On July 1, GBG sat down with Arval’s Head of Global Process Tessa Pumfrey and HomeChoice Outsource & Debt Recovery Manager Christos Loukakis for a conversation about how fraud detection and compliance needn’t impede growth.
Here are 5 of the most compelling things we learned from the event, and how you can replay the entire webinar.
In a poll, half of the webinar’s attendees said they were under increased pressure to both grow their business and to make the customer journey smooth.
In response, GBG’s Regional Sales Director for EMEAA, Max Excell said: “It's a fine balancing act between growing, meeting compliance and stopping fraud. In addition, first impressions count. As consumers we have choices and access to information more so now than ever, therefore, we can simply choose to take our business elsewhere being too complicated.”
Discussing how to remove friction from the customer journey, Tessa Pumfrey said automation only works when processes are already as refined as possible.
Tessa said: “Our approach is that we always want to make sure that we've simplified the process and removed any waste before we start automation. Otherwise, you just make a bad process go faster, and then you could end up having more errors to fix, which is a problem that none of us want.”
Just 5% of webinar attendees said they were “very satisfied” with their compliance and anti-fraud processes, while the majority (63%) recognised that they could benefit from improvements.
Traditionally, there’s been a tug of war between new business teams that want to bring in as many customers as possible and fraud teams that don’t want their business exposed to unnecessary risk – but that’s changing.
Explaining, GBG Regional Director EMEAA Carol Hamilton said: “I think that with the advancement of technologies, overall business goals are now harmonised. Everybody wants to really focus on the customer and do the right thing for them.
Carol explained that businesses now acknowledge they don’t have to choose between compliance and growth, or at least aspire to that view. She said: “Fighting fraud or remaining compliant doesn't have to be a compromise to growth.”
While it’s not appropriate for every business, there’s a fundamental benefit to a degree of convergence between your fraud and compliance teams - if not operationally then in terms of sharing information, data and solutions.
Christos Loukakis said: “You can use compliance to direct fraud in certain instances, and you can then likewise use fraud to give compliance a boost and fine tune the processes.”