By: Tori Harris
Have you ever called into a financial institution’s contact center and struggled to answer security questions, even though you came up with the answers yourself? Same here. I can hardly remember who I canceled plans with this week, let alone remember the answers to security questions I was asked years ago. Though having to answer multiple security questions can be frustrating, such precautions are put in place to protect members’ accounts from fraudsters. In any case, VyStar is always looking for ways to make the member experience as convenient as possible, which is why VyStar has implemented innovative technology that will not only provide ease in the authentication process but also provide enhanced security for members.
As technology advances, it seems like it only inspires fraudsters to become more creative in their attempts to steal consumer information. Unfortunately, lately, contact centers have been targeted as vulnerable points of entry for many organizations. To combat the tireless efforts of fraudsters, VyStar has expanded our partnership with Verint by incorporating the use of passive speech analytics and voice biometrics in our Contact Center to fight fraud. This new technology will prove beneficial to members and employees alike, since it operates in the background to allow for quick, seamless authentication of members. Through the use of speech analytics and voice biometrics, the member is automatically identified by the security system, eliminating the need for a representative to ask security questions so they can instead concentrate on serving the member’s needs right away.
In addition to fighting against fraud, the use of voice biometrics enhances the overall member experience by reducing and/or eliminating time spent answering security questions. Because the new system has the ability to validate a member based on their unique voiceprint, the technology is able to discern right away whether a fraudster is attempting to impersonate a member. Their voiceprint is compared against a database of identified fraud offenders, and by the time the call reaches a representative, the member will have already been identified.
Since our implementation of the new identity authentication solution from Verint, VyStar was recognized by Constellation Research, Inc., as a 2019 SuperNova Award finalist for “successfully [applying] emerging and disruptive technologies” that reduce fraud and enhance the overall member experience. Constellation Research Inc., a Silicon Valley tech research and advisory firm, created the SuperNova Award to identify and award businesses that are using breakthrough technology in innovative ways. VyStar’s Senior Vice President of Operations and Payments, Melissa Thomas, was nominated on behalf of VyStar in the category of Digital Safety, Governance, and Privacy.
This partnership with Verint is in line with VyStar’s ongoing goal to make the member experience as simple, convenient and human as possible. Though it may seem paradoxical, providing members with a more human experience involves incorporating technology into our systems and processes; As we allow technology to supplement manual processes, we allow ourselves to cut out some of the super stiff, and at times, frustrating processes, like asking a hundred security questions before proceeding with a transaction. Ultimately, implementing emerging technology, like Verint’s passive voice biometrics, allows us to focus on making deeper, more meaningful connections with members.
The information in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. VyStar Credit Union disclaims any liability for decisions you make based on the information provided.