In today’s business operations, the reality is the phone channel has evolved. For many banks and large institutions, it’s their biggest expense, with eye-popping budgets that venture into the hundreds of millions of dollars.
Despite these enormous expenses, big businesses continue to rely on knowledge-based authentication (KBA) that is either dead or dying. Many people we talk to are starting to understand this, and sense a massive change taking place that includes different rules, different paradigms and different economics to running their contact center.
TRUSTID is here to change the economics of telephone contact centers. Using real-time telephone forensics technology that we developed and deployed, we help large institutions remove operational costs that are no longer necessary within the call center environment. These costs only remain if a bank is still using KBA methods to identify customers. But they don’t have to.
To put it simply, KBA is manual authentication, a painfully slow process for call center agents and customers alike. In fact, any manual process performed within a large operation cannot be efficient or cost-effective. So, when you think about it, identifying each caller through a series of non-predictive security questions, you start to realize the boatload of money companies lose as they try to make it happen every day.
There really is no more frustrating experience for a consumer who has been banking with a specific financial institution for a decade to be asked security questions every time they call. It’s as if they are a first-time caller, and you can only imagine the impact that can have on the profitable bank-customer relationship.
The truth is, knowledge-based authentication methods are at the end of their lifecycle, as many fraud and risk experts will attest. They cost banks too much money to perform and are actually increasing security risks within call center environments.
By automating telephone authentication, businesses can remove something that is painfully manual for consumers today, as well as streamline authentication processes that can reduce operating expenses and help build stronger, more trusted customer relations.
With the TRUSTID® Physical Caller Authentication solution, financial institutions today are leveraging the industry’s only real-time telephone authentication tool that validates incoming calls before they are answered by call center agents. Through the combination of speed and being passive to callers, our customers experience a 20 percent overall cost takeout of their call center expenses by removing untrustworthy calls from the process, saving up to 50 cents on each call, and eliminating huge investments and resources put into things like interrogation training, which is no longer needed in today’s contact center environments.