The benefits of voice biometrics
Virginia Credit Union's voice identification deters fraud and boosts call efficiency.
In 2015, Kate Hopson read a troubling statistic: One in every 500 calls will be a fraudulent attempt by 2016.
For the contact center manager at Virginia Credit Union ($3.6B, Richmond, VA), the number was concerning. At that time, Hopson’s operation was fielding approximately 55,000 calls per month, and the credit union’s authentication process was disliked by members for being both laborious and long. On average, it took members 90 seconds to authenticate. But with fraud on the rise, VACU wanted to ensure it was protecting its members. Could it do so while providing an excellent experience?
“Those processes were not efficient or well received by members,” Hopson says. “We needed to shift how we authenticated members over the phone.”
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