Connect with us

Technology

NEW DIRECT MAIL AND DIGITAL TECHNOLOGIES BUSINESSES SHOULD ADOPT

Published

on

new direct mail and digital technologies businesses should adopt

To remain relevant in a competitive marketplace, your business needs to regularly adopt new marketing technologies. Updated marketing strategies attract more targeted customers to your business and can help improve your bottom line. Direct mail and digital marketing are key ways to boost your brand and expand your breadth. Consider these cutting edge ways to make the most of your marketing efforts.

C ngaga35 - Fotolia.com

C ngaga35 – Fotolia.com

Basics about Variable Data Printing

Variable data printing has become a buzzword in the printing and direct mail industry. Also referred to as VDP, this form of digital printing is used for on-demand printing. Elements can be changed from one printed piece to the next including images, text and graphics. Variable data printing uses digital printers, computer databases and customized software to emulate the look of conventional offset printing. As a result, the term mass customization is now being used for mass mailings that are customized for each recipient.

There are several different types of variable data printing. One of the most basic uses is changing the name on each letter or copy being sent for your direct mail marketing campaign. A more complicated way to use variable data printing is customizing the text for various target markets. The graphics and images can also be changed to appeal to customers of a certain age or from a particular region. This is called “versioning.” Full variability printing is a third technique to use in direct mail marketing efforts. This type of printing makes it possible to change the images and text for each individual recipient. The options for personalization are limited only by your imagination.

Use Highly Personalized Direct Mail to Appeal to Your Customers

While there traditional direct mail will always play a major role in business marketing strategies, variable data printing has added another dimension to your marketing possibilities. Variable data printing can be used for customer relationship management marketing, direct marketing campaigns and on brochures and postcard campaigns. Consider the advantages of sending personalized direct mail for certain marketing campaigns.

  • Businesses reaching out to customers in various regions or countries can customize the language, graphics and images to reach out to their target audience. This makes the correspondence easier for the recipient to understand and relate to without the cost and effort of establishing multiple campaigns.
  • Personalized messages and offers can be included for valued customers. You can also add a special promotion to encourage new customers to choose your business. The savings and promotions you offer can be tailored to reward or attract certain recipients.
  • A personal touch can be the perfect way to seal the deal with potential customers who have not responded to your past direct mail messages. Current customers appreciate a personalized approach that shows them you appreciate their patronage.
  • Variable data printing makes it possible to optimize the relevancy of each direct mail message sent. This can be an effective tool to increase your ROI on certain types of marketing campaigns.

Direct mail is timeless way to expand your customer base and retain in touch with your current customers. Digital marketing is an essential component to include in your marketing efforts. Discover the new technologies that help make digital marketing even more effective.

Adopt a Content Based Inbound Marketing Strateg

An inbound marketing strategy involves creating and sharing content people want to read. Your content appeals to your target market to attract potential customers to your business. Quality content can also keep visitors coming back for more. Your content should answer a customer’s questions and needs. Content can also be adapted to reach out ongoing customers for a more personal touch. Content can be published in multiple channels to reach out to people wherever they are. Using the right analytics tools helps you publish content to the right place.

Effective online content includes a call to action to encourage people to contact your business for a definitive reason that benefits them. Most calls to action take visitors to a landing page where they can submit information to fulfill the request. This is also a way to create viable leads for your business. Email marketing is an excellent way to keep in touch with customers and provide special offers than encourage them to buy from your business. Blogging is an important way to continually update your website and offer updated content to your customers. Posting updated content on social media gives you an opportunity to reach out to customers in a personal way through surveys, interactions and real-time updates. Strong content can attract customers, give them what they want and make them want to share your offerings with others.

Use Re-Targeting with SEO and PPC to Bring People Back to Your Website

To bring people back to your website, use the winning combination of SEO (search engine optimization) and PPC (pay-per-click marketing). Both SEO and PPC drive ongoing traffic to your website and focus on certain keywords. However, they each serve different purposes. To bring fast traffic to your website use PPC. Paying for advertising is a way to get quick leads and target a certain limited-time campaign. PPC advertising can be targeted to reach an audience at a particular time or in a chosen location.

SEO is a long-term approach to attract search engines and traffic to your website. Your rankings improve over time, which increases your website’s visibility in search engine results. Ranking well on the search engines also helps to improve your company’s relevancy and credibility. A well-planned content marketing campaign can boost your SEO. Black hat technique of yesterday must be avoided or your website could be penalized. As Google continues to make changes to improve the overall search engine experiences, your marketing efforts need to re-evaluate.

New direct mail and digital marketing technologies can help to put your business ahead of the competition. Take advantage of the latest developments to keep your business on top of its game. Technology moves fast and your business has to keep up with the changes to stay relevant and meaningful to customers.

Technology

NICE Unveils ENLIGHTEN Fraud Prevention Powered by AI and Voice Biometrics to Empower Contact Centers in Safeguarding Consumers

Published

on

NICE Unveils ENLIGHTEN Fraud Prevention Powered by AI and Voice Biometrics to Empower Contact Centers in Safeguarding Consumers 1

Using AI-enabled interpretive and predictive models and advanced voice biometrics, the new solution continuously scans millions of calls to proactively identify fraudulent behavior and protect brand reputation

NICE (Nasdaq: NICE) today unveiled ENLIGHTEN Fraud Prevention, an innovative new solution for automatic and continuous fraudster detection and exposure. Bringing together NICE ENLIGHTEN’s comprehensive Customer Engagement AI platform with the company’s voice biometrics capabilities, the solution continuously scans millions of calls to accurately pinpoint suspicious behavior and uncover previously unidentified fraudsters. Adopting a proactive approach, NICE ENLIGHTEN Fraud Prevention significantly reduces fraud losses and handling time while protecting consumers and improving their experience.

“Contact center fraud is growing in frequency, breadth and sophistication,” observes Dan Miller, Lead Analyst at Opus Research. “NICE ENLIGHTEN Fraud Prevention stands out as an integrated, pre-emptive AI-based Fraud Prevention solution that actively prevents malicious activities with minimum additional effort from customers.”

Unlike most technologies that focus on a single call, NICE ENLIGHTEN Fraud Prevention includes powerful AI interpretive and predictive models that scan millions of voice interactions over time to detect abnormal, risky behavior including requests to change addresses or authentication methods without relying on agents to manually capture dispositions. NICE’s Proactive Fraudster Exposure voice biometrics capability included within the solution is then used to expose perpetrators and create a ranked and prioritized list of suspected fraudsters. Importantly, the solution is self-training, constantly learning from identified behaviors, continuously updating its AI models and thus consistently improving results. With this novel solution, organizations can protect customers from account takeover and prevent exposure of personally identifiable information, reduce fraud losses, optimize fraud analyst team efficiency and safeguard brand loyalty.

“We are proud to bring yet another market-first offering with NICE ENLIGHTEN Fraud Prevention,” Barry Cooper, President, NICE Enterprise Group, said. “NICE ENLIGHTEN is NICE’s AI platform with models specific to the Customer Engagement domain. A number of solutions across our portfolio are being infused with AI from NICE ENLIGHTEN including our Proactive Fraudster Exposure solution. NICE ENLIGHTEN Fraud Prevention ensures that fraudsters are rapidly and proactively stopped in their tracks so organizations can protect their customers and their brand. We believe that by bringing AI to Fraud Prevention we provide organizations with the agility that makes it even more difficult for the fraudsters to win.”

Continue Reading

Technology

Financial Services Sector Leads in Fixing Application Flaws, Lags in Time to Remediate

Published

on

Financial Services Sector Leads in Fixing Application Flaws, Lags in Time to Remediate 2

Veracode, the largest global provider of application security testing (AST) solutions, today released findings revealing that the financial services industry has the best flaw fix rate across six industries and leads a majority of industries in uncovering flaws within open source components. Fixing open source flaws is critical because the attack surface of applications is much larger than developers expect when open source libraries are included indirectly.

The findings came as a result of Veracode’s State of Software Security Volume 11, which analysed 130,000 applications from 2,500 companies. The research found that financial services organizations have the smallest proportion of applications with flaws and the second-lowest prevalence of severe flaws behind the manufacturing sector. It also has the highest fix rate among all industries, fixing 75% of flaws. Still, the research found that financial services firms require about six and a half months to resolve half of the flaws they find, indicating it is slower than other industries to remediate.

“Financial services firms have a median time to remediation of more than six months, despite having a high fix rate compared to other sectors,” said Chris Wysopal, Chief Technology Officer at Veracode. “However, developers in the financial services industry are often limited by the nature of the environments they are working in, as applications tend to be older, have a medium flaw density, and aren’t consistently following DevSecOps practices compared to other industries. With some additional training and sticking to best practices, they can quickly remediate issues and start to reduce security debt.”

Financial Services Specific Findings

Veracode’s research found compelling evidence that certain developer behaviours associated with DevSecOps yield substantial benefits to software security. The findings detail that financial services firms:

  • Are a leading industry when it comes to fixing flaws in their open source software and establishing strong scan cadences.
  • Fall to middle-of-the-road for scanning frequency and integrating security testing, and are not likely to be using dynamic analysis (DAST) scanning technology to uncover vulnerabilities.
  • Outperform averages across all industries in dealing with issues related to cryptography, input validation, Cross-Site Scripting, and credentials management – all things related to protecting users of financial applications.
Continue Reading

Technology

AI: Do the Right Thing

Published

on

AI: Do the Right Thing 3

By Alix Melchy, Jumio VP of AI

The application of emerging technologies such as AI, cloud, blockchain and IoT in financial services has altered the traditional operating models of financial institutions, the competitive dynamics of the industry, the role of people in those institutions and the landscape of the financial system as a whole. In fact, AI is positioned as an essential investment, with the World Economic Forum arguing how it is set to become central to the fabric of financial institutions.

While the adoption of AI in financial services may be in its infancy, the use cases are ever growing. From recommending loan and credit offerings to detecting fraud, 94% of financial services in European and Middle Eastern markets believe that AI will disrupt their business. The direction and the awareness of AI is clear but it is essential that companies invest now, as if done too hastily, the process is marred by pitfalls.

Despite the transformative promise of AI and machine learning algorithms, we have seen its application come under scrutiny in other industries. Take the UK A-Level exam grading debacle that dominated headlines back in August. Exam grades of students living in certain UK postcodes were disproportionately and negatively impacted, while other students saw their results inflated. This was down to an algorithm implemented by Ofqual that was set to predict grades using historical data including grades obtained at exams in previous years.

The incident raises the question as to what would happen if the algorithm used in this instance was applied to a financial decision. The same biases could negatively impact the way millions of consumers and businesses borrow, save and manage their money.

It is therefore imperative that financial institutions learn from this scenario, ensuring that when implemented in financial decision-making, AI is nothing short of a success.

AI is no fairy godmother

While many tout the game-changing effects of the looming AI revolution, it’s fundamentally important to understand that AI is not magic. Instead, we need to learn to set reasonable expectations with AI so not to paint an unrealistic picture of its power.

In order to start out on the right track, businesses must first define and align on the task they want the algorithm to perform before it can be developed and implemented. Articulating the problem to be solved is the prerequisite for a solid framework of development and evaluation of your algorithms.

Removing bias in AI

AI is the tool, not the hand that wields it or the eye that guides it. It is a type of learning system that requires data, training integration, and course correction. Just as we would train a young engineer to use a tool correctly, we are training AI systems to become expert learning systems through the data, process and people.

Therefore, in order to solve a problem using AI, the task must be expressed in a form which a machine can understand and the machine must be supplied with the necessary data to perform or otherwise learn to generate predictions that enable it to accomplish its objective. Without strong and relevant data underpinning an AI model, it will never be able to produce strong and relevant results.

To design a fair algorithm, the key is to collect a sufficient amount of data so that the algorithm can be trained to represent an entire community. While it is possible to buy datasets to speed up the process, when doing so, it is essential that the data meets your required criteria rather than simply being a large data set. For the financial services sector, this enables employees to treat customers fairly and, when combined with appropriate modelling and processes, allows them to maintain transparency and accountability in their decision-making processes to avoid legal claims or fines from regulators which can cause deep reputational damage.

Building back better

As the Ofqual issue revealed, a preliminary, small-scale algorithm test is an essential step before applying it into a real-world scenario. A pilot testing phase will help a business to amend the design to identify unnecessary costs and time expenditures, while also better understanding the data. As this was not sufficiently done in the Ofqual case, the algorithm simply did not provide the right answer to the problem it was trying to solve.

Championing ethical AI

More than ever, companies are realising one simple truth: failing to operationalise data and AI ethics is a threat to the bottom line. Missing the mark can expose companies to reputational, regulatory and legal risks. Here are some key areas that businesses should consider when leveraging AI models:

  • Usage consent: make sure that all the data you are using has been acquired with the proper consent
  • Diversity and representativity: AI practitioners should consider how diverse their programming teams are and whether or not they undertake relevant anti-bias and discrimination training. This will draw upon perspectives of individuals from different genders, backgrounds and faiths which will increase the likelihood that decisions made on purchasing and operating AI solutions are inclusive and not biased
  • Transparency and trust building: accurate and robust record keeping is important to assure that those impacted by it know how the model works

The ways AI can be utilised in the financial services industry is increasingly growing. An example is the use of document-centric identity proofing space whereby an identification document, such as a passport, is matched with a selfie of the user to confirm real and virtual identities. This will be an essential area of focus for financial services companies as they look to confirm that users are who they claim to be when the physical branch is diminishing. When analysing if a person is the same as the picture on their documentation, for example, a biased AI model can completely undermine the decision made.

However, it’s reassuring to see that the 2020 Gartner Market Guide for Identity Proofing & Affirmation predicts that by 2022, 95% of RFPs will have introduced clear requirements around minimising demographic bias. This demonstrates how organisations are now becoming more aware of the detrimental impacts that demographic bias in the performance of identity-proofing processes could have on their brand as well as being clear on the legal consequences they risk facing.

In turn, there is a real opportunity to leverage AI solutions to provide the best service, but financial institutions must ensure that they are doing so in an ethical, accurate, and representative way.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2020
2020 Global Banking & Finance Awards now open. Click Here

Latest Articles

The largest event in e-commerce history? ‘Tis the season 4 The largest event in e-commerce history? ‘Tis the season 5
Top Stories26 seconds ago

The largest event in e-commerce history? ‘Tis the season

By James Booth, VP Head of Partnerships for EMEA, at PPRO Sometimes, change happens slowly. Other times it chases you...

Optimum Finance bolsters its offering in three regions with two new sales directors and commercial director promotion 6 Optimum Finance bolsters its offering in three regions with two new sales directors and commercial director promotion 7
Business37 mins ago

Optimum Finance bolsters its offering in three regions with two new sales directors and commercial director promotion

Leading invoice finance provider and fintech firm Optimum Finance has appointed two regional sales directors to fulfil the funding needs of SMEs...

Bank of Idaho Selects Teslar Software to Enhance Customer Service 8 Bank of Idaho Selects Teslar Software to Enhance Customer Service 9
Banking40 mins ago

Bank of Idaho Selects Teslar Software to Enhance Customer Service

Partnership enables bank to spend more time with borrowers, better meet their needs Teslar Software, a provider of automated workflow...

NICE Unveils ENLIGHTEN Fraud Prevention Powered by AI and Voice Biometrics to Empower Contact Centers in Safeguarding Consumers 10 NICE Unveils ENLIGHTEN Fraud Prevention Powered by AI and Voice Biometrics to Empower Contact Centers in Safeguarding Consumers 11
Technology52 mins ago

NICE Unveils ENLIGHTEN Fraud Prevention Powered by AI and Voice Biometrics to Empower Contact Centers in Safeguarding Consumers

Using AI-enabled interpretive and predictive models and advanced voice biometrics, the new solution continuously scans millions of calls to proactively...

Financial Services Sector Leads in Fixing Application Flaws, Lags in Time to Remediate 12 Financial Services Sector Leads in Fixing Application Flaws, Lags in Time to Remediate 13
Technology2 hours ago

Financial Services Sector Leads in Fixing Application Flaws, Lags in Time to Remediate

Veracode, the largest global provider of application security testing (AST) solutions, today released findings revealing that the financial services industry...

Turkey’s Akbank Will Use FICO Optimization to Build Value in Credit Card Portfolio 14 Turkey’s Akbank Will Use FICO Optimization to Build Value in Credit Card Portfolio 15
Banking2 hours ago

Turkey’s Akbank Will Use FICO Optimization to Build Value in Credit Card Portfolio

Akbank’s teams will also use FICO’s advanced decision optimization capabilities on a range of business problems Highlights After a competitive...

High yield value trap: party over for high yield bonds as risk no longer rewarded 16 High yield value trap: party over for high yield bonds as risk no longer rewarded 17
Investing2 hours ago

High yield value trap: party over for high yield bonds as risk no longer rewarded

High yield bonds are no longer rewarding duration and credit risk correctly, argues RWC Partners’ Justin Craib-Cox, and investors should...

Atom bank partners with Codat and continues their support for small businesses during COVID-19 18 Atom bank partners with Codat and continues their support for small businesses during COVID-19 19
Banking3 hours ago

Atom bank partners with Codat and continues their support for small businesses during COVID-19

Atom, the UK’s first app-based bank has joined forces with Codat to simplify their business lending process. The partnership will...

Investing for Infrastructural Resilience 20 Investing for Infrastructural Resilience 21
Investing3 hours ago

Investing for Infrastructural Resilience

Today, the concept of resilience is applied in a range of contexts from ecology and disaster management to cyber security...

Rising to the Challenge of the Pandemic 22 Rising to the Challenge of the Pandemic 23
Interviews16 hours ago

Rising to the Challenge of the Pandemic

For over seven decades, Development Bank of the Philippines (DBP) has been the Philippines premier development financing institution, supporting inclusive...

Newsletters with Secrets & Analysis. Subscribe Now