Voice biometrics is cutting-edge technology used for contactless authentication. It’s technology that shouldn’t be overlooked when it comes to organisations’ ability to maximise the customer experience.
However, a fine balance needs to be struck between organisations correctly identifying their phone customers and, at the same time, avoiding a long authentication process.
If the right balance is struck, a seamless positive customer experience (CX) will ensue that will help drive long-term sustainable business results.
Here are three reasons why voice biometrics is a potential CX game changer for businesses.
Digitally transforming the CX:
In line with the advancements in automated innovation, consumers are demanding quicker transactions and a frictionless authentication experience.
Voice biometrics is at the core of elevating organisations’ CX.
Security questions, PINS and passwords are all traditional authentication methods that generally result in low satisfaction.
Verint found that it usually takes 45 seconds to get through security questions on average, which most consumers find annoying.
Voice biometrics can authenticate a caller in a fraction of that time, directly underpinning a boost in customer satisfaction.
With customer satisfaction resembling a crucial element in driving business success, voice biometrics, when done right, is guaranteed to improve the caller experience by reducing customer effort and frustration.
Protection against security and fraud:
With the threat of security breaches remaining a downside of technological and automation advancements, businesses should look to implement voice biometrics in their multilayered fraud prevention strategy.
Often, call centres and other similar business functions grapple with the task of effectively streamlining the CX without jeopardising security.
Contact centres continue to be targeted by the online fraudsters intent on stealing confidential information from your customers.
A security breach not only leads to dissatisfied, angry customers in the short-term, but it can have long-term ramifications to your organisation’s reputation.
A strong defence against the increased digital fraud that accompanies chip and PIN card migration is the new generation of voice biometrics.
Forward-thinking organisations can screen live calls against a database of known fraudster ‘voiceprints’ to flag compromised accounts.
These passive voice biometric systems operate in the background of calls – no passphrase required – to help recognise ‘bad actors’.
By using passive voice biometrics to recognise a fraudster’s voice during a support call, organisations can help reduce a card not present (CNP) fraud, better protecting their customers and thereby keeping them happy.
Strengthened regulations bullet-proof privacy data:
The recent introduction of new regulations governing financial markets, such as the European Union’s General Data Protection Regulations (GDPR) and Markets in Financial in Financial Instruments Directive (MiFID), provide a heightened layer of compliance that further strengthens and protects private individual data.
It is a new solution for the financial community that further bolsters the effectiveness of voice biometrics in practice.
For example, MiFIID II includes tightened rules around the recording and storing of conversation, which will significantly boost customer confidence in the areas of private information and transparency.
As the new regulations stipulate, all companies that store or process voice biometric data must comply with the GDPR.
While voice biometrics already safeguards private information, the introduction of new regulatory requirements in this space will bolster peace of mind for customers.
Organisations that don’t consider voice biometrics as part of their customer optimisation portfolio are at risk of exposing themselves to avoidable internal and external frustrations that could harm your business.
While a multitude of factors are taken into consideration when assessing the entire CX, deployment of intelligent voice biometrics is a smart and cost-effective customer engagement solution.
Voice biometrics not only detects fraud more effectively, it enhances customer satisfaction by authenticating faster.
This article first appeared in The CEO Magazine.