Commercial resilience in an uncertain world: Part II
In these times of global transformation and economic uncertainty, commercial resilience and the ability to maintain business continuity remains the best defence.
As many companies task themselves with understanding, reacting to, and learning lessons from a changing world, there are some very straightforward routes to ensuring early warning systems are in place to flag signs of financial stress, help prevent delinquency and protect against risk.
However, even during challenging trading conditions, the ability to adapt to evolving markets at speed and scale to disruption, while protecting customers, assets and reputation, is already separating top-performing firms from competitors.
Based on Experian’s ongoing analysis for our clients world-wide, we have distilled 10 steps for ensuring the continued acquisition of new customers, safeguarding existing customers and upholding business quality. Here, we present Steps 5-7; you can read about the first 4 steps here and Steps 8-10 here.
Commercial Resilience: Steps 5 – 7
“Because we build partnerships with our customers, many of which are credit lending or financial services organisations, we are deeply concerned with keeping them – and their clients – safe during this challenging period,” says Marco Nobel, Regional VP of Sales for Experian NL. “Fraudsters will want to take advantage of this unstable time. And for me Step 7 is of extreme importance: We need to support SMEs which are the backbone of the economy, but who are particularly vulnerable right now.”
5. Safeguard your customers with smarter fraud detection and prevention
Fraudsters are smart, relentless and indiscriminate. During uncertain times, you need make even more effort to protect your customers, your business and society from fraud. Our fraud prevention solutions find and stop fraud across business sectors and can be seamlessly integrated into your processes to minimise disruption to your customers. The threat of fraud is a shared one and we work closely with industry bodies and other related organisations to reduce the impact on consumers, industry and society. Find out more about fraud protection.
6. Prepare for a changed world by protecting online transactions
In our ever-evolving digital world, consumers from all walks of life now expect fast, seamless and convenient online experiences – whoever they transact with. While digital channels offer convenience to customers, they can also provide an easy route for fraudsters – especially during periods of turbulence and stress. Consistently delivering the right customer experience while safeguarding them and your business from fraud is essential. Our FraudNet solution is designed to provide you with a multi-layer protection against online account takeover fraud. It allows you to recognise every device across every channel, providing the insight and capability required to identify suspicious activity and stop account takeover fraud before it impacts your customers. How to safeguard your customers’ accounts?
7. Support small businesses during challenging periods
As foot traffic falls, small, independent and local businesses the world over are having to close their doors. Access to even more small business data can help ensure these closures are not permanent. Experian has already mobilised to help deliver a more complete view of every commercial customer – from SMEs, to micro-businesses to sole-traders. Our Web Data Insights (WDI) solution gathers alternative data such as that made available from Open Banking and management account information, and combines it with credit history analyses, company web profile and other alternative sources to generate fast, deep-dive insights into each small business. As a result, you get the information you need to identify the appropriate products and services for each customer, enabling you to make better-informed lending decisions, quickly and fairly that can help support them through this difficult time. Find out about SME Web Data Insights.
As the world acts to mitigate the impact of uncertainty, the need for businesses to up their resilience and adaptability will extend long beyond the trying times of today. Please feel free to contact us for your specific needs, and allow us to provide up-to-the-minute insights, solutions, and innovations.