by Analytics Insight
January 21, 2022
The partnership between Air Europa and Riskified will aid in several industrial challenges.
Riskified is a publicly-traded company that aids software as a service fraud and chargeback prevention technology. Riskified’s technology uses behavioral analysis, proxy detection, elastic linking, and machine learning to prevent and detect fraud. Riskified started their journey as a fraud solution, helping business merchants approve orders they would have rejected. The company protects customers from malicious accounts combat payment failures and takeover attacks and helps merchants block abuse while being friendly policies. The company’s global team helps the world’s most innovative e-Commerce merchants reduce risk and uncertainty from their business. Riskified remains committed to expanding the transformative powers of commerce.
Air Europa is one of the first private airlines in Spain founded in 1986. Being part of the Globally Group, a wide business network that incorporates travel services and agencies, Air Europa rolled on the group agents to sell airline tickets. And so, the company has decided to transform the digital channel into a simple and independent revenue generator. The rewards of Air Europa’s investments were immediate. They noticed a drastic revenue boost from the digital sales that complemented overall growth that included new routes, the fleet of airplanes, and a growing customer base. Since it often also resulted in higher chargeback rates. The company went on Visa’s chargeback program that made mandatory risk controls and that led to a decline in the lower approval rates. The challenge was that to maintain its progress, Air Europa’s digital operations needed to scale their aims and goals that needed to be brought into the right balance.
Initiatives
Air Europa chose Riskified for its chargeback guarantee and better approval rates and to permit its operations to function more efficiently. But the corporate was also trying to find quite just a solution; it had been trying to find a system that would run on autopilot helping them scale flexibly from day one without requiring additional input from the Air Europa team. Riskified took away the burden of rule-based fraud analysis with an answer that supports growth and anticipates future challenges. Through higher approval rates, a serious reduction in chargebacks, and therefore the elimination of manual review, Air Europa could comfortably expand its flight routes, generate additional revenue from new markets, and change its mindset from that of an area flyer to a worldwide player.
Results
With adapting to the Riskified Air Europa has experienced great results. The results the company experienced were huge. The safe global expansion rate was about 95% with a reduction in chargeback rate. When coming to growth at its full potential it has increased to double-digit online growth. The more revenue the better CX, it has increased by 15% in approval rate. The future-proofing operations are about $0 spent on the manual review. This is how Air Europa optimized its digital channel to safely expand its flight routes by becoming a global player with the help of Riskified. There was a high reduction of charges back with the implementation of the Riskified for analyzing fraud which added the Air Europa the true value to serve the customers better. The firm has truly empowered the business to realize the potential of eCommerce by making accessible, safe, and frictionless tractions. Air Europa has benefitted in terms of risk management adding value to the platform by increasing the relationships with the consumers.
“We saw results from our new investments quickly. With Riskified, the customer experience in new markets was made frictionless”, said Head of Payments, Fraud Prevention &eCommerce, Yago Casanovas.
“By reducing chargebacks and increasing approval rates, Riskified has helped us magnify our growth and allowed us to keep our focus on greater expansion”, he added.
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