Fraudsters are simultaneously becoming better, bolder, and bigger. PwC’s Global Economic Crime and Fraud Survey shows that 51% of the organizations surveyed worldwide experienced fraud in the past two years, eventually leading to significant detrimental financial impact.
When filtered by industry, financial services companies often deal with challenges relating to customer fraud (44%), cybercrime (38%), and Know Your Customer (KYC) failure (29%). While fraud prevention measures are becoming more sophisticated, it takes an ideal combination of highly capable humans and cutting-edge tech to track down bad actors and protect what matters most in a highly volatile environment.
The Challenges
An online financial technology company received immensely negative customer feedback while dealing with high attrition rates because of poor talent management. They needed a partner that could help them curtail the growing negative sentiments from their customer base, realize additional efficiencies within their current processes, while stopping the outflow of talent from their organization.
The Answer is Us
The Client partnered with Us to recalibrate their processes and support them at scale within their fraud operations function. Together, we:
- Deployed a high-performance dispute intake team in less than five weeks
- Implemented an aggressive ramp plan
- Upskilled frontline team members
- Conducted a comprehensive analysis of existing weaknesses within the organization
- Overhauled their knowledge base, making it more user-friendly and accessible
The Results
Through a multi-pronged strategy, our partnership significantly improved quality scores, customer and employee satisfaction levels, and average handling times (AHT).
- 94.3% Quality Scores vs. 90%
- 7% Monthly increase in cNPS
- 2-minute Average decrease in AHT
