Earlier we reviewed the compelling objectives of risk vs. product and marketing. There is no hiding the objectives of both differ greatly between them. This doesn’t, however, mean that a joint strategy can’t be created and the success of both teams be excelled.
But, what are the best practices for aligning revenue goals, business growth and fraud mitigation?
From an Experian viewpoint, we recommend three organisational best practices that are fundamental for aligning revenue goals and combating fraud. The good news is that none of these require changes in reporting structures or functions.
- Regular, proactive communication across product, marketing and fraud teams to help anticipate new points of attack. For example, including fraud teams in discussions about new product development, channels, markets and promotions can help uncover new opportunities beyond just catching fraud.
- Common goals for optimal customer experience across product, marketing and fraud teams to encourage a more collaborative way of creating targeted growth and fraud strategies. For example, sharing information about your customer’s behaviour to help improve offer redemption and fraud detection.
- Rethink how customers interact with your business, moving away from isolated interactions to a lifecycle relationship mentality. For example, shared responsibility for fraud across account opening, access and transactions will help detect fraud earlier and prevent financial loss.
The impact of these three best practices is seen in the collaborative way in which internal teams will share information.
The success of these is driven by one thing: collaboration. The core of the simultaneous strategy is underpinned by one thing: the customer.
The outcome is an excelled customer experience from all business engagement through a single customer view.