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Could the FTC’s Involvement in Radio Shack’s Customer Data Sale Change How You Manage Data?

Posted by Steve Shoaff, UnboundID CEO on 5/28/15 10:21 AM

The idea that customer data is increasing in value as a business asset is not new, but the recent auction of bankrupt retailer Radio Shack’s assets points to yet another indicator of its increasing value. Amidst concerns around the sale of the company’s customer databases involving millions of customer profiles, the Federal Trade Commission (FTC) is weighing in on the transaction. The FTC’s involvement not only validates customer identity data as a highly valuable asset, but also introduces critical restrictions on how it can be sold even in bankruptcy, introducing new implications for data management and the on-going privacy of this data.

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Is Your Legacy Identity and Access Management Solution Your Weak Link?

Posted by Keri LeBlanc on 5/27/15 10:04 AM

There’s no doubt old technology can slow down productivity and increase costs. It takes up large amounts of datacenter space, functions with limited or outdated capabilities, and consumes large amounts of energy, not to mention the poor performance and outage issues typical of aging systems. Combine this with higher maintenance costs and a struggle to find anyone who will still support the old system.

But in today’s digital world, the negative impact of legacy identity and access management (IAM) solutions goes even further. Identity data is increasingly becoming the center of digital business, enabling everything from mobile apps and e-commerce transactions to customer service. As a result, more demands are being placed on identity management solutions, both for managing internal employee, retiree and partner data and managing customer data:

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Laura Bruck: Single Customer View Strengthens Financial Data Security

Posted by Dave Malcolm on 5/21/15 10:18 AM

Laura Bruck is VP of Marketing for EZShield, the pioneer and patent-holder of check fraud protection. EZShield Fraud Protection partners with financial institutions, insurance companies and benefits and warranties providers to offer comprehensive fraud and identity theft solutions to consumers and small businesses. As part of EZShield’s services to secure, monitor, and restore identities, the company provides fraud protection education and news through FightingIdentityCrimes.com. 

UnboundID: How are fraud and ID theft tactics changing?

Bruck: There is a lot more awareness and visibility of breaches these days, especially with the big incidents that have happened in retail and healthcare. I think we’ll see a lot of hacking attempts against retailers between now and the end of the year when the chip and pin credit card technology comes into place. After that, it’s going to be more of a challenge for the hackers as the industry moves away from magnetic swipe cards. Still, every time one method goes away another method is created. There’s also been movement in recent years to protect the consumer and institute fair practices in the field of identity protection. Many marketing firms and banks that were selling these services got their hands slapped by the way they were promoting and selling the services to consumers.

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Topics: data security

Identity Management and Security Intelligence Offer Cybercrime Defense

Posted by Bjorn Aannestad on 5/19/15 9:26 AM

Identity management is playing an important role in fighting cyber attacks. It's welcome news for businesses concerned about data breaches and the negative impact they have on customer loyalty, brand image, and company profitability.

As brands seek to improve customer experiences, they are accumulating high volumes of valuable customer financial data and personally identifiable information. With more mobile apps and digital customer touch points, the amount of data companies manage is growing which increases the potential for attacks that cost brands a staggering amount each year. In the US, cybercrime cost breached companies an average of $12.7 million in 2014, with some experiencing damages as high $61 million according to the Ponemon Institute.

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Topics: data security

3 Ways Brands Like Starbucks Can Enhance Customer Experience While Reducing Mobile Payment Risks

Posted by Steve Shoaff, UnboundID CEO on 5/15/15 9:31 AM

Starbucks has always shown a commitment to investing in customer loyalty, and that commitment has resulted in a strong, devoted following over the years.

As the company continues to innovate on customer experience, Starbucks CEO Howard Schultz has recognized what he calls a seismic shift in customer behavior in the last year–more people are shopping from their mobile phones. Starbucks has responded with a mobile payment initiative that has successfully changed how customers pay in store and purchase gift cards. Starbucks now processes more than 7 million mobile transactions per week and it’s reported that up to 16% of purchases are through their mobile platform. Schultz has hinted at much grander plans for their mobile payment platform.

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Topics: mobile wallet, customer experience, mobile applications

Is Data Security the New Defining Criteria of Customer Experience?

Posted by Michael Tarbet, VP of Sales on 5/14/15 10:15 AM

For IT teams, data security has been a top-of-mind priority for a long time. Businesses understand all too well the devastating impact that a breach can have, from financial and legal issues to negative publicity and losing loyal customers. Yet, it’s been interesting to note that while most of us are concerned about the security of our data, surveys have shown that the majority of consumers haven’t taken action to protect it. According to a Consumer Reports survey, one in seven Americans were told their online data was compromised. 62% of them didn’t report it or take steps to improve data security.

Assuming that this means consumers don’t care is a mistake. In a SafeNet survey, 65% of respondents said they were unlikely to do business with a company that experienced a data breach in which financial data was involved. As the ante for customer experience continues to rise with savvier, more connected consumers, data security is becoming an increasingly crucial part of customer experience strategy.

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Topics: customer experience, data security

How to Get the Most Out of Big Data

Posted by Emeka Obianwu, VP Channels & Alliances on 5/12/15 9:56 AM

Claudia Imhoff, PhD, is President of Intelligent Solutions, Inc. , a professional services firm that helps clients plan, design, and execute their BI and CRM initiatives. She is also founder of The Boulder Business Intelligence Brain Trust, a consortium of 185 independent analysts and consultants, has co-authored five books, and writes regularly for technical and business magazines.

UnboundID: What are some top trends going on right now in customer analytics? 

Imhoff: The first one is the ability of business users to serve themselves, create their own reports, and present the data in their own portals and dashboards. Companies are moving toward the reality that they can’t have week-old data so they’ve got to keep up with these rapid customer data algorithms. That leads to the second trend of obtaining analytics on fresher and fresher data. You don’t want to wait 24 hours for campaign results--you need it in minutes or seconds. If customers aren’t buying on a certain channel you want to know why so that you can shift plans. Finally supply and demand chains are acquiring more oversight, so that companies can meet demand as it changes. There’s now the ability to predict demand with accuracy, and that has improved the whole supply chain management side of things.

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Topics: big data

3 Technology Capabilities That Enable Data Privacy

Posted by Caroline Castrillon on 5/8/15 12:04 PM

In the wake of high profile data breaches, IT teams are honing their focus on data security. According to Forrester, 40 percent of firms are increasing their network security budgets in 2015, and some sectors are seeing double-digit growth in overall security spending.1 However, the industry’s intense focus on protecting data from external threats could mean we’re overlooking another critical element in safeguarding consumer information—data privacy.

Several trends, including mobile app proliferation, Internet of Things and increasing cloud data storage, are raising concerns over who can access our data and how organizations are using it, distinctly different issues than data breaches. Whether or not users can trust how companies are managing their data is a determining factor in how eager they are to adopt new technologies that collect vast amounts of personal data such as wearable devices.

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Customer Experience Is a Long-Term Commitment

Posted by Keri LeBlanc on 5/7/15 10:30 AM

The speed of business is accelerating, and we have to make decisions and deliver on expectations quickly. As soon as a disruptive technology or trend hits the newswires, we feel competitive pressure urging us to quickly adopt the latest new thing or risk obsolescence. Yet, we also know that reacting without a strategic plan is risky too. Balancing the two is not easy.

As the battle lines for revenue growth shift from product and pricing to improving customer experience—more specifically enhancing customer experience through digital engagement, the conundrum between being reactive or proactive is being played out over technology investments. There are many technology solutions on the market tailored to the specific needs of individual departments, business units and job functions and can quickly address a singular challenge.

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Balancing Data Use with Privacy: Analyst Anne Moxie

Posted by Caroline Castrillon on 5/5/15 9:39 AM

Anne Moxie is a research analyst covering vendors and trends in CRM and ERP for Nucleus Research.

UnboundID: How have enterprise requirements for CRM systems changed in the past year in regard to data protection and tracking, analytics and big data?

Moxie: Big data and analytics are a hot topic and in regards to CRM, visualizations and graphics are becoming more common because marketers want quick interpretations of data. It is time consuming for users to manually collect information from external sources such as Facebook, Twitter or search histories, and then combine it with internal customer data to achieve predictive insights. Therefore, it's becoming necessary that solutions automatically collect the data, analyze it, and then present it in an easily digestible format. 

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Topics: CRM, Data Privacy

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