TSYS and FICO Release Report on How Financial Institutions Should Better Engage Their Digitally Active Customers
June 04 2015 - 11:00AM
Business Wire
“Bring Your Own Persona” approach suggested as
best practice
TSYS (NYSE: TSS) today announced the publication, in association
with FICO (NYSE: FICO), of a new report titled “Engaging Customers:
Why Should Financial Institutions Move Toward a ‘Bring Your Own
Persona’ Approach.” The report explains that with the growing
consumer adoption of mobile devices, social media and improved user
interfaces, financial institutions can differentiate themselves by
understanding their customers’ preference for digital communication
and their degree of trust in sharing financial information through
digital channels.
More than 2 billion people are using social media worldwide. The
always-connected digital consumer is demanding more self-selection
and more personalised management tools, and those financial
institutions that can segment their customers based on their level
of digital engagement will gain a higher level of customer interest
and interaction.
Most financial institutions are leveraging “Know Your Customer”
(KYC), traditionally a risk-management tactic and regulatory
compliance obligation, as an approach that allows customers to
elect their preferred channel of communication. The report
suggests, however, that this approach is no longer adequate. A
“Bring Your Own Persona” approach, according to the report, allows
new segments to be identified and categorised by their level of
digital engagement and trust in sharing information.
“Financial institutions now recognise that the traditional
approach to communicating with customers is no longer adequate.
Relying solely on data such as income, age and geography isn’t
enough In the digital age, customers expect banks to understand
their preferred communications channels, willingness to share
personal data in various scenarios and ability to transact,” said
Bruno Courbage, senior director of Product Management for Customer
Management at FICO.
“Financial institutions’ relationships with their customers are
changing, largely driven by two key influencers — the adoption of
enabling technology and the insight available from big data. Banks
that embrace big data, use it to better understand their customers’
habits and preferences and combine it with the user experience will
have a true strategic advantage,” said John Goodale, group
executive, product and market development, TSYS International.
The report looks at the findings from the 2015 TSYS U.K.
Consumer Payments Engagement Survey, which identified key consumer
preferences around engaging with financial institutions. The report
concludes by providing four prescriptions for financial
institutions that intend to use a “Bring Your Own Persona” approach
to engage customers.
The report is available online at:
http://tsys.com/bringyourownpersona/.
About TSYS
At TSYS® (NYSE: TSS), we believe payments should revolve around
people, not the other way around. We call this belief
People-Centered Payments®. By putting people at the center of every
decision we make, TSYS supports financial institutions, businesses
and governments in more than 80 countries. Through NetSpend®, A
TSYS Company, we empower consumers with the convenience, security,
and freedom to be self-banked. TSYS offers issuer services and
merchant payment acceptance for credit, debit, prepaid, healthcare
and business solutions.
TSYS’ headquarters are located in Columbus, Ga., U.S.A., with
local offices spread across the Americas, EMEA and Asia-Pacific.
TSYS is a member of The Civic 50 and was named one of the 2015
World's Most Ethical Companies by Ethisphere magazine. TSYS
routinely posts all important information on its website. For more,
please visit us at www.tsys.com.
About FICO
FICO (NYSE: FICO) is a leading analytics software company,
helping businesses in 90+ countries make better decisions that
drive higher levels of growth, profitability and customer
satisfaction. The company’s groundbreaking use of Big Data and
mathematical algorithms to predict consumer behavior has
transformed entire industries. FICO provides analytics software and
tools used across multiple industries to manage risk, fight fraud,
build more profitable customer relationships, optimize operations
and meet strict government regulations. Many of our products reach
industry-wide adoption. These include the FICO® Score, the standard
measure of consumer credit risk in the United States. FICO
solutions leverage open-source standards and cloud computing to
maximize flexibility, speed deployment and reduce costs. The
company also helps millions of people manage their personal credit
health. FICO: Make every decision count™. Learn more at
www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO, TRIAD and “Make every decision count” are trademarks or
registered trademarks of Fair Isaac Corporation in the United
States and in other countries.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150604005895/en/
TSYS Media RelationsCyle Mims,
+1.706.644.3110cylemims@tsys.comorTSYS InternationalVictoria Winn,
+44.1904.562.577victoriawinn@tsys.comorFICOSaxon Shirley,
+65.9171.0965saxonshirley@fico.com
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