HOW DID THEY MAKE IT POSSIBLE?
The objectives included automating customer payments currently running at 5% per month, improving employee productivity, simplifying processes, increasing incoming cash collections, and reducing bad debt exposures.
WHO AND WHAT IS UPWIRE?
The company knew they needed a modern solution. That's where Upwire came in. Upwire, a frontrunner in automated customer communications, specializes in creating seamless and engaging customer interactions across multiple channels. Upwire understood the challenges and partnered with the financial institution to develop a comprehensive strategy focused on
Doubts About Corporate Security Measures
A contributing factor to this reluctance is a pervasive doubt about the adequacy of corporate security measures. Customers question whether businesses are equipped with, or even prioritising, state-of-the-art encryption technologies and data protection protocols. This skepticism is not without merit; the frequency of high-profile data breaches involving major corporations has eroded public confidence in institutional data security.
Trust is a key factor in consumers' decision-making processes. A study by PwC found that 85% of customers say that they will not do business with a company if they are worried about its data practices, businesses need to be proactive when it comes to security.
The transparency—or lack thereof—regarding how personal and financial information is stored, processed, and protected further fuels this distrust. Without clear, reassuring communication from companies about their security practices, customers are left to speculate and, more often than not, err on the side of caution.
Uncertainty Surrounding the Call's Legitimacy
In an era rife with sophisticated phishing operations and social engineering scams, the ability to discern legitimate requests for information from fraudulent ones has become a crucial, albeit challenging, skill.
Research by Telstra found that 53% of Australians received scam calls in the last year, with one in five losing money to these scams. This highlights the widespread nature of phone-based scams in Australia.
Scammers have become adept at mimicking the caller ID information, tone, and script of legitimate organizations, making it increasingly difficult for customers to identify authentic calls. This uncertainty acts as a significant barrier to sharing personal information, as the cost of misplaced trust can be high.
The Role of Eavesdropping
The fear of being overheard while providing sensitive information over the phone adds another layer of anxiety to these transactions. The potential for eavesdropping exists not only in public spaces but also on unsecured phone lines or through sophisticated electronic interception.
This concern is not limited to the realm of espionage; in a digital age, the tools for interception are accessible to a broad range of malicious actors, making the act of verbally sharing credit card details feel like an invitation to compromise.
References
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87% of consumers consider the absence of visual confirmation in phone transactions as a significant barrier to trust
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A study by PwC found that 85% of customers say that they will not do business with a company if they are worried about its data practices, businesses need to be proactive when it comes to security.
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Research by Telstra found that 53% of Australians received scam calls in the last year, with one in five losing money to these scams.
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Research released by the Commonwealth Bank shows the extent of scams in Australia, with three in five (60%) Australians reporting they have personally been a victim of a scam, or know someone who has.
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The research also showed that despite the prevalence of scams in Australia, a third (33%) of Australians who fell victim to a scam did not report it due to various factors.
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