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Financial Institution Partners with Outlier to Look Beyond the Numbers During World Health Crisis

In today’s customer success story, we look at a financial institution in need of insight to address an unusual customer spending trend. This unusual trend occurs when the world is in the middle of a shelter in place lockdown to combat the spread of the Coronavirus pandemic. The financial institution noticed a high number of transactions for a pet supplies store right around the time of the mandated lockdown.

This type of out-of-the-ordinary spending can easily trigger automatic purchase declines to combat fraud. The high transaction numbers certainly could warrant such action, but this financial institution chose to partner with Outlier for a deeper understanding of their customer’s needs during a chaotic time. Outlier helped them perceive the unusual trend in light of the pandemic and where it made sense to relax decline rules to make life easier for their homebound customers.

How does a World Crisis effect Spending?

In short, the financial institution became aware of a strong upward trend in transactions for a pet supplies store over the course of several weeks starting in mid-March 2020. This type of sudden upward spending trend customarily raises suspicions of fraud and triggers automatic purchase declines. The client could allow the automated security protocol or choose to examine the inflated numbers from their customer’s perspective. For this customer-centric brand, the choice was easy as they looked beyond the numerous transactions to see customers struggling to purchase enough goods for their pets during the pandemic lockdown.

How Financial Institution Partners with Outlier to Look Beyond the Numbers During World Health Crisis
How Financial Institution Partners with Outlier to Look Beyond the Numbers During World Health Crisis

A brand spokesperson expressed understanding, “Guess everyone needs mail-order dog food during Covid.”

Fortunately for this financial institution, Outlier’s automated business analysis platform helped them understand where to relax decline rules to ensure customers and their pets were getting all essential goods during the pandemic. Outlier provided the needed insight allowing this client to deliver exceptional customer service without sacrificing security during a challenging health crisis. The result was satisfied customers and well-fed pets who were able to access all the essential goods they needed making the transition to the new normal a little easier. Outlier helped this institution maintain customer satisfaction by not declining transactions and optimized their fraud identification process. 

Outlier finds the unexpected in your data automatically and quickly. In this new normal your resources must be focused on the most optimal outcomes for your business. By only sharing the insights that drive your business, Outlier can save you hours, days, or weeks. Outlier empowers enterprises to take a deeper look at their data and uncover unexpected trends that can lead to revenue increases and better customer experience. Sign up for a custom demo to see how.