How Salesforce Customers Can Zero Consumer Fraud While Boosting Efficiencies in 8 seconds
By Leor Melamedov
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.
Start Completing at the Speed of Lightico
Instant eSignatures, Payments, Document Collection & More
The most helpful thing about Lightico is the fast turnaround time, The upside is that you are giving your customer an easy way to respond quickly and efficiently. Lightico has cut work and waiting time as you can send customer forms via text and get them back quickly, very convenient for both parties.
"Great Service and Product"
I love the fact that I can send or request documents from a customer and it is easy to get the documents back in a secured site via text message. Our company switched from Docusign to Lightico, as Lightico is easier and more convenient than Docusign, as the customer can choose between receiving a text message or an email.