Banks Are Making Lost & Stolen Credit Card Processes Simple — Here’s How

David Abbou

Lost or stolen credit cards are a common occurrence encountered by banks or financial institutions, most of which have already established a process to help customers report these incidents.

But what in many cases starts out with a simple call from the customer reporting that they’ve lost their credit card can often evolve into disputed charges that require them to send supporting documents, or even escalate to a fraud investigation — and it’s the gaps between these scenarios that can further complicate and potentially frustrate the process for that customer.

That’s where ensuring customers are taken through a quick, simple and convenient process can make the difference between a happy, loyal customer and one full of pain and friction.

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Lost & Stolen Credit Card Reports Getting Lost Amidst Digital Silos

Customers initially contacting their bank regarding a lost or stolen card often are simply looking for a replacement to a damaged card. Other times, transactions have already been made on a misplaced credit card and could require a fraud investigation or that customer going through a dispute process.

These situations often do overlap with another, and often add steps to the process for the customer that involve multiple departments. Despite their best efforts to digitize workflows and make banking processes more efficient — different banking departments often use different customer-facing solutions, as well as multiple solutions for major stages of the customer journey, such as ID verification, e-signatures, eForms, and document collection.

The problem? These standalone systems are disconnected from one another and the resulting customer-facing process is anything but digital. Multiple verification steps and forms needlessly add unwanted errands for customers by bouncing them from contact center calls, to their email, to the branch… all just to clear up the issue and receive a new credit card.

Legacy Processes Make Simple Lost Credit Card Issues Complex

Not having one digitized process in place to guide customers when reporting a lost or stolen credit card forces banking customers to work outside their preferred channel of choice.

For example, take a customer who realizes they’ve been wrongly charged for a purchase. They’ll first connect with the bank either on the phone or via their website if they find the right page and form to fill out to report their dispute. Typically, this customer may speak to an agent at first to explain why they were overcharged and by what store, or a digitally-savvier customer will prefer to simply report it online from their banking site or app.

If a dispute arises regarding specific transactions, there’s usually another form for that too, and it’s typically sent in PDF format — many of which are cumbersome and uncomfortable to read and fill out by customers who are often on their mobile or tablet. Whether they want to or not, most customers will feel compelled to print the PDF form and fill out manually. Then look for a solution to scan forms, receipts and other supporting records and email them back to the bank.

These outdated and inconvenient legacy processes add major friction to multiple parts of the customer journey, while wasting time, resources for staff who need to track paperwork instead of focusing on tasks that have a net positive benefit.

Here’s just one of many scenarios that customers reporting a lost or stolen card commonly go through during their process with their banks or financial institution:

Finally Found: Faster Resolution Via Digitally Complete Banking Journeys

For banks and financial institutions to finally free themselves from these digitally incomplete journeys, digital silos and legacy processes have to make way for innovative approaches that can make entire banking processes digital.

A Digital Completion solution allows banks to lose the multiple software solutions and legacy processes that get in the way of fast resolution and quick completion rates by integrating all customer interactions with the bank. Integrating all eForms, eSignatures, ID verification, and supporting documents into one seamless digital customer experience lets customers complete all of these steps using the digital device that’s most convenient for them.

Customers can sign forms without having to download eSignature apps for a one-time occurrence, nor do they need to print and scan forms, or attach photos of supporting docs or identification to an email just to share them with their bank. Instead, they can snap a selfie right from their smartphone camera and have it automatically added to the mobile session while being able to ask any questions to a live agent assisting them all along the way.

The results of turning complex and time-consuming experiences for customers into real-time, integrated ones? Speedy turnaround times, faster resolution and satisfied customers — who gain peace of mind and trust when they can get a new credit card issued with minimal hassle and are put at ease by being guided swiftly and effortlessly by their bank from beginning to end.

Banks and financial institutions have already started reaping the benefits of Digital Completion technology, and achieving:

  • 67% Faster Resolution
  • 25% Increased Completion Rates
  • 60% Fewer Touchpoints

 

Streamlining lost or stolen card reports for banking customers lets banks speed up resolution of these processes immensely and boost trust with their customers, strengthening the relationship and unlocking opportunities to higher lifetime value and profitability.

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