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Infographic: 3 Ways to Grow Your Business and Why Customer Protection is Essential

3 Ways to Grow Your Business 1) 2 3 FI Increase the Number Increase Frequency of Customers Increase the Number of Units Sold of Purchases •Work with existing offerings. • Make it as easy as possible for your •When you increase the customers and increase frequency, this is the result. customers to do • Develop a new offering. business with you repeatedly. • Streamline customer onboarding processes. • Add more value to •Use customer loyalty your customers. programs. In order to grow your business you must protect your customers Why businesses need security? To prevent fraud. 70% of organizations reported suffering from fraudulent activities in the past year. 39% of organizations don't spend anything on preventing fraudulent activities. 40% of large organizations would void a transaction completely rather than undertake further checks on a customer. The typical organization loses 5% of its revenues to fraudulent behavior each year, amounting to an annual %24 total of nearly $3.7 trillion. However, the more security measures organizations implement, the more false alarms and customer disruption. A survey found that nearly 4 out of 10 frequent credit card users have experienced a credit card fraud alert -- a transaction blocked or questioned by their credit card company because the purchase triggered a fraud alert. 2 out of 3 affected credit card users said that some or all of the blocked or questioned transactions were actually legitimate purchases. Security mechanisms that are good at preventing online fraud when measured against convenience is an inverse relationship. Online businesses are responsible for lost merchandise and credit card chargeback fees that accompany fraudulent transactions. There may also be potential hits against a company's reputation when large scale fraud is reported in the media. As consumers become more aware of online risk they are more likely to take an interest in protecting internet transactions. 98% of banks believe they've lost deals and revenue from poor customer service during client onboarding, and many reported significant loss of new business for the same reasons. 88% of banks said that the onboarding experience had an impact on the lifetime value of the customer, so building strong processes is of great importance to the bottom line. KYC Due diligence or Know Your Customer (KYC) processes was ranked as the most painful area of onboarding (But with IDology's solutions, it doesn't have to be!) A huge challenge is data collection while maintaining customer experience as part of KYC due diligence. IDology's Fraud Solution helps organizations strike a balance between security and convenience. You gain multiple opportunities to approve a customer, which increases approval rates and allows the legitimate customer easy access to your products or services. Good customers are passed and move forward without any friction - while those that require increased verification are escalated and approved. Transparency that gives you the ability to evaluate risk and then dynamically make a decision based on your business criteria. Layers of Security Good customers Escalate only Gain increased no friction - increase friction Automate the when needed confidence and processes. based on risk. minimize fraud. based on risk. Sources: 22NAF14 İDOLOGY ENationalPositions Profitable Internet Marketing

Infographic: 3 Ways to Grow Your Business and Why Customer Protection is Essential

shared by InfographicMarketing on Sep 05
Protecting your customers’ data and deterring fraud will help you bring in more customers and move more product so your business can continue to grow. Check out the below infographic for more details!


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