Today’s story is about a financial institution faced with an abnormal customer spending trend during a time when the entire world economy shut down to slow the spread of Coronavirus. This financial institution needed help understanding an unusual upward trend in discount store purchases starting when many businesses closed to comply with social distancing mandates.
This type of unusual buying behavior would typically trigger automatic security protocols such as purchase declines to prevent fraud. Fortunately for this financial institution, Outlier helped them understand the trend and where to potentially relax decline rules to accommodate the changing behaviors of their customers.
How did Coronavirus trigger unusual buying behavior?
In the midst of the Coronavirus’ historic impact on the economy, the financial institution noticed a significant upward trend in purchases within the discount store category. This type of purchasing trend would typically raise suspicion and prompt security action resulting in automatic declines. Outlier created a story because the trend of purchases from discount stores spiked significantly around March 22 and continued to increase. Shoppers are more likely concerned about having necessities and are attempting to save dollars when shopping.
There seemed to be more to this story as the world struggled with the stressful reality of a grounded economy. Could financially distressed customers stock up on affordable goods and products during a time of economic uncertainty? Fortunately for these customers, fewer declined transactions occurred because this financial institution partnered with Outlier to track transaction patterns, took time to explore the data, and recognized the need for empathy during the economic downturn.
Outlier helped the client determine where to relax decline rules quickly, so their customers were able to purchase the affordable goods they needed without the frustration of declined transactions. Without Outlier, thousands of customer transactions might have been declined in-store and forced customers to repurchase items and take another trip to the store. Thanks to the insight from Outlier and fast action by this financial firm, customers were left with positive shopping experiences during challenging economic times.
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.