When members are happier with the experience of communicating with the call center, agents can go above and beyond in how they provide service. This includes taking the time to introduce members to more products and services. Other performance benefits include lower abandon rates, fewer escalations, and a complete transformation in the quality of the […]
In an increasingly digital world where users are accustomed to self-service banking through a website or app, banking call centers still play an important role in helping account holders with complex questions or critical transactions. Unfortunately, contact centers are also a prime target for account takeovers. Fraudsters often exploit human agents and the vulnerabilities of […]
Overview Financial Plus Credit Union was founded in the 1950s as a financial collective serving employees of the Chevrolet Motor Company in Flint Michigan. The organization expanded its field of membership in 2021 to serve the entire state of Michigan where it now impacts the lives of more than 81,000 members. This credit union is […]
Imagine a world where Average Handle Time (AHT) was so well managed that there was EXTRA time available to talk instead of rushing to conclude each call and get on to the next. For banking call centers in this scenario: When the caller experience is streamlined and frictionless, there is less urgency on either side […]
Banking contact centers are a prime target for fraud. According to a report from TransUnion, most account takeovers start in the call center, and the frequency as well as volume of attempts has risen dramatically in the past few years. Seon reports that one out of 5 adults in the U.S. has fallen prey to […]
Call center fraud prevention in the financial sector is a multi-layered effort to prevent account takeovers, hacking, and data breaches. Because the contact center involves human interaction, it is a prime target for fraudsters who use methods like social engineering paired with stolen data to try to fake their way into end user accounts. To […]
At Illuma, we help community financial institutions secure banking transactions in the contact center by verifying caller identity. Keeping identity thieves out of member and customer accounts is critical. But what about keeping fraudsters out of the rest of your technology infrastructure? Is the rise in cyber threats a strong reason to add this layer […]
Implementing frictionless authentication has become a top priority for many credit unions and community banks. Creating a seamless experience in the call center is an important goal for improving satisfaction levels. But achieving this objective requires the right technology and a solid plan for implementation. Here’s a look at what makes passive voice authentication the […]
Throughout this series, it’s become clear that there is no such thing as “free” when it comes to authentication. Traditional verification processes come with many hidden costs to banking call centers and those they serve. But how does it compare to the cost of replacing security Q&A with more modern voice authentication technology? Most credit […]
In the past two posts, we’ve been looking at the expense of operations and security for banking call centers. But the cost to the credit union or community bank is only part of the picture. What about the time that members and customers have to spend on authentication? Spending a minute or two on verification […]