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Case Profile: Innovations in fleet card securityPublished by: Datamonitor Published: Jun. 27, 2005 - 46 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 3 This case profiles investigates which security services are valued by different fleet segments and advises on which of these services should be offered 3 Trends 3 Recommendations for card providers 3 Protection against fraud is a key requirement of a fuel card for customers, second only to high network acceptance 4 The more innovative security services largely involve the implementation of technical features and card limits/restrictions/parameters 5 Security is the area where most fuel card product innovation has occurred 5 CHAPTER 2 INTRODUCTION 13 This case profile assesses the demand for advanced fuel card security services and outlines how providers have responded to it 13 This case profile comprises four further sections 14 Customer context 14 Implementation study 14 Seizing the innovation 14 Recommendations 14 This case profile focuses on a number of fuel card security services/features, for which definitions can be found in the Appendix 15 Fuel card security services 15 Innovative fuel card security services 15 Fuel card security relevant services 15 This report is aimed at those needing a greater insight into customer requirements in the area of fuel card security features 16 Strategists 16 Product development teams 16 Marketing and service managers 16 CHAPTER 3 CUSTOMER CONTEXT 17 Customer context 17 Protection against fraud is a key requirement of a fuel card for customers, second only to high network acceptance 18 Following comprehensive network coverage, enhanced security is the core feature fleet managers across Western Europe expect from their fuel card provider 19 Protection from employee fraud is almost as much as a concern to fleet managers as theft from an external party 20 Analysis of the relationship between security features and fleet size reveals that exception reporting and vehicle analysis become more important the larger the fleet size 21 The value of ‘security relevant’ management tools is most pronounced among larger fleets 22 Fraud is rated as the most significant factor preventing non-users of fuel cards from converting to this form of payment 23 CHAPTER 4 IMPLEMENTATION STUDY 24 Implementation study 24 The more innovative security services largely involve the implementation of technical features and card limits / restrictions / parameters 25 There is a high variance in the importance of more innovative security services by segment, but instant card stopping is highly valued by all 26 Large fleets value internet based security measures more than smaller fleets, partly because they are more informed of features such as online authorisation 27 Regional differences in the value placed on security features are less pronounced 28 Customers are generally satisfied with online implementation of all innovative security services 29 There are significant differences, by country, in how a transaction outside of the predefined limits should be handled 30 CHAPTER 5 SEIZING THE INNOVATION 31 Seizing the innovation 31 Security is the area where most fuel card product innovation has occurred 32 Technical security features such as velocity checking and online authorisation are now very much the norm 33 More innovative transaction parameters are slowly being added to the more established fuel value and product limits 34 Shell’s card has the greatest number of security features 35 Repsol is the only major provider which allows fuel card users to specify the days on which the card can be used 36 Customers are not always aware of the security features offered by their card 37 Arval compares poorly to the other suppliers in an analysis of instant online card stopping by provider 38 Repsol and Arval are the suppliers with a weak penetration of PIN services into their customer bases 39 UK suppliers lag behind in the implementation of chip and PIN 40 CHAPTER 6 RECOMMENDATIONS 42 There are four key recommendations for fuel card providers hoping to alleviate their customers’ security fears 42 Recommendations 42 CHAPTER 7 APPENDIX 43 Glossary of terms 43 Research methodology 45 Related research 45 SPP writing team 46 LIST OF FIGURES Figure 1: Card PIN codes are the third most important fuel card feature 19 Figure 2: PIN codes are demanded by fleet managers irrespective of fleet size 21 Figure 3: A fear of fraud can dissuade non-users from subscribing to this form of payment 23 Figure 4: The three services in the upper right quadrant are highly valued by particular market segments 26 Figure 5: There is a positive correlation between fleet size and the importance of instant online card stopping and online authorisation 27 Figure 6: Southern European fleet managers value innovative security features the most 28 Figure 7: The preferred method of implementation is online, although indifference is apparent, the smaller the fleet size 29 Figure 8: The majority of fleet managers in Southern European want transactions made outside of limits to be refused 30 Figure 9: Number of security services by provider 35 Figure 10: Number of limiting features by provider 36 Figure 11: Based on customers’ understanding of what features their cards have, instant online card stopping and velocity checking are the only two services with 60%+ penetration 37 Figure 12: 46.2% of Arval respondents have instant online card stopping as a service 38 Figure 13: 5.4% of Arval respondents said they have a PIN code for their card when the supplier does not yet offer it 39 Figure 14: Those providers which offer 7 or more services score in excess of 3.75 out of 5 for the level of security against external theft 41 Figure 15: European Fleet Managers Research, 2004 - Survey sample 45 AbstractIntroductionFollowing strong network coverage, enhanced security is the feature fleet managers across Western Europe value most from their fuel card provider. This case profile assesses demand for advanced fuel card security services and outlines how providers have responded to it. Furthermore, it recommends which of the services should be offered and which segments they should be offered to. Scope An examination of the trends that are driving growth in security services and are fostering consumer demand for advanced security products. An assessment of which of the more innovative security features are valued by different segments and how customer would like them to be implemented. A comparison of the core fleet card providers across Europe with regards to their card security features. Suggestions as to which security features should be offered, the markets they should be offered in and the segments they should be offered to. Highlights There is a strong positive correlation between fleet size and the importance of vehicle-specific analysis, while card insurance is the only security service to be more valued by the smaller fleet operators. However, "Personal Identification Number" (PIN) codes are demanded by fleet managers irrespective of their fleet size. Large fleets value internet based security measures more than smaller fleets. This includes e-mail based alerts which notify the fleet manager when drivers have made transactions or have attempted to make transactions which are outside of pre-defined limits. Repsol is the only supplier of those assessed to offer four of the six main 'limit' or 'parameter' services. To provide two to three of these services is the norm. Furthermore, Repsol is the only major provider which allows fuel card users to specify the days on which the card can be used. Reasons to Purchase Benchmark your fuel card security features against those of your competitors and identify key areas of card improvement. Understand the fuel card security features valued by different customer segments and ensure product development focuses on customers' priority needs. Assess if card security features have influenced customers perception of their provider in terms of the level of security offered. Get Full Details About This Report >> |
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