Financial services organizations know they must provide high-value digital customer experiences and prevent fraud. Digital applications and automated underwriting have leveled the playing field when competing for new customers. Based on feedback from financial services executives and managers, they’re prioritizing investments in fraud detection without introducing unnecessary friction, including:
- 58% ranked digital product origination and onboarding as their top customer experience priority
- 60% identified removing friction from the customer authentication experience as their biggest overall pain point while authenticating customers
- 54% stated false positives carries more weight when calculating fraud cost
The TransUnion Financial Services Digital Trends: Combating Fraud and Improving Customer Experience report provides benchmarks and insights into how industry peers view these challenges. And what they’re doing to reduce customer experience friction and improve fraud detection during the authentication process.
