The hidden benefits of managing risk

Posted on: January 06th, 2016 by Art Barger

Most contact centers think that managing risk and other fraud threats is all about keeping the bad guys in check. While there’s value in identifying and stopping every social engineer that has spoofed their Caller ID to circumvent authentication filters, effectively managing fraud and risk provides other significant operational and business benefits, too.

When you think about it, blocking criminals from defeating your call center defenses doesn’t save you a dime. What it can do is save your bank and customers from becoming victims of fraud, which in turn can create a lot of costly and damaging repercussions to your loyal customers, brand, and overall business profits.

Detecting fraud can also save your call center and your customers valuable time, which translates into lower operating and labor expenses. For example, when you authenticate callers pre-call, your telephone agents don’t waste time on the phone with unvalidated callers. Plus, they don’t have to interrogate each call, which can add anywhere from 50 cents to a dollar or more in labor costs on each call.

By automating your telephone authentication processes and not relying on costly, non-predictive knowledge-based authentication (KBA) methods, call centers can save annual costs in the tens of thousands of dollars. And, depending on how many inbound calls you receive each year, the savings can be upwards of a million dollars or more.

With the TRUSTID® Physical Caller Authentication solution, our telephone network forensics can save up to fifty cents on each call by simply verifying the customer while the call is still ringing. This type of real-time customer identification removes the time-consuming process of spending precious seconds to minutes asking customers a bunch of personal questions to determine who they are.

When you proactively authenticate each call, you create a much safer environment for your good customers. They feel trusted when they aren’t put through a lengthy interrogation that basically tells them they’re guilty until they prove themselves. And, they feel valued when their concerns are your bank’s top priority.

When call center agents greet customers like the valued business partners they are, and can quickly find a solution to complete a transaction or resolve any concerns they may have, it improves their banking experience and the profitable bank-customer relationship. This goes a long way with customers, who go on to become your bank’s biggest advocates.

This brings me back to my original point: while there’s value in identifying and stopping fraud to protect your call center environment, there’s also benefits that go beyond simply securing your telephone channel. Proactive customer authentication can save money, create a more satisfying banking experience, and positions your business as a proven, safe and credible brand that puts your customers’ needs first.