Feature 4. It offers integrated fraud processes Like any growing industry, the fraudsters have already set their sights on BNPL services and have been quick to exploit the consumer-friendly onboarding and purchase experiences. To keep one step ahead of those looking to exploit weaknesses in the system you need technology that supports fully integrated fraud processes. Whether it’s robust AML and KYC tools, digital footprint tracking, transaction monitoring, simple integration or advanced fraud tools, you need a solution that makes your customers confident in using your services. Real-time data access and insights are an essential part of this. Catching fraud early in the process prevents bad debt being passed down the credit lifecycle! TransUnion estimates that fraudulent digital transaction attempts have grown by 46% globally since the beginning of March 2020. 5 Feature 5. It powers a continuous, real-time, learn and improve cycle With competition growing, being able to constantly improve your performance is essential. To do this you need easy access to performance data and the power to rapidly make changes to onboarding processes, models, credit line limits and more. Many companies struggle with seeing and responding to performance and decisioning data in real-time. To grow your BNPL business, it’s essential to invest in technology that allows you to monitor performance data as it’s happening and use that real-time information to identify innovation opportunities. Then that technology should make it easy to take those insights and make rapid changes to your processes. It’s a continuous improvement loop that drives innovation.
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