Biometric authentication reduces friction and cuts fraud

The need for secure interactions via an authentication process has often led to complex alphanumeric passwords that are challenging to remember and enter. Within the IVR, personal identification numbers (PINs) pose users with a similar challenge. For example, callers to a contact center are often subjected to an interrogation process by agents to verify the callers are who they say they are.

Beyond an inconsistent and unpleasant experience for the customer, these authentication methods directly impact the bottom line. In addition, failure while using automated authentication pushes customers to use the business call center to avoid providing their personal credentials. This additional traffic to the call center increases overall operational costs.

In many circumstances traditional authentication methods fail to deliver on their primary purpose of securing customer accounts and their confidential data, as rising losses due to fraud demonstrate. Voice biometrics offers an easy, quick and positive experience for customers while reducing costs and fraud risk. It can provide your business with voice biometric solutions that offer consumers a single credential that can be used across your customer service channels. This can be within the enterprise contact center transformation, a customer care and insight solution or a mobile initiative.

Large financial institutions have a wide variety of business units including retail banking, private banking, corporate banking, brokerage services, and wealth management. Their contact centers can handle millions of calls a year, and despite years of optimization, according to Avivah Litan, Gartner Analyst (Absolute Identity Proofing Is Dead, November 2015) an average of 15% to 30% of these customers fail the identity proofing, while up to 60% of criminals pass. As a result, a majority of these calls are transferred to contact center agents who spend between 60 to 90 seconds authenticating callers by asking multiple personal and transactional questions. Agents report that many customers are annoyed by having to answer several questions, especially when they are unable to provide an answer. By the time the authentication process is over, the agent rushes to respond to the customer request because the caller is already impatient. Many of the calls are for tasks that could easily be performed in the IVR.

This is driving up contact center costs and tying up agents on calls that are not revenue generating. Executive management is demanding that the contact center drive more revenues while requiring cost reductions.

The resolve to this situation is to deploy the Nuance Secure Biometric solution to automatically authenticate callers to the IVR. Customers are prompted to say “My voice is my password” and are automatically authenticated.

With the deployment of Nuance Security Suite, large financial institutions in UK have achieved the following:

Automated authentication has increased from 55% of calls to 95%. Callers that fail or bypass automated authentication and reach an agent no longer need to answer security questions, as the callers are passively authenticated during their conversations with agents.

Average call handling time has been reduced by 40 seconds.

One of the greatest benefits has been an average increase of 40 seconds that agents are able to spend upselling customers instead of asking multiple authentication questions. Increased revenue along with reduction in AHT deliver an ROI within six months of deployment.

Other benefits include:

  • An increase in call center agent satisfaction, which has reduced the turnover rate
  • An increase in customer retention rates, as well as an increase in new customer acquisition
  • The recognition of one bank as an innovative leader in delivering improved customer experiences

To get an insider’s expert look at the power of voice biometrics in customer experiences, watch this interview with Nuance Brett Beranek.

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Oshrit Yaron

About Oshrit Yaron

Oshrit Yaron has over 10 years of experience in the voice biometrics space. She joined Nuance in 2010 and previously led the security product management team before moving to her current position in product marketing. Oshrit has a B.Sc. in Computer Science and an MBA. She is passionate about the Biometrics space and very curious to see the future of authentication and fraud prevention.