Does your authentication process support your banking journey?

Posted on: October 20th, 2016 by Art Barger

Serving your customers in a timely manner has and always will play a role in your bank’s long-term success. To be fair, the same can be said about how you authenticate them over the telephone. While both can improve customer relations, customer retention and annual revenues, they can also work against each other in ways that undermine the very things they set out to do.

Delivering excellent customer service provides a meaningful and more satisfying banking experience that can build trust and confidence with your customers. And when you strengthen your bank-customer relationships, you’re able to reduce customer attrition which can increase your business profits.      

In many ways, identifying customers over the telephone can have similar outcomes. Before your contact center agents can address your customers’ needs, your authentication process must first validate who they are. The sooner this can happen in the banking journey, the faster you can solve their problems. Doing so in a timely fashion can help you retain your customers, which can lead to increased revenues.

As you can see, when your authentication process and customer service are in sync, it can lead to a better overall banking journey for your customers and growing profits for your business.

Today, one of the biggest risks to your customer experience is using knowledge-based authentication (KBA) to identify callers over the telephone. A traditional method for verifying customer identities, KBA solutions still require agents to interrogate customers at the start of each call with challenge questions that disrupt the customer journey. Instead of getting help right away, customers are required to first answer a series of personal questions before agents can begin asking them why they called.

This type of interruption can have a lasting impact on customer trust, and how they feel about your brand. This goes without saying that with today’s advanced social engineering scams, KBA is no longer a reliable predictor for customer identification over the telephone channel. 

By instantly validating every inbound call while the phone is still ringing, the TRUSTID® Physical Caller Authentication ensures your identification process doesn’t undermine your customer service efforts. When caller verification is done behind the scenes in real-time, legitimate callers are automatically routed to appropriate operators without the need for any type of interrogation while they are on the phone. Agents can greet good customers and start serving them the moment they pick up.

When your authentication process supports how you care and serve your customers, call centers can streamline validated customers through the telephone system to create a faster, more seamless banking experience that benefits both your customers and call center operations.