OpenMarket – June 13, 2016
When Real Time Communication Matters: The Impact of When Cards Are Declined
In conjunction with research firm Javelin, we recently created a new infographic highlighting how financial institutions (FIs) can engage with the two most profitable, tech-savvy customer segments.
We identified how SMS impacts the customer journey when a credit card gets declined. While it’s an unfortunate scenario, it’s also a very common one—one in six cardholders experienced at least one declined card due to suspected fraud in 2014, according to Javelin. Through the infographic we follow two different types of shoppers—one where their FI is using OpenMarket SMS, and one without. Their paths start out the same, but quickly turn in very different directions, all thanks to the benefit of real-time communication.
When the shopper whose FI is without the instant-access technology of SMS experiences a declined card, they are stopped short in their customer journey. They must spend time locating the support number, placing a call to the FI, waiting on hold, and ultimately get no solution—and no sale. When the shopper can quickly text the FI and verify his or her identification, a solution is quickly recognized—leading the shopper to walk out of the store successfully with their purchase in-hand.
Javelin research shows that with 127 million legitimate U.S. transactions denied in 2014 due to false suspicion of fraud, this paradox of customer shopping experiences occurs far too often. FIs that support text-enabled banking services will undoubtedly have the upper hand in delivering a far better customer experience.
For more information on OpenMarket’s SMS messaging solutions, please contact us today!