In today’s customer success story, we share the narrative of a financial institution in need of assistance in addressing an atypical trend in consumer spending. The institution noticed significant spikes in transaction amounts for video game purchases starting around the time of mandated social distancing due to the Coronavirus pandemic.
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 dynamic needs of their quarantined customers.
What caused the spike in transaction amounts?
In short, the financial institution noticed a potentially suspicious spike in transaction amounts for video game purchases during the early stages of the Coronavirus pandemic. Under normal circumstances, this activity would trigger security fail-safes to prevent possible fraud. What should the brand do? Allow automation to stay the course and decline any purchase deemed above average or adapt in real-time and better serve their customers? This brand, which puts a premium on delivering exceptional customer experience, chose to view the unusual buyer behavior in light of the pandemic-driven social distancing mandate.
A brand spokesperson expressed empathy regarding the video game purchasing trend, “This looks like it may be an interesting side effect to social distancing.”
Fortunately, having Outlier’s automated business analysis platform allowed this financial institution the flexibility to continue delivering a superior customer experience while keeping accounts secure from fraud. Outlier’s platform helped the financial institution automatically understand where to relax decline rules without jeopardizing security. The result was happy customers who now could seamlessly purchase more video games to help them adjust to life in challenging 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 businesses 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.