchants and online shoppers it should be a two-way street. But far too often, a customer who should be trusted has a transaction wrongfully declined. This tarnishes their relationship with the merchant, the bank and the credit-card company, resulting in loss of revenues, interchange fees and most importantly, lifetime loyalty. The impact of consumer action in the face of a decline can have real and measurable effects on all parties, including credit card companies, banks and merchants manifesting itself in lost revenues, lost fees and lost customer loyalty. In fact, in a recently commissioned independent survey by 41st Parameter, a part of Experian, 17% of consumers surveyed had an online transaction declined. That equals about $40 billion lost each year due to false positives… $40 billion that could be reclaimed.

Increasingly Experian’s clients are questioning whether they are extracting full value from their data. There’s more data, more accessible analytic capability – there should be more value created. But this growing information asset needs to be harnessed by targeting it in the right way (generating the right insights) and having the processes to minimize the time from insight to action. Technology and techniques need to be aligned to efficiently capture, analyze and action customer insight in a concerted way, with the customer view at the center of this activity. Understanding customers’ current circumstances, and the challenges & opportunities they are likely to encounter, can help us establish what they need right now and predict their future needs. Identifying life event triggers, and effectively actioning these triggers, can help us ensure that we’re maximizing the customer’s lifetime value with the right communications, with the right content, at the right time.

Gone are the days when news of a data breach was shocking. Today they have become all too common an occurrence. One of the most concerning issues around breaches is that many consumers’ digital identities are based on a single email address or username/password. With stolen identity data in hand, criminals can submit fraudulent mortgages, credit card applications, even create fake credit cards, in the names of thousands of unsuspecting victims. Regardless of how the data is used, one thing is certain: breaches pose serious dangers to consumers, retailers and financial institutions. The need for customer-friendly fraud management is stronger than ever. A single layer of protection is simply ineffective as criminals are more efficient than ever in obtaining consumer identification details and compromising simple access credentials. While mobile technologies and the Internet itself have enabled consumers to have anytime access to their financial data, these advances are the very means by which criminals perpetrate fraud. And customer-friendly technologies and policies continue to outpace the controls and risk management.

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