Although it often appears on lists like 'the Top (choose a number) most important areas' of contact centre plans, it has been a challenge traditionally for executives to build a viable business case for new contact centre technologies, and voice biometrics is not immune to that. Following on from the initial 5 reasons, below are the remainder of the top-10 reasons.
The time vs. cost equation is one of the classic arguments for automation and self-service, and hence, voice biometrics. Of course, if you save time, you save costs, but there’s more to it than that.
From increased use of self-service options (e.g., IVR containment) to reductions in the cost per call, or per transaction, voice biometrics can dramatically improve business performance. A high percentage of callers are authenticated via call-takers. That means the opportunity for cost saving, by diverting to an automated, self-service option, is significant.
Reductions of 70% are feasible. When multiplied on a per seat, per day basis, that can generate significant financial and human resource savings.
According to the Call Centre Association (CCA), agents are motivated by using their skills, and applying their knowledge to resolve customer issues. Agents feel valued where they can be seen to exercise empathy and deal with callers of all dispositions and demographics.
Posing the same knowledge-based authentication (KBA) questions, day after day, does nothing for agents, who can be highly educated, highly skilled, and have high expectations in relation to job satisfaction.
Demoralised agents lead to poor staff retention – or churn – and that isn’t good for any business. So, don’t underestimate the positive motivational influence on staff of taking away a tedious part of their job by using voice biometrics for ID&V.
The other aspect of agent morale is when they are motivated and engaged on behalf of the business. Industry reports, from the likes of the CCA, suggest that a majority of agents are dissatisfied with KBA. That’s because of things like increased average handle time, lower overall customer satisfaction, and the idea that KBA actually leads to a false sense of security.
According to Gallup research, only 13% of employees are engaged, which results in huge costs in lost productivity, and it will be no surprise to learn that 30% of contact centre managers think improving empowerment and engagement is the number one transformation they’d like to make.
Think of voice biometrics as the technology that will rescue call-takers from purgatory, reduce their frustration and enable them to contribute – to be more engaged.
There is a false perception that organisations can only afford voice biometrics if they can demonstrate substantial cost savings over time. This is rooted in the belief that voice biometrics is prohibitively expensive to implement.
It may surprise you to know that voice biometrics can cost less than £1 per seat per day. The annual return on investment far outweighs the operational expense, so it should be a ‘no brainer’. What’s more, that level of affordability applies equally well if you’re operating a 20-seat contact centre or an enterprise-scale operation with hundreds (or thousands) of agents.
ROI can be calculated on the basis of many things, including all of the reasons in this blog post. However, an ROI can be attributed to voice biometrics also through not suffering losses to fraud, no costs for investigations, and no compensation or reimbursement payments.
Voice biometrics can create a key point of differentiation, especially if promoted as part of your brand strategy. If your business is seen to be doing something about security, your brand gets associated with an emphasis on security.
If customers leave, because they’re fed up with over-aggressive security controls, your business has a problem. So, it’s about risk assessment and mitigating actions. That means your business should take a balanced approach that will have a beneficial impact on your reputation.
For customers, telephone interrogations are cumbersome, painful, and disruptive to their purpose in calling. Ultimately, that impacts how customers feel about your brand. If there’s a focus on authenticating callers quickly and conveniently – creating a positive experience by using voice biometrics – your brand will be the one everyone’s talking about.
If you are thinking of introducing voice biometrics for identification in your business, and would like to discuss your requirements, contact one of our consultants today.