It’s a question all banking institutions are trying to solve. The only problem is there may not be one perfect answer. That’s because technology, and the banking journey itself, are constantly changing.
In the article, “Finding the Right Authentication Approach,” BankInfoSecurity’s Tracy Kitten sat down with Mary-Ann Miller, fraud executive adviser at NICE Actimize, to discuss the customer journey, where authentication may be headed, and if our reliance on certain authentication methods like knowledge-based authentication (KBA) is hindering the customer experience.
When it comes to consumers, we know they want a banking experience that’s simple and suitable for their personal needs. Some of their priorities include:
Today, conventional KBA solutions can come between banks and their customers, creating friction and irreversible damage to their relationship. The good news is there are customer identification methods that don’t require costly and annoying interrogations, removing any unnecessary interactions between customers and bank agents to verify who they are.
The TRUSTID® Physical Caller Authentication tool uses backend verification attributes to passively identify the risk of each caller before the telephone is picked up. This allows banking institutions to make instant, real-time decisions on both good and bad calls without interrupting their journey. Spoofed calls are removed from the phone system to create a safer, more secure environment, while good callers are automatically routed to telephone agents, who don’t have to ask a bunch of personal security questions. Instead, they can immediately address the customer’s needs to provide an easy and convenient way to bank and resolve their issues over the telephone channel.