OpenMarket – May 2, 2017
Picture this – it’s last orders at the local, and it’s your turn to buy a round of drinks for your pals. You pay by card and wait for the familiar churn of your receipt to print. Only… it doesn’t come, and after three attempts you turn away red-faced, knowing somebody else must foot the bill.
Only they needn’t. A second later, your phone buzzes in your pocket with a text asking you to confirm the transaction. One quick reply, and all is well in the world again.
If only it were that easy? Oh, but it is.
Combating fraud with SMS
Data analytics leader FICO is helping banking industry clients worldwide fight fraud by delivering ‘Empathetic Interactions’ – and all it takes is a single text message.
Recognizing the embarrassment, concern and inconvenience that declined transactions cause consumers every day, FICO sought a smarter way for its clients’ customers to verify their purchases.
Email? Too easy to miss.
Phone? Too time-consuming (not to mention expensive).
SMS? Perfect.
Powered by OpenMarket’s Mobile Engagement Platform, FICO set up an automated SMS solution linked directly to their bank screening system. The results were outstanding – not only did customers respond faster to out-of-hours contact, but satisfaction rates soared too.
One FICO client even reported a 35% reduction in overall fraud losses since using the text system, while others have been able to redirect talented contact center agents from handling routine calls to helping out fraud teams.
The empathetic verification
Understandably, some of FICO’s clients were initially hesitant to use SMS, for fear the messaging would seem intrusive and primitive. Fortunately, they didn’t take long to change their minds.
Looking at the 24/7 two-way conversations SMS enables between client and customer, it’s not an intrusion, but an empathetic interaction. A simple, intuitive act which can delight, surprise and improve the customer experience in equal measure.
For FICO’s clients’ customers, they’re no longer left at the mercy of contact center wait times, bank queues or roundabout verification methods. With SMS, they enjoy truly responsive, interactive banking.
Find out more: read the ‘Money Talks’ case study to learn more about how SMS helps FICO keep their customer’s informed around the clock, worldwide.