Huge opportunity for the financial sector: streamlining caller authentication

The financial industry has always been keenly interested in our product. As Chris mentioned here, the main reason is that they have relatively expensive agents. Therefore, Fonolo’s ability to reduce average handle time makes for a very compelling proposition.

The challenge

Recently we’ve been working on some projects that are focused on reducing the burden of authentication for callers and agents while maintaining sufficient security for the transaction at hand. What we’re learning is that, when properly implemented, a solution that pre-authenticates callers can have enormous cost savings.

Some background

caller authentication is a common aspect of call center transactions throughout the financial industry. This authentication process often has an automated component though the IVR as well as a live challenge-and-response component with an agent. Both components tend to increase the frustration of the caller. The latter can add significantly to call handle time and thus increase costs. (In some cases, the authentication process can take even longer than the “meat” of the call.)

Our solution

Fonolo’s visual interface allows callers to provide identifying information, or respond to challenge questions, before the call begins. This works both on the web and on the mobile phone. Net result: reduced costs and improved call center experience.