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Our behaviour speaks for itself

June 24, 2015 | Jonathan Pryer

Chris Skinner’s recent blog Klarna chameleon: you know something works when it’s copied provides interesting insight into simplified online payments. It examines the rise of Klarna, the e-commerce company that handles customer payments for merchants online. Shoppers need input only basic personal information (no credit card numbers) and make payment after goods have been received.

Klarna is revolutionising online payments. Its premise is simple – look at what customers want, remove obstacles, make it pain-free. Friction-free checkout. Merchants jumping on-board have reduced shopping cart abandonment.

What is so fascinating, and it’s a theme that Chris Skinner explores, is that Klarna’s risk management has as its basis the analysis of behavioural data. That our behaviour speaks for itself and is more powerful than financial data. Are we seeing a return of the past when a bank manager assessed a loan application based on what they knew about the person and what people prepared to vouch for them said? Kind of, but with a very modern-day twist. Now our behaviour is turned into bits and bytes and algorithms and data analytics do the assessing. It’s the personal touch, technology-style.

Provenir is proud to work with Klarna and to continue supporting their mission to make buying and selling online simple.

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