How TRUSTID turns telephone security into cost savings

Posted on: July 24th, 2014 by Art Barger

At TRUSTID, one simple equation — 25x = 20% — can explain the value that our Physical Caller Authentication solution brings to our banking customers. By speeding up the authentication process and making telephone security 25-times stronger than traditional knowledge-based authentication (KBA) solutions, our customers save 20 percent on their overall call center operating costs. It’s that simple.

When it comes to call center operations, the second hand is one of today’s biggest challenges. The more seconds that tick away on each phone call, the more you end up paying on labor costs to resolve the call. I’m not saying that telephone agents need to get off the phone as soon as they possibly can. After all, resolving customer issues and providing exceptional service over the telephone channel can take time. Rather, it’s time-consuming processes like customer authentication, which doesn’t directly address a customer’s problem, that need to be minimized.

With millions of customer calls coming in annually, each tick of the clock has a certain amount of monetary value to it. Using KBA tools to interrogate customers with a bunch of security questions over the phone add seconds, if not minutes, to your average call handle times. The result is longer, more expensive customer service calls.

When every second counts, call centers need to utilize their telephone authentication processes in the most effective and efficient way possible. This means eliminating any processes that add costly seconds to each call or leave your call center agents vulnerable to social engineering scams.

With KBA leading the way, your telephone customer service reps ambush your customers with a bunch of challenge questions each time they call. Security questions add risk, time and cost to today’s call center operations. Even worse, criminals can defeat these interrogation methods, while legitimate customers can even forget the answers to their own personal questions, resulting in false-positive customer identification.

TRUSTID resolves these two key call center challenges in one solution, and in doing so, improves operational efficiency while providing significant financial benefits.

Financial institutions using the real-time TRUSTID® Physical Caller Authentication solution enjoy 25-times greater call center security than KBA tools they are using today. That’s because our telephone network forensics verifies the authenticity and risk of the inbound call before it is answered. By invisibly removing bad calls from the system altogether, call centers aren’t susceptible to social engineering, which can only take place once the caller is talking to the contact center agent.

When only trusted callers get routed to actual bank representatives, telephone agents don’t have to conduct lengthy interrogations to identify customers over the phone. Eliminating challenge questions shaves precious seconds off of every call, which saves roughly 50 cents per call on their gross value number of inbound calls. And when you consider the growing number of calls coming into your contact center each year, the cost savings quickly adds up.

For the financial institutions we’re working with, they’re seeing a 20 percent overall drop in their call center operating expenses using our Physical Caller Authentication solution. This is where our 25x = 20% pre-answer authentication equation brings significant operational and business value to our customers.