There are many reasons why your customers call your contact center.
For starters, there are the routine everyday calls. These customers want to check their account balance, review recent transactions or wire money from one account to another. These are pretty basic functions that most people can perform any number of ways, but may need a little help to complete. They come in by the minute, adding up to thousands of calls per day.
Then, you’ve got problem calls. These calls may not be as frequent as those relating to more common daily activities, but they can add up to tens of thousands of calls per year. On average, the cost of these calls is higher than everyday calls because the process of resolving their issues can take longer.
The point I’m making is your customers have a lot of reasons to talk to your telephone agents. When they need to make an important transfer or quickly confirm what their current balance is, nothing is more reassuring than getting a verbal confirmation from a live bank representative.
With up to a million inbound calls coming into your call center each year, how you handle and process these calls can have a significant impact on your business and overall bottom line. A process that automatically routes validated calls to the right IVR or telephone agent more likely resolve your callers’ issues within a couple of minutes. With more traditional customer identification methods like knowledge-based authentication (KBA), resolving problems can be delayed by multiple interruptions relating to lengthy telephone interrogations. That because they rely on a bunch of security questions that require callers to answer before they get to their issue at hand. These questions have also become non-predictive in validating customers as they can easily be answered by bad actors.
KBA can extended what might normally be a two-minute call using an automated authentication solution like the TRUSTID® Physical Caller Authentication solution into a four-, five- or six-minute call. This increases the labor costs associated with a single call by three or four times the normal amount.
Who wouldn’t want to shave .50 cents on each inbound call? Depending on your annual call volume, this can add up to hundreds of thousands of dollars each year. That’s a savings most call center managers would love to remove from their operating expenses. On top of that, automated authentication can help improve your level of customer service, which positively impacts your customer experience and retention rates.
The bottom line is, when it comes to banking consumers are still picking up the phone to get answers. The contact center remains one of the highest used customer channels out there. Even as financial institutions offer more ways to bank, when issues come up or consumers have questions about their account, the phone is one of the first devices they turn to. Having an authentication process in place that automatically verifies each call before it is answered can provide a more secure and cost-effective way to better serve your customers. And that’s something we think is worth investing in.