Posted inPCI DSS compliance
Today's consumers know far more about their rights than ever before. This could leave contact centres dangerously exposed in the area of secure payments unless they act fast.
It's all about them
When a company gets hit by a data breach, the news story isn't so much about the business, the IT or the security any more. The painful truth is that it's now chiefly a consumer story and a front-page one.
Today's consumers know what's behind the curtain. They don't worry so much about company systems and processes.But they do care about their personal data, especially their cardholder details. And they will hold organisations responsible for keeping it safe.
There are three key reasons for hardening attitudes:
#1: Consumers know more
Most of your customers are unlikely to have heard of PCI DSS. But they've seen the headlines about data breaches, read the horror stories and become aware of how many customers are affected each time. They know these companies should have kept customer data safe to avoid facing fines or legal action.
#2: They've experienced better
Today's consumers don't judge you against how well you did last year. They benchmark your services and security against the best they've experienced elsewhere. So, if someone lets them pay securely via Live Chat or Apple Pay - which advanced companies can now offer - then they see no reason why you can't do the same.
#3: They get what they want
Customers don't want security as a feature ... they expect it as a right, across every kind of contact channel.They are looking for choice and so the payment channel they pick might depend on the time of day, where they are, and what device they have with them. It's down to you to fit their lifestyle, not the other way around. Fail to adapt and they'll switch to a competitor.
Loyalty is up for grabs
The issue of secure payments represents a massive challenge for companies at a time when consumer confidence in data protection is shockingly low.
Not long ago, researchers found that only 30% of consumers believed that companies were taking their personal data protection very seriously.*
If consumers start to doubt your credibility when it comes to looking after their data, then you'll start to see warning signs like these:
- Suspicion when talking to your agents who are trying to upsell
- A reluctance to give out personal information
- Intense dislike of your emails and direct mail leading to more unsubscribes
- And if you suffer any kind of breach, then consumers can be brutal.
The same research found that 66% of consumers would be unlikely to do business with organisations responsible for exposing sensitive financial information.
Consumers can decide to:
- Cancel their account and abandon your brand forever
- Switch to your closest competitor
- Vent their outrage on social media, causing a storm of customers choosing to follow the same course of action.
However, there's a positive side to this increasing awareness of data protection.
Secure payments can be good for CX
More companies are discovering that being able to offer secure PCI DSS-compliant payments across multiple channels can boost confidence and deepen relationships with customers.
*Source: 'Data Breaches and Customer Loyalty Report* Gemalto
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