ACI Worldwide flags up data security, customer experience trade-off
One in four European merchants in the retail, travel, hospitality sector have experienced data theft and 61% believe they are at greater risk of a security breach than they were a year ago, according to research by ACI Worldwide and Ovum.
While fraud remains a top issue, 58% of the 250 merchants surveyed said lost sales through basket abandonment in the digital channels is a bigger concern and almost half are willing to face an increased risk of fraud if it means more sales.
“Our research shows how crucial digital channels are to the success of merchants across sectors. For many of them, the website is now their most important storefront, and seamless and frictionless customer experience are top priorities,” says Andy McDonald, VP, Merchant Payments, ACI Worldwide. “However, there shouldn’t be a trade-off between customer experience, sales growth and security. The right omnichannel strategy will offer customers a seamless payments experience, support loyalty and revenue growth, while at the same time provide maximum security.”
The research also found that 80% of European merchants believe real-time payments will replace the use of debit or credit cards over time. “Real-time payments are clearly top of mind for merchants today,” says McDonald. “Driven by customers’ shifting preferences in how they purchase and the channels they purchase through, merchants are finding the need to improve operating efficiency and customer service to maintain a competitive edge now and into the future.”