Imagine……… a world where companies and their customers could be remotely authenticated across multiple self-service channels using a common credential?
The good news is that there is an answer and a viable one at that – Voice Biometrics!
A recent study conducted by ResearchNow uncovered that 57% of all calls into the contact center are generated by individuals that first attempted to self-serve1.
So, the desire is there but something is happening that impacts the ability to complete the self-service process. Some interesting stats on various channels:
- Using a traditional IVR to contact a company, there was a 41% average ID&V failure rate within financial institutions (in the US)2
- Mobile Applications:
- 74% of mobile users were unable to access important information due to failed authentication3
- 96% of mobile users make mistakes while typing passwords4
- 10% of mobile users make mistakes typing passwords all the time5
- 74% of consumers need to reset a password at least once a month6
What this means is that a LOT MORE PLANNING is required to understand the points of failure and to ensure that the ID&V process is not a barrier to customer entry.
Bearing in mind that an estimated $12 billion was spent by contact centres in the US using traditional Knowledge Based Authentication (KBA) methods, more and more organisations are looking to introduce robust authentication processes to reduce cost, introduce efficiency and improve the customer experience7.
The case for Voice Biometrics as an authentication technology is growing rapidly. Voice biometrics has delivered improved security, greater customer satisfaction and reduced operating costs.
A recent piece of research in the USA evaluating the role of voice biometrics within financial institutions, showed that within a single channel only, significant business benefits were realised. Significant enough for some serious consideration and by introducing multiple channels, the business value increases incrementally.
- Reduction in business unit operating costs by 4%
- Improvement in customer satisfaction score by 73%
- Reduction of fraud perpetrated within channel by 10 times
As the leading voice biometric specialist in South Africa, OneVault can help you define your voice biometric strategy within the context of a broader, all-encompassing authentication methodology across multiple channels. We look forward to speaking to you.
1 Research Now 2013, Web Self-Service Preferences Survey
2 Nuance Research 2014–Study of North American ID&V Failure Rates within Financial Institutions
3 Vocalabs 2012 – Study of password consumer habits regarding security and identification
7 Contact Babel 2012, The US Contact Center Decision-Maker’s Guide
8 Nuance White Paper: Voice biometrics authentication across channels. How financial institutions and their clients can use voice biometrics as a common credential across self-service channels.