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What other benefits will I get from implementing voice biometrics?
The business case for voice biometrics centres around a four-fold benefit, namely:1. Fraud and security risks are mitigated;
2. The cost of authentication is reduced;
3. The customer experience is improved; and
4. Call takers’ moral and motivation is heightened.
In addition, there is a clear return on investment (ROI). An ROI is an accounting measure, but there can be other, ‘non-bean-counter’ benefits, which include the security outcomes, enrolment take-up, and customer satisfaction.
The benefits of increased security mean that:
i. you will lose less to fraud;
ii. you will save by not having to pursue fraudsters through the legal system; and
iii. you will save through having to pay out less in compensation and reimbursement.
The cost reduction benefit comes from replacing manual authentication with an automated system. The more the process is automated, the greater the saving. A voice biometric system can shave two-thirds or more off the cost of identifying and verifying callers. In UK contact centres, for example, the average time to authenticate a call via an agent is around 30 seconds. Contrast that with an automated, voice biometric system that achieves the same result in 10 seconds or less and you can see the potential for savings.
Automating the authentication process undoubtedly makes it easier and more convenient for customers. In addition, removing the tedium of having to ask the same security questions, day after day, is bound to have a positive effect on call takers’ morale. Customers will surely recognise the security benefits to them, and prefer using technology to having to remember the name of their first pet (school/car/etc).
How those benefits are measured will depend on the business. However, in most any scenario, a subscription licensing model will give you an ROI in less than a year, year after year after year.
