A recent survey by J.D. Power found that one in three U.S. bank customers say they have been victims of financial fraud in the past 12 months. 50% of customers under age 40 experienced fraud during that time, as their increased engagement in electronic transfers made them more likely to trust online requests for payments.
There is a tool that banks can take advantage of to mitigate fraud and keep customers happy. It’s one you already have in your organization’s toolbox but may not have thought of before – marketing. Here we share ways banks can leverage Salesforce Marketing Cloud to fight fraud with automation, education, and service.
1. Servicing your customers to increase loyalty and lower costs to serve
If a customer is the victim of fraud and your bank takes care of them quickly and efficiently to resolve the issue, then you will likely gain customer loyalty and retention as well as lowering your cost to serve. These scenarios are called “moments of value,” where you are solving the customer’s need in that moment.
But in order to address fraud, you must have a process in place that keeps the customer informed. Create a good customer experience by using Marketing Cloud Journey Builder to build a personalized journey of the customer’s specific fraud issue, such as a fraudulent charge on their credit card. Share consistent communication throughout the journey, including how to file a claim and other actions the customer should take.
2. Educating customers to detect and prevent fraud
According to a new analysis from the Federal Trade Commission, bogus bank fraud warnings were the most common form of text message scam reported to the agency. Reports of texts impersonating banks have increased nearly twentyfold since 2019.
One of the ways to roadblock fraud from reaching the point that you need to use servicing is to focus on your customers’ education on fraud prevention. Educate your customers about the latest trends in fraud, such as fake text messages, and other related items, including:
- Optimizing security settings such as two-factor authentication for passwords
- Setting up alerts for potentially fraudulent transactions or credit score monitoring
- How to turn an ATM or credit card on and off
- How to identify a phishing attempt and what to do if it happens to them
Using the Marketing Cloud suite, you can segment customers and make every engagement personalized, cost-efficient, and scalable across email, mobile, web, and advertising with automation. Build awareness and knowledge among each segment of the products and services your bank provides for fraud prevention. For example, highlighting extra fraud protection coverage for a credit card, or gamifying the process and using badges or points to let your customers know when they have completed their fraud prevention journey.
3. Automating tasks to improve internal fraud operations
We’ve covered a lot of what you can be doing externally to market to your customers about fraud. Now let’s turn to internal automation tools you can use on the back end to make fraud prevention easy and efficient and alert your teams about potential fraud problems.
By automating your marketing tasks with Marketing Cloud, you’ll be able to better share information with your bank’s customer relationship teams. Data Cloud for Marketing automatically connects all your data with real-time data unification across Salesforce and beyond.
You can immediately act on the data and insights to make better decisions and lower costs related to fraud by understanding your customer with AI-powered intelligence and analytics. You can use these tools to not only set up alerts to customers about potential fraud, but send information internally to your servicing teams to help them detect fraud quicker so a customer never has the issue.
When you do find fraud issues, you want to make sure it is easy for your customer to respond quickly and effectively. Using Marketing Cloud, you can send triggered emails detailing where to start a case for a lost or stolen card. Or you can change your website content to put out a message about where to go if you are having a fraud issue to make it easy for customers to report the fraud. The best retention program you can have is one where you make a tough situation easy for a customer, and if you have the right tools, you can be there at the right time.
How Silverline helps banks fight fraud
Fraud at banks will always exist, but you can take steps to decrease your risks, keep happy customers, and maintain your reputation. Our Silverline team has insight acquired through 10+ years in the financial services industry. We tailor Salesforce solutions to meet your bank’s needs, whether that’s using Marketing Cloud for fraud or guiding you through other phases of your Salesforce journey.
