What kind of banking experience do your customers want?

Posted on: September 07th, 2016 by Art Barger

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:

  • Easy journey: Consumers don’t want to jump through hoops to transfer funds or check their balance. Authentication processes that enable them to easily perform multiple functions and resolve issues are important to keeping them happy with your brand and service.
  • Customer convenience: Today’s innovative technologies allow everyone to have a preference on how they bank. This can include any number of touchpoints on how customers can conveniently bank wherever they are, whenever they want.
  • Strong security: To earn and maintain your customers’ trust and confidence, strong security is a must. The way banks achieve this may be different, but in the end they have to show they’ve got appropriate security processes in place for a safe and secure customer environment.
  • No Q&A: Challenge questions frustrate customers and aren’t effective in today’s banking environment, including the contact center. When you require customers to remember things like the make or color of their first car, it not only interrupts the banking journey, but it creates an atmosphere of distrust with your customers.
  • We know these areas are important to the customer experience. Still, they continue to pose a challenge for banks that are also trying to stay on the cutting edge of technology while offering new ways for customers to bank. If customer authentication is to improve the banking journey, it needs to take the customer out of the process.

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.