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The digital transformation of the world has revealed a new gold in the economy—data. Almost all major tech companies collect consumer data, but understanding how to best leverage such data to innovate and gain insights is the new challenge.
Last Tuesday, identity trust and digital fraud protection company Kount announced a new partnership with Data Cloud platform provider Snowflake. Through this partnership, the two companies are joining forces to build Data on Demand, a private data warehouse fueled by Snowflake Data Marketplace and hosted by Kount. The product leverages actionable AI and machine learning-powered insights from Kount’s Identity Trust Global Network to allow enterprises to improve customer experiences, grow revenue and reduce friction.
Through the use of actionable customer insights, Data on Demand allows enterprises to proactively employ data to increase revenue opportunities via customized upsell, cross-sell and downsell initiatives. These insights include basics like device, location and decision data, as well as advanced insights like customer-collected payment details, data from user-defined fields and data from triggered rules and outcomes. Kount combines these company insights with thousands of data points from the Kount Identity Trust Global Network to provide access to multiple silos of information in one centralized place and deliver deep analytics.
Aside from increased revenue opportunities, businesses can use Data on Demand for a number of other tasks. One task involves optimizing and personalizing campaigns to customer segments, which is done through 360 customer insights that analyze purchasing behaviors like shopping location, channel and customer loyalty, helping businesses create better customer experiences. Another task is that Data on Demand can continuously monitor and adjust rules and policies based on near real-time fraud trends through constant data-driven changes.
Data on Demand can also help businesses reduce operational costs and improve their efficiency by recognizing anomalies and trends over large data sets. Furthermore, the product can set future fraud strategies by analyzing current operations and fraud trends to automate rules for supply chain SKUs and product levels. Finally, Data on Demand helps increase manual review accuracy by analyzing and refining approval and velocity rules to approve more good orders quickly and minimize customer friction.
“Many merchants who have grown accustomed to interacting with their customers face-to-face have now been forced to pivot to offering the same personalized customer experiences in the digital world,” says Kount CEO Brad Wiskirchen. “In order to do that successfully, merchants must not only have access to enormous amounts of data, but also be able to make sense of it.”
The Data on Demand platform is structured through Snowflake’s cloud architecture. Snowflake’s platform provides logically integrated compute, storage and cloud services layers to enable businesses to quickly manipulate high volumes of data without performance, concurrency or scale limitations.
The platform is fueled through the Snowflake Data Marketplace, which uses secure data sharing technology to provide a verified source of data across an organization’s ecosystem. The Data Marketplace also ensures that data is updated in real-time ready-to-query, reducing the risk and hassle associated with traditional ETL processes of data ingestion and transformation like copying and moving stale data.
“Kount’s Data on Demand and Identity Trust Global Network leverage Snowflake’s Data Marketplace to share data from across sources in a secure and governed way,” said Matt Glickman, Snowflake VP of Customer Product Strategy, Data Marketplace. “This partnership gives our joint customers the ability to more fully utilize their data to gain a deeper understanding of customer behavior, support fraud prevention and provide meaningful business value.”
Data on Demand overall works to help businesses use data to understand customer behavior and create actionable insights for future strategy and growth. With unprecedented growth in digital commerce comes a widened opportunity to unlock the potential of new and existing data. Whether through their newest release of Data on Demand or previously released solutions for bot-detection or chargeback prevention, Kount aims to leverage the power of data and help customers protect their digital innovations.
ABOUT THE WRITER
Serena He is a Tech Innovation Fellow from the University of Southern California who is interested in AI and the intersection of design and technology. She enjoys covering news across the digital identity and tech space.
Keep up with the digital identity landscape.
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