Melissa All-in-One Identity Verification to be Highlighted at FinTech Junction 2019

Melissa Team | eIDV, EIV, FinTech, Global ID Verification, Identity Resolution, News & Events | , , , , , , , , , , , ,

Solution Combats Fraud and Enables Compliance without Impacting Customer Experience

Melissa, a leading provider of global contact data quality and identity verification (IDV) solutions, will demonstrate its all-in-one cloud IDV and enrichment solution at FinTech Junction 2019. Operating in tandem with existing banking and payments software platforms, Melissa’s IDV technology seamlessly verifies identity using a global dataset of billions of records. The solution offers the real-time data necessary to optimize compliance, supporting the full spectrum of banking regulations and data standards enacted to combat fraud.

Melissa unlocks the value of accurate customer data for global organizations including Bank of America, Creditsafe, MetaBank, Tranzfar, BAE Systems, GSK, car2go, Microsoft, the NHS, and the Foreign and Commonwealth Office. With data quality and verification built into enterprise operations, firms see new efficiencies, reduce costs, and guard against fraud in all financial operations. Real-time integration with banking platforms also empowers financial institutions to meet high customer expectations for convenience, speed, and simplicity in operations such as onboarding, customer service, payments, international money transfer, and Forex. Melissa’s IDV solution features:

  • Flexible, automated credit-checking and anti-fraud workflows
  • Entity resolution and compliance supporting Know Your Customer (KYC), Anti Money Laundering (AML), Politically Exposed Persons (PEP), Office of Foreign
  • Assets Control (OFAC) and Bank Secrecy Act (BSA)
  • Scoring and targeting of customers with detailed demographic and firmographic data appends
  • Protection from data decay with 2.1 billion clean, validated records, and enhancement of customer data with missing names, addresses, phone numbers, and emails

Booth visitors also have access to value-added opportunities, with free proof-of-concept and unlimited tech support for onsite purchases. Click here to confirm an onsite briefing or visit the booth during regular show hours, June 26-27, 2019, at Tel Aviv-Yafo’s Avenue Convention Center. To connect with members of Melissa’s global intelligence team outside of FinTech Junction, visit www.melissa.com or call 1-800-MELISSA.

Why delivering personalised communications is a must in financial services

Melissa UK Team | FinTech

Study after study highlights personalisation is what consumers increasingly expect from the brands they engage with. For example, research from Epsilon reveals that 80 per cent of consumers are more likely to do business with a company that offers personalised experiences. With online financial institutions that rises to 89 per cent, and for those banks with a physical high street presence it’s 77 per cent, according to their study.

Furthermore, research by Boston Consulting Group highlights that over the next five years $800 billion in revenue will shift to the top 15 per cent of companies who get personalisation right in financial services, retail and healthcare.

In fact, personalisation is particularly important in the financial services sector, because in the highly commoditised world of banking products it’s the customer experience, driven by personalisation, that really sets financial institutions apart.

Unfortunately, many banks are still stuck in the mindset of delivering generic one size fits all communications on a new product or service. It’s this approach that modern consumers are less attracted to with their individual needs and requirements, and is the reason why a transformation in the thinking process is required if financial institutions are to grow and prosper.

Learn from tech giants

It’s the tech companies such as Amazon, Google and Apple, who are setting the standard in the delivery of personalised communications. They are the experts in using data effectively to deliver personalised customer communications and therefore experiences.

There’s a lot the financial services sector can learn from the personalised approach these behemoths take, who might yet attempt to take advantage of open banking and muscle in on this industry.

To embrace personalisation banks need to start cleverly using the latest machine learning, artificial intelligence (AI) and cloud technology to turn their customer data into actionable insight and deliver that holy grail of one-to-one personalised communication with customers at the right time – often in real time.

However, prior to embarking on the personalised communications route banks need to have an up to date, clean and enriched customer database. Only then can they undertake effective analysis to make learnings from the data and deliver a single customer view (SCV). It’s this 360-degree picture that will help form the basis of their personalised communications activity and enable banks to become the source of trusted identity their customers use for all of their digital banking activities. This is vital if they want to grow and prosper in the increasingly competitive open banking age and successfully take on the new entrants, be they big or small.

Personalise using transactional data

It’s worth bearing in mind that those in financial services are particularly well placed to deliver standout personalised communications to customers at the appropriate time. This is because they have access to a huge amount of very valuable transactional data on customer spend that they can analyse and use to deliver highly personalised upsell and cross sell communications. For example, if it appears a customer has booked a holiday the bank can communicate travel currency or travel insurance offers at that individual. Also, through such communications, banks can become trusted advisors by alerting customers that they may need a credit or a savings product at the right time.

Personalise customer service

Personalisation also plays a key role in improving customer service, which means banks should put processes in place that identify customers when they get in touch. Such technology should learn, register and make the rest of the organisation’s systems aware, so that wherever and by whatever touchpoint the customer interacts with the bank they get the same level of service and treatment because they are pre-identified.

It’s time those in financial services invest in the appropriate data cleaning, analytics tools and technology that can personalise the customer experience in real-time to drive loyalty, trust and additional revenue from their customers. By doing so they will ensure their continued growth in an increasingly competitive open banking world.

If you have any questions, you can get in touch at info.uk@melissa.com or at 020 7718 0070 for additional information.

If you are interested in continuing the conversation, please connect with us on Twitter.

How can banks succeed in this new digital age?

Melissa UK Team | FinTech

Looking back over the first year of Open Banking, it’s only fairly recently that we have started to see the first signs of the innovation it promised in terms of improved services for customers in the digital age.

For example, Barclays working with other banks to offer customers access to all their account information from rival banks within its core banking app, as it seeks to improve the user experience.

To date, it’s mainly been the challenger fintech companies that have been shaking up the industry with online banks such as Monzo, Starling Bank and Revolut leading the way, along with financial service providers such as iwoca and Funding Options on the lending side.

However, the recent announcement by Apple of the launch of Apple Card brings a new level of functionality to the credit card marketplace, highlighting that the digital and technology behemoths have the banking sector firmly in their sights. It’s on the back of online retailers and media companies such as Rakuten in Japan offering internet banking products and services.

With Apple making this move, it can only be a matter of time before the likes of the other big players such as Google and Amazon look to expand into mainstream financial services as they look to be the all-in-one hub for our increasingly digital lives. These huge businesses have already demonstrated their service credentials, built trust with customers in how they use their data and also have ‘accounts’ with customers, such as Amazon with Amazon Prime. They have, by and large, proved that they can effectively handle and analyse big data, are experts in artificial intelligence (AI) and cloud computing. They can also provide a strong customer experience and engender trust in the digital space — all areas that many banks have traditionally struggled in.

The threat is clear for incumbent banking service providers. Once an industry is opened up to wider competition, it’s almost always the established players that take a hit. For example, according a recent report by Ofgem, the big six energy providers are continuing to lose market share to new energy suppliers and seeing their profits fall as a result.

But it doesn’t have to be this way. The answer for banks is to ensure that their service provision is simple, accurate and reliable, particularly online, so there is no reason for customers to go elsewhere for bank services. To help deliver this, banks must hold clean, up-to-date data on their customers that supports them in achieving a 360-degree customer view, and in providing a strong personalised experience. This will help banks to become the source of trusted identity that their customers use for all of their digital banking activities; vital if you want to grow and prosper in the Open Banking age and successfully compete with the new entrants, be they big or small.

Furthermore, it’s critical that banks continue to innovate and find ways to adopt new digital service capabilities and integrate them into their systems more quickly. This can either be by themselves or with technology partners. They should also consider acquisitions of those in the fintech space who are doing a great job of delivering innovation while building a large customer base.

Open Banking provides a great opportunity for banks, and is something they need to embrace more rapidly. Otherwise the banks we know today could be left holding the bulk of low-margin, high-cost customer accounts, while the more profitable business is stripped by savvier digital and tech mega-corporation challengers such as Apple, or the agile, smaller ones.

If you have any questions, you can get in touch at info.uk@melissa.com or at 020 7718 0070 for additional information.

If you are interested in continuing the conversation, please connect with us on Twitter.

Enterprise Demand for Identity Verification and Address Management Fuel Global Growth for Melissa

Melissa Team | Address Check, Address Quality, Address Validation, Address Verification, Customer Identities, Data Quality, Digital Identity Verification, eIDV, FinTech, Full Contact Authentication, Global Address Verification, Global Data Quality, Global ID Verification, Healthcare Data Management, Identity Resolution, International Address Verification, News & Events, Personator World, Press Release | , , , , , , , , , , , , , , , , ,

Melissa Opens New Locations in Europe and Asia to Deliver Data Quality Solutions to Expanding Financial Services, Healthcare, and Ecommerce Markets

Rancho Santa Margarita, CALIF – February 12, 2019 – Melissa, a leading provider of global contact data quality and identity verification solutions, today announced global growth in support of enterprise customer needs for identity verification and address management solutions. New offices in Cologne, Germany and Singapore expand Melissa’s worldwide footprint, and are poised to support data quality initiatives in key international arenas such as financial services, healthcare, and online commerce. The recently-opened offices strengthen Melissa’s reach throughout the Americas, EMEA and the Asia-Pacific regions.

Enterprise data operations such as Know Your Customer (KYC), Anti-Money Laundering (AML), fraud protection, and seamless onboarding all rely on validating the data gathered in real-time, as well as enhancing customer relationships. “Seamless identity verification is essential to global business, with enterprises facing intense pressure to protect customers while maintaining a smooth and efficient customer experience,” said Bud Walker, vice president enterprise sales and strategy, Melissa. “This is just one reason Melissa plays such a strong role in the data quality landscape – our tools and services are effective in delivering clean data and enabling compliance with the myriad rules and regulations in play around the world.”

For example, Melissa recognizes that address management is foundational to all facets of customer communication and business operations. By offering proven solutions designed to clean, enrich and match contact records, the company empowers users to tap into deeper customer insight, improved communications, more profitable customer relationships.

Melissa’s global offices offer convenient, in-country access to Melissa services and personnel. Local servers also meet the broadest range of in-country compliance requirements, which bind international data quality users and their vendors to maintain customer data handling without crossing borders. The company’s dedicated resources protect effective, real-time data quality processing with efficiency, uptime, and failover protection.