In The Connected Economy’s Power Source – CEO Edition, Brad Wiskirchen, CEO of Kount, takes a deep dive into how the digital transformation has impacted the payments landscape and accelerated the need for effective fraud prevention. “In this evolving, digital-first world, any business that engages in digital interactions will have to find new solutions to help them get to know their customers,” he says. “This knowledge will require actionable data and transparent insights from solutions and partners like Kount.”
We have already seen the impacts of digital transformation. That’s because digital acceleration has advanced years in a matter of months, depending on who you ask. Digital experiences are key to business success in 2021 and beyond, and that success will require evolving payment transactions in the connected economy. In the rapid world of digital transformation, payments have the most potential to help businesses that are eager to improve customer experiences and deliver new innovations.
Buy now, pay later (BNPL), buy online, pick up in-store (BOPIS), mobile order-ahead, tap-to-pay and other emerging payment models are changing how consumers are engaging with businesses. For businesses, creating these omnichannel experiences will require an understanding of physical and digital identity trust data. Advanced artificial intelligence links these physical and digital data points in real time to deliver accurate identity trust decisions in milliseconds. Armed with this information, businesses can elevate customer experiences, streamline account creation and reduce fraud.
Fraud can occur at more places in the customer journey than the point of payment alone. In fact, fraud is likely to move away from individual transactions toward larger, single-effort opportunities. These opportunities include taking over business accounts at scale and depleting them of prepaid funds or other points of value. Despite the growing risks, it’s easy to overlook fraud and miss opportunities to use advanced data that can improve customer experiences.
Much like adopting new payment models, fraud prevention is a strategic business initiative. It’s not just about blocking fraudulent transactions, securing customer interactions and protecting businesses. It also includes providing frictionless experiences that can increase customer loyalty. The future of fraud prevention and secure interactions lies in establishing identity trust at every step of the customer journey. As a result, businesses can offer VIP experiences to good customers and stop fraudulent interactions long before the point of payment.
In this evolving, digital-first world, any business that engages in digital interactions will have to find new solutions to help them get to know their customers. This knowledge will require actionable data and transparent insights from solutions and partners like Kount. At Kount, we use the data that merchants create and leverage our artificial intelligence to help them keep up with a connected economy and grow their businesses.
Selected by EFXA