91% of inbound calls to UK finance contact centres require the caller to prove who they are. It takes 57 seconds and costs the industry hundreds of millions each year.
That is the highest of any vertical market, and on a typical service call it eats over 10% of the handling time. An agent can spend half an hour of a shift asking for mothers’ maiden names.
Two things make it worse. Customers hate it, with 56% telling us they are asked too many security questions. And it barely works, because the personal details underpinning knowledge-based authentication have been stolen and traded for years.
So the industry spends hundreds of millions annually on a process that irritates genuine customers and inconveniences fraudsters mildly.
Where the movement is:
– Voicebots taking customers through security before the agent picks up
– Dynamic questions generated from recent activity rather than static ones
– Behavioural and call signalling analysis running quietly underneath
Of all the places to point an AI budget, the 57 seconds nobody enjoys is the obvious one.
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