Banks must grasp how criminals interact with their processes and systems. This allows upgraded security to defend customers.
Here’s how using the CEMMethod® to help
User Research and Real Events.
- Study actual fraud cases.
- See how criminals use bank offerings.
- Document fraudster actions, steps taken, what they engaged with, and victim emotions.
- Consider both failed and successful crimes for a complete view.
Chart Fraudster Customer Journeys.
- Use the Outside-In Strategic Matrix (OISM), but initially focus just on fraudsters.
- Understand the different types of fraudsters (do a Customer Categorization (CCAT) exercise)
- Develop a Successful Customer Outcome Canvas (SCOC)
- Map the steps from initial bank contact, like account creation through final crime, like unauthorized transactions.
- Calculate the Disruption Factor (DF)
- Use the Innovation approach to identify Moments of Truth (MOTs), weak points, and areas for improvement within this path.
- Based on the Innovation approach recalculate the DF to show the improvement
Note Every Interaction and Channel.
- Account for all criminal bank MOTs/touchpoints, including:
- Account creationLogin/authentication
- Transaction history
- Phone, email, and chat communications
- Customer support exchanges
See how criminals exploit weaknesses at each step.
- Complete a Risk-Impact matrix (RIM)
Data is Key Over Visuals.
- Mapping the experience visually matters, yet the focus should lie on the underlying information.
- Comprehend patterns, triggers, and behavioural signals.
- Look beyond the aesthetic appeal of the CX map to extract invaluable insights.
Customer Viewpoint and Emotions.
- Step into a fraudster’s shoes. Use the ‘empty chair approach’.
- What drives them? What emotions arise?
- Also, empathize with legitimate customers who fall prey to fraud.
- Understand their feelings of anxiety, frustration, and vulnerability.
Cross-Team Collaboration.
- Involve teams spanning fraud prevention, UX design, security experts, and customer support.
- Share insights, collaborating to address vulnerabilities identified in the fraudster’s journey.
Prioritizing Account Takeover (ATO).
- Recognize fraudsters directly target user accounts.
- Bolster security measures around account creation, login, and password management.
- Educate users on secure practices to prevent ATO.
Adapting to Evolving Trends.
- Stay informed about shifting fraud tactics.
- As fraudsters adapt, so must your defences.
- Monitor phishing, social engineering, and other fraudster methods.
Balancing Security and User Experience.
- You should enhance security without hindering genuine users.
- Make sure the security upgrades don’t negatively affect user experience.
- Put security measures smoothly, no hassle for real customers.
Keep Improving.
- Review the fraudster’s plan often, update CX map regularly.
- Revisit the OISM and CCAT and update them on a regular basis
- Try new checks, and analyze if they work well against threats.
- Learn from actual incidents and modify practices accordingly.
Frequently Asked Questions Related Bank Fraud and the CEMMethod®
Frequently Asked Questions Related to Bank Fraud and the CEMMethod®
- What is CEMMethod®? How does the CEMMethod® help? The CEMMethod® is a comprehensive approach that aims to improve customer experiences by aligning all aspects of an organization with customer needs and experiences.
It helps by:
> Lowering costs, increasing revenues, and improving service through the Triple Crown approach.
> Utilizing tools like the Successful Customer Outcome Canvas (SCOC) and the Outside-In Strategic Matrix (OISM) to identify and prioritize key customer outcomes. - Implementation Challenges: Common challenges banks face when implementing the CEMMethod® for fraud prevention include:
> Integrating the method with existing processes and systems in a way that is both effective and efficient.
> Ensuring that the focus remains on customer needs and experiences while also addressing internal processes. - Measuring Success: Banks measure the success and effectiveness of the CEMMethod® in fraud prevention by:
> Assessing the impact on key outcomes such as lower costs, higher revenues, and improved service.
> Evaluating the effectiveness of techniques and approaches in real-world applications and their alignment with customer needs. - Integration with Existing Systems: The CEMMethod® can be integrated with existing bank systems and processes for seamless fraud prevention by:
> Aligning with technologies such as AI, digitization, and machine learning for significant cost reductions and revenue uplift.
> Adapting the portfolio of techniques and approaches to suit all circumstances, ensuring rigorous dashboards focused Outside-In.
For more detailed information and practical applications, you can explore the resources and guides available on the CEMMethod®
Steve Towers, an expert in customer experience, enjoys spreading his enthusiasm for this field through coaching, keynote speeches, books, and social media content.
He helps companies win the triple crown – the simultaneous ability to increase revenues, decrease costs, and enhance service – through the CEMMethod, which is now in version 15.
With over three decades of experience working with large enterprises worldwide, Steve has distilled the successful strategies of top-performing organizations into a proprietary methodology that can be easily imparted to CX teams and executives.
His forte lies in envisioning the future of customer-centricity, customer experience, process management and realizing long-term benefits from business transformation. Steve’s approach combines customer-focused thinking, cutting-edge technologies, and a human touch.
Steve is also an entrepreneur and an early-stage investor in software companies like Parallel.
Subscribe to this channel and reach out and connect with Steve via https://linktr.ee/stevetowers