If your call center agents spend a just few seconds to a minute or more identifying customers over the telephone, you’re likely spending too much to authenticate them. Today, a lengthy verification process can impact your contact center in many ways. Unfortunately, it’s your business profits that can suffer the most.
When financial institutions rely on knowledge-based authentication (KBA) solutions to identify the risk of inbound calls, precious minutes are added to each call. Every extra minute your agents spend interrogating customers on a call equates to roughly 20 percent of the call’s costs. That’s twenty cents on every dollar spent on each call! And here’s the kicker: KBA methods are no longer reliable for caller validation. They can fail to identify impostors, which puts both your bank and customers at risk.
With KBA solutions, agents assume the person on the Caller ID or ANI matches who’s on the other end of the line. But this isn’t always the case. Assumptions like these can lead to other bank-customer relationship missteps, including:
Each of these missteps can cost your bank in different ways. So, how can banks avoid them? By authenticating customers before the telephone conversation begins, financial institutions and businesses can remove many of the vulnerabilities that now exist within traditional telephone authentication processes.
The TRUSTID® Physical Caller Authentication solution, which validates the risk of each call before it is answered by an agent, removes costs associated with telephone interrogations, while improving the profitable bank-customer relationship through faster problem resolution. Because conventional KBA methods are now less effective and reliable than ever before, automated caller authentication can help contact centers cut operating costs and improve the efficiency and security of their telephone environment.