Consumers live moment to moment and organizations need to meet them every step of the way using insights to improve the customer journey.
Understanding the customer journey is key to meeting customer needs. Speed and agility enable companies to derive actionable insights from data to drive better business results. Data teams should consider redesigning existing technology stacks to focus on quality data to deliver moment-based experiences.
Here’s why it matters: Consumers live from moment to moment, and organizations need to meet them every step of the way. This requires adopting the right technology and platforms to do so, enabling organizations to engage with consumers at every step of their unique journeys. Analytics generated from quality data enables CX and marketing teams to understand what customers really want and how to engage them at the right time. Additionally, it can help organizations understand the pain points that frustrate consumers and distinguish the behavior of genuine users from that of harmful actors like fraudsters, thereby protecting customers.
However, a recent Forest The survey found that 61% of respondents said it was difficult for them to capture and make sense of digital customer data. Typically, this challenge stems from a handful of scenarios. For example, maybe an organization isn’t collecting enough data, or they don’t have the tools to understand it, or their team needs a better experience to analyze it. Each of these scenarios can delay getting the actionable insights their business needs to grow their business. When looking to fix this, organizations will likely switch vendors, but the main problem is a poor data pipeline.
Rather than collecting quality, usable data in real time, we find that organizations too often collect inaccurate or untimely data that doesn’t support the business with the speed or impact it needs. However you slice it, there’s a real financial cost to not understanding customer data, and it can impact downstream applications and decision-making. So, in today’s high-velocity, technology-driven climate, it’s critical that businesses invest in solutions and processes that help them make sense of their data – with scale and efficiency – and address key issues. such as fraud that create friction and add unnecessary costs.
See also: How digital trust can overcome the impact of fraud on CX
The cloud is the database
Instead of adding complex technology stacks downstream, data teams should first focus on implementing the right platforms to collect and analyze real-time data. Real-time data enables real-time data analytics applications, such as faster decision-making, increased business agility, faster detection of operational or internal issues, awareness of trends and market changes, etc. These platforms help businesses get insights at optimum speed, the competitive edge that modern businesses need.
The universal shift to cloud and infrastructure as a service has made businesses more efficient and provided the platforms to generate and use actionable data. Businesses need rich data sets to understand what’s happening on their systems, as well as a quick way to respond and respond. To properly store, manage and analyze this data with useful platforms, organizations are widely turning to cloud data warehouses.
According to Brandyoulook, the cloud data warehouse market is expected to grow at 31.4% annually over the next five years and reach a value of $39.1 billion by 2026. Indeed, data generation is growing at a rapid pace and businesses are capturing and creating more data than ever before. Cloud data warehouses are an affordable option while allowing businesses to continue to grow.
And as data capture increases, organizations need to make sense of it all and put data to work. This is how real-time, quality data generates insights that improve businesses and can be used to improve the customer journey.
See also: 3 Key Methods to Prevent Fraud in Fintech Startups
The customer journey requires real-time information
Cloud data platforms drive business efficiency as they are able to take data generated in the cloud in real time, analyze that data, and turn it into actionable insights for response and action. quick decision. This is essential for the customer journey.
Take fraud, for example. Protecting customers against online fraud and financial crimes is necessary to provide a seamless customer experience. In fact, we found that when surveying the fraud management industry, there is a significant amount of commentary about profiles and how to use them to limit losses from fraud. However, many solutions lack a complete and detailed profile for all users who interact on digital channels.
Effective fraud detection starts with knowing your customer and having identity and fraud detection systems in place. These systems, however, can interrupt the flow of the real customer’s day-to-day activities, which is commonly referred to as creating a false positive.
Organizations typically identify fraud based on indicators such as unexpected devices and geolocation, anonymous IP addresses, and failed login attempts, but fraud tactics are evolving. Traditional fraud detection solutions rely on identifying past fraudulent behavior, while advanced technologies build on this by distinguishing real customers from fraudulent customers in real time. A fraudster can easily obtain a user’s username, password, and account number, but user behaviors are unique and harder to imitate.
The benefits of behavior detection include:
- Behaviors can now be recorded (behind the scenes) and compared to detect fraud.
- Collecting individual customer behavior provides data to identify precisely who the customer is.
- Cloud-based fraud detection platforms can capture this data to provide seamless, continuous authentication, real-time business protection across all digital touchpoints, and reduce false positives through more accurate fraud detection. .
- Meanwhile, the customer experience remains uninterrupted and businesses gain more vital customer insights.
Fraud detection platforms offer these types of advances. They can capture real-time behavioral analytics of the entire digital journey to truly understand unique customer behaviors. These platforms can also provide real-time behavioral biometrics so that organizations can continuously authenticate users and identify suspicious activity, catch fraudsters in their tracks, and report unusual activity.
Ultimately, collecting the right data to understand customers and track activity in real time can stop criminals in the act, prevent losses from financial fraud, and protect both customers and the business. And since fraud can derail customer experience and business performance, fraud detection platforms can give businesses the boost in efficiency they need – and create that “speed of access to information” that drives business forward.