Increase your cost savings through automatic authentication

Posted on: June 23rd, 2016 by Art Barger

Is the cost to operate your call center going up? If so, you’re not alone. When it comes to serving and protecting your customers, increasing service demands and more sophisticated phone threats seem to set the tone for many contact center defenses and operating initiatives, not the other way around.

Playing catch up to ensure your customers and confidential information is secure is commonplace for many of today’s fast-moving telephone channels. The latest threats and technologies that boost operational efficiency are changing so rapidly that we’ve shifted from proactive call center management to becoming reactive to everything from customer service to caller authentication.

As a result, the cost of deploying upgrades under more urgent or desperate circumstances rather than budgeting over time can redirect priorities and investments that impact the overall planning of your call center operations.

What if you could remain one step ahead of fraudsters and customer demands through a single solution? With the TRUSTID® Physical Caller Authentication tool, financial institutions act on a real-time telephone credential that validates if the call is coming from a genuine customer or is using a spoofed caller ID.

This information helps banks defend their telephone environments from social engineers and impostors while reducing annual expenses in multiple ways, including:

  • Labor savings: Removing knowledge-based authentication (KBA) identity interrogations over the telephone can save an average of 45 seconds to a minute or more on each inbound call. Depending on your annual call volume, saving roughly .50 cents on each call can quickly add up to tens or hundreds of thousands of dollars in annual savings.
  • Fraud reduction: Removing identity theft and other fraud activities from your telephone environment can save on contact center expenses on a couple of levels. First, as mentioned above, your call center agents don’t waste precious time on known spoofed calls. And second, reducing fraud rates can save on fraud-related costs that significantly impact your annual profits.
  • Authentication and data spend: Paying to deploy, manage and upkeep multiple authentication tools can drive up overall call center costs. TRUSTID covers multiple contact center needs — from customer authentication and fraud reduction to operational efficiency and customer satisfaction — while reducing annual contact center costs by 20 percent or more.
  • Retention and recruitment costs: Your brand is critical to your business success and overall profits. When your customers trust your brand, you’re able to create stronger customer loyalty and attract new customers based on the strength of your reputation and business integrity. This saves on extra costs related to customer retention and recruitment. 

As the banking industry continues to spend billions on KBA “out of wallet” security questions each year, TRUSTID’s automatic telephone authentication solution removes unnecessary costs that are still being poured into non-predictive identity-interrogation tools that put banks and their customers at risk. By eliminating 80 percent of identity-interrogations from the telephone experience, we help financial institutions dramatically cut their authentication expenses and improve profit margins through greater fraud reduction and a reliable, trustworthy business reputation.