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December 31st, 2014

2015: Isn’t it time you automate your authentication process?

With customer service calls on the rise, one of the biggest contact center challenges for 2015 will be reducing call handling and waiting times. Strategies will include investing in multi-channel solutions that allow customers to easily make payments or perform other functions like money transfers by themselves. Automated systems will also help financial institutions reduce the number of calls that telephone agents field, saving them tons in labor costs. Whether banking customers are performing basic tasks through the IVR system or resolving more complex inquiries with telephone agents, financial institutions need a way to quickly authenticate every inbound call without interrupting or delaying the customer experience. Using traditional knowledge-based authentication (KBA) methods is not the answer because security questions, by nature, add more time to each call. When callers are identified through a series of personal questions, the Q&A process takes time. They have to remember specific answers to questions, and in many instances, often incorrectly answer their own personal questions. This not only adds more costs to each call, but can frustrate customers along the way. Automating the customer-identifying process is how enterprises can determine the risk of the call without adding to operating costs. This can be done through “pre-call” telephone verification, meaning before the call is answered. Validating callers without the need for challenge questions eliminates a time-consuming process that continues to drive up annual operating costs. Any process that adds even just a few seconds to a call can add hundreds of thousands of dollars in expenses over time. For example, add thirty seconds to every inbound call your contact center receives each year and your talking hundreds of thousands of additional hours your agents are on the phone. Depending on costs per second and the amount of annual calls a business receives, you start to get the picture of how much a call center spends on unnecessary labor costs. Remove telephone interrogations from your authentication process and you can reduce costs and improve security at the same time. Using real-time telephone network forensics to locate the actual location of the telephony device, the TRUSTID® Physical Caller Authentication proactively determines the risk of the call while the phone is still ringing. Doing this can save contact centers up to .50 cents on every call, including calls routed to the IVR system and other automated services. Because KBA is susceptible to social engineering over the telephone channel, TRUSTID removes the human error factor by automatically identifying spoofed Caller IDs and ANIs. Having this information in hand allows call centers to invisibly remove known bad calls out of the system before criminals can start to commit fraud. As we approach the new year, having an automated authentication tool like TRUSTID can make a real impact on both call handling and waiting times, as well as your overall operating costs.

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