Are you spending too much to authenticate callers?

Posted on: August 03rd, 2016 by Art Barger

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:

  • Don’t believe the Caller ID: For just a few bucks, anyone can purchase Caller ID spoofing technology that can create the first lie in the telephone process. Agents that trust the Caller ID or ANI put themselves in a vulnerable position when it comes to customer identification. Believing the name on the Caller ID gives the unvalidated caller an advantage over your phone rep.
  • Telephone interrogations: Caller interrogations don’t strengthen trust with your customers. In fact, cross-examining them each time they call can damage the goodwill you’ve worked so to hard to build. When customers call, they’re feeling frustrated or anxious about resolving an issue. Imagine what that does to their trust when they’re greeted by a bunch of security questions, despite years of being loyal to your brand.
  • Unnecessary labor costs: The script agents are trained to use to explain why they’re about to ask a series of questions is then followed by the actual questions. This Q&A takes up valuable phone time, adding additional minutes that can cost your bank in the long run. This goes without saying how customer can grow impatient and frustrated with the process.
  • Personal questions are non-predictive: Today, crooks can acquire customer identifiable information in many places. Financial institutions that put too much equity into callers who correctly answer security questions are putting themselves at risk. Simply put, KBA defenses can be defeated by impostors who have done their homework.

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.