Whether you’re a lender, a
bank, a telco, or coming from any other industry, fraud is likely top of mind as you onboard new
customers. Each
customer has a certain level of inherent risk, and most companies, when mitigate that risk, end up adding new controls that amount to additional layers of bureaucracy and paperwork to the process.
Unfortunately, many of today’s risk processes happen outside of the Salesforce environment and slow and frustrating. This results in ever-longer onboarding cycles, poorer data sync and higher
customer likelihood of abandoning the interaction and fraud exposure. This antiquated multi-system allows fraudsters to slip through the cracks, and hurts efficiency and CX.
Yet there’s great news for Salesforce
customers: It’s now possible to collect
documents, forms, and ID from new
customers from one mobile environment. The best part is that this takes care of both concerns: fraud and the heavy paperwork that comes from attempts to prevent it
Today, Fraud is a valid fear, but companies don't have effective and efficient ways of combating it
Fraud is the word on everyone’s lips across verticals. According to Experian,
72% of businesses cite fraud as an increasing concern over the past 12 months. And these concerns are very much based on the stark reality: 63% of company executives report the same or higher levels of fraudulent losses during that period.
It’s not just
businesses who are worried about protecting themselves from fraud: so are the end users. 27% of
customers who abandon any
business transaction do so due to lack of visible security (crucially, the report finds that another notable reason for abandoning includes too much information required for account setup).
The report acknowledges an important dilemma that modern
businesses face: “Perfect fraud prevention cannot come at the expense of happy
customers.” Yet a majority of
businesses (67%) say a fraudulent transaction that isn’t detected is more costly to their
business than a legitimate transaction that is falsely declined.
Therefore, it’s little wonder why companies are increasingly upping the ante when it comes to introducing new securities measures, such as lengthy terms and conditions, numerous forms, and various proofs of
identification.
Mitigating Risk Through Additional Paperwork Loses Sales
Yet those barriers to fraud are increasingly becoming barriers to doing
business.
Customers are living in an on-the-go world, where they can get practically anything done with the swipe of a mobile phone. Yet when it comes to onboarding, they are often forced to track down hard copies of various
documents, sign, scan, and upload
signatures, and bounce between multiple channels such as fax and email.
Frustrated
customers are a real liability for
businesses, as they are at far greater risk of abandoning the sales process. Research shows that 60% of
lost sales is due to poor CX. Broken digital journeys, too many touchpoints, and time-consuming paperwork all feed into it.
Preventing fraud and providing a great CX can go together
A streamlined digital solution to close deals
Lightico for Salesforce enables
customers to complete all aspects of their contract through a pre-populated form received through a text message, while an agent assists them over the phone in real time. Instead of
customers getting bounced around from channel to channel, all these actions and tasks get streamlined, allowing the interaction to be completed within minutes.
No matter how many
documents and forms are needed,
customers never have to leave their mobile phone. Do they need to send ID? Have them upload it to the Lightico session. Need to verify it’s really them? Have them take a selfie and get it verified in 8 seconds. How about read terms and conditions? They can just scroll through it on their phones. Do they need to provide a
signature? It’s as easy as a squiggle of a finger on a mobile phone.
But also a secure digital solution to prevent fraud
Lightico’s mobile environment has a number of features specifically designed to prevent consumer fraud — all designed with an eye on maintaining efficiency. Here are the main fraud-busting capabilities:
- Verify ID and collect supporting documents: Verify identity and collect documents in real time to ensure KYC compliance. Multimodal face matching with a selfie verifies that the customer on the call matches the ID they provided. AI-powered forensics technology works to detect counterfeit ID. And all this happens in just eight seconds.
- eSignature and eForms: Instantly sign legally binding documents during a call.
- Instantly collect PCI-compliant payments: Say goodbye to over-the-phone payments, along with risky IVR and web redirects. Lightico enables customers to complete payment in a secured mobile environment without the need to reveal their PII to agents.
A Native Salesforce Solution
Lightico integrates seamlessly and is native to the Salesforce AppExchange, with no additional installation required. It allows companies to complete all
customer interactions in real time to both increase deal turnaround time and prevent
business-damaging fraud.
With
Lightico for Salesforce, there is no need to leave the familiarity of the Salesforce environment. You can start a Lightico session from any object or custom object, including accounts, contacts, and leads. Moreover, all forms and
documents collected are reviewable right in Salesforce, and are archived in the CRM for easy auditing access. Keeping all your transactions in one secure place makes it painless to prevent fraud and stay compliant.