Is your business protected against phishing and other online threats?
The past decade saw Filipino consumers embracing a more digital way of life. They have even become renowned as being among the world's top users of social media. E-commerce and digital transactions have been steadily rising, increasing by 9% and 15% from 2019 to 2020, respectively. Amid the pandemic, digital adoption in the market only grows higher as it helps people accomplish daily tasks in the safety of their homes.
However, advances in technology have been a double-edged sword.
According to the 2020 Unisys Security Index, Filipinos are highly concerned about data security due to widespread hacking and social engineering incidents. Since the lockdown started in March, when more consumers began adopting digital solutions, there has been a 200% increase in phishing alone, with the most cases committed on social media, against banks, and via email, according to the National Bureau of Investigation (NBI). Data from credit-reporting agency Transunion found suspected digital fraud cases to have more than doubled in the country during the pandemic.
The most affected industries were telecommunications and financial services, where credit card fraud, identity theft, and account takeovers were the most reported crimes. Other mobile security threats such as SIM swaps, when a third party gains access to a user’s personal information by unauthorized SIM hijacking, and man-in-the-middle attacks, when a malicious actor puts himself in between a user and an application to gain access, have become rampant.
Despite the increased cyber attacks, Filipinos are only becoming more digital with higher expectations of convenience, efficiency, and security from brands. For businesses, this means surviving the digital competition is winning and retaining the hearts, minds, and wallets of consumers through seamless and secure CX.
The emergence of advanced cloud-based customer engagement solutions offers organizations a way to juggle all these requirements. At the heart of these technologies is the most fundamental duty of all businesses that enables security, seamlessness, and survival, no matter the industry--know your customer.
Security: Customer protection at every stage.
As cybercrimes become more frequent and sophisticated, the most effective customer engagement platforms feature advanced and automated online protection measures at every customer journey stage. Investment in necessary security measures like two-factor authentication (2FA) can already protect customers from rudimentary cyber attacks. For better protection, mobile identity is ideal for several real-time identification and authentication without interrupting the customer journey. This solution is powerful for securing different stages of the customer journey and fraud detection. Another measure that businesses can look into is biometrics or identification, verification, and authentication through face, voice, fingerprint, and eye recognition. Due to its easy usage compared to the input of passwords, more and more consumers prefer this kind of security technology, especially in payments. These three solutions provide frictionless integration with existing CX tools to deliver convenient and secure transactions while earning customer loyalty and trust.
Seamlessness: Smooth and convenient CX for customer conversion and retention.
Thorough and comprehensive knowledge and analysis of consumer profiles and behaviors are essential to design a seamless CX for a diverse customer base in today's omnichannel environment. Given the right customer engagement platforms, businesses can empower their teams to deliver exceptional support and provide instant, contextualized, and intelligent responses across multiple touchpoints. Besides, this allows them to harness a wide variety of digital solutions, especially on payment, delivery, communication channels, and security, to ensure a smooth and convenient customer journey, resulting in an increased conversion rate and retention rate.
Survival: Better customer data, better service, better business.
The uncertainty affecting the business landscape today makes a strong case for solutions that optimize business processes. In choosing the right solutions to invest in, it is best to consider how they can help unify, manage, and secure data for better customer experience, save time through intelligent automation, improve internal and external systems for greater productivity, and forge better customer relationships. Agile adoption of CX and security innovations empowers businesses to be at the forefront of industries, become more fiscally responsible with their spending, and devote more resources to solutions and strategies that have greater chances of driving sales and improving the bottom line.
None of us may have anticipated that a pandemic will be the driving force to compel many businesses to step into the digital era. The continuously evolving landscape may hold uncertainties, but the know-your-customer approach can extensively prepare businesses for the current and future climate. While the use of CX and security technologies are significant, organizations must remember that success depends on becoming even more human. Understanding customers on a personal level is the most crucial factor to effectively use these innovations for more meaningful and mutually beneficial relationships.
Learn more about how to ensure customer satisfaction and security in today’s digital era here.