Three Ways to Grow Your Business and Why Customer Protection Is Essential (Infographic)

In business, an organization’s main focus must be on developing a comprehensive strategy to achieve growth. This can be accomplished in three ways: bring in more customers, process more transactions and increase the number of units sold. However, these approaches are all easier said than done. In order to grow your business, you must first be able to protect your customers. Customer privacy is the foundation of which organizations of all sizes must build their business in order to succeed.

Around 70 percent of organizations reported suffering from fraudulent activities in the past year. At the same time, 39 percent of organizations do not spend any money on preventing these events from happening. It is critical to remember that the most effective way ensure growth is to deter fraud and prevent loss by investing in security measures as well as a robust fraud prevention platform.

In addition to protecting customer data, effective security systems help create positive experiences for potential customers. This can be the difference between completing deals and losing business. While businesses may feel that Know Your Customer (KYC) processes are the most challenging part of onboarding customers, the right solution helps achieve both security and convenience.

A robust fraud prevention system helps you grow your business by giving you the tools you need to approve customers quickly and conveniently. Your fraud solution allows you to reap the following benefits as well:

  • Increase approval rates and give legitimate customers easier access to your products and services
  • Legitimate customers are cleared without friction while those that need increase verification are escalated and approved
  • Added transparency that gives you the ability to evaluate risk and make a decision based on your own criteria

Protecting your customers’ data and deterring fraud will help you bring in more customers and move more product so your business can continue to grow. Check out the below infographic for more details!

IN THE NEWS

BALANCING SECURITY AND CONSUMER FRICTION IS THE NEW NUMBER ONE FRAUD CHALLENGE FOR BUSINESSES

By Christina Luttrell for PaymentsJournal

RESEARCH

WHAT’S DRIVING THE FINANCIAL SECTOR’S NEW PURSUIT OF MORE SOPHISTICATED IDENTITY VERIFICATION SOLUTIONS?

New Research Overview from IDology