Saving 8.5 Million minutes in handle time and cutting ATO losses by account in half
The Challenge
Before Pindrop, FNBO had nothing in place to detect phone fraud through the IVR (interactive voice response) or even into the call. Their approach was reactive rather than proactive. They used traditional authentication, including “out-of-wallet” questions. Pindrop’s data shows that fraudsters tend to pass such questions with success more than half of the time, whereas the actual person forgets the correct answers 20-40% of the time.
FNBO relied heavily on one-time passwords (OTPs), even with genuine customers. The OTPs were hurting the customer experience and adding two minutes to the average handle time (AHT) while still getting beaten by fraudsters.
The Solution
Within the first year of the Pindrop relationship, FNBO experienced significant results: 4,000- 5,000 fraudulent calls a month bypass the call center agents and go directly to the fraud team. That relieved significant pressure on the Agents as they no longer needed to be fraud experts.
The OTP usage decreased by 75%, and overall, AHT decreased by 30 seconds. Considering their annual volume of 17 Million calls, that meant a reduction of 8.5 Million Minutes in total handle time.
Even though FNBO did not consider having an ATO problem before working with Pindrop, their ATO recognition rate increased by 59%. Their total ATO losses decreased by 16%, and the average ATO loss by account decreased by 47%.
Creating a personalized + secure customer experience
FNBO plans to create a more personalized experience for their customers who call the contact center utilizing Pindrop’s passive authentication solution for maximum identity assurance with minimal customer effort.
Another priority is expanding customer options by adding “voice” in their IVR to expand self-service options for their customers with the help of Pindrop to provide security and identity for another improved customer experience.
IVR Adapted Technologies
Identify fraudsters in real-time
Passive multi-factor authentication
Flawless IVR Call Risk Model
IVR adapted technologies identify fraudsters in real-time
For the IVR, Pindrop Protect uses multifactor analytics developed specifically for the IVR environment and runs in every call background. Protect combines 5 technology engines into one platform, which analyzes risk across time and accounts to determine if an incoming caller exhibits anomalies that indicate high-risk or suspicious behavior, activities, fraud or fraudulent reconnaissance.
“Pindrop performed 34% better for us than what we projected in fraud loss cuts.”
STEVE FURLONG, DIRECTOR OF
FRAUD MANAGEMENT
Passive, multi-factor authentication
Pindrop Passport eliminates or significantly reduces traditional authentication methods and the unwanted customer friction they bring, replacing them with a multi-factor authentication solution. Passport improves overall customer experience and hardens the call center to attacks.
Authentication happens in the background, reducing call handle times, saving operational costs, and increasing agent efficiency.
What’s next
FNBO plans to improve account monitoring by leveraging Pindrop as a central investigation tool verifying suspected ATO and fraudulent applications through any other systems leveraging account risk.
As FNBO expands its business lines, it intends to use Pindrop for call risk and account risk intelligence on phone lines in addition to their toll-free numbers.
About FNBO
First National Bank Omaha (FNBO) is a subsidiary of First National of Nebraska. It is the largest privately held bank subsidiary in the United States. First National of Nebraska has grown to nearly 5,000 employees with locations in seven states and $24 billion in assets. First National Bank of Omaha has been ranked “Highest in Customer Satisfaction with Retail Banking in the Midwest” by J.D. Power, named a MONEY Best Bank in the Midwest, and rated one of Forbes Best Banks in America.
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