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FICO World Preview:  Fraud and Customer Engagement

Banks are struggling to rebuild customer trust, and the odds seem stacked against them. Just today, another set of research, this time conducted in the UK by Ipsos MORI, showed bank customers to be a very dissatisfied lot. Fewer than half of the people surveyed said they are happy with their bank’s service.

This raises customer empowerment from a nifty buzzphrase to a cornerstone in the forward-looking bank’s charter and mindset. Giving customers their choice of communications and media is a massive differentiator, helping the customer to feel in control and, well, empowered.  And an empowered customer is shown to be more loyal, more receptive to use additional products and services, and more likely to recommend the organization to others.

Timely, effective, intuitive contact with customers who may be victims of fraud helps to reinforce brand strength and quality. Indeed, in one bank’s customer survey, the overall Net Promoter Score for customers was found to be higher for those who had experienced a potential or actual fraud attack on their accounts than those who had not – and a lot of that is directly attributable to the speed and care with which the bank contacted the customers.

At FICO World 2013 in two weeks, our session on “Fraud and Customer Contact” will explore a case study on how one bank has optimized their fraud risk management and customer contact strategies. In this and 10 other Fraud track sessions, you can see what the leaders are doing to fight fraud and improve the customer experience.

FICO World runs April 30-May 3 in Miami. Join us!

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