Impact Study Of Nuance Security Suite Finds Fortune 100 Bank Saved £18M In Fraud Reduction And Operational Costs

By   ISBuzz Team
Writer , Information Security Buzz | Jul 24, 2018 08:30 am PST

Independent research shows biometrics solution delivered 191% ROI by preventing fraud, simplifying authentication and increasing customer satisfaction

Nuance Communications, Inc. today released a new commissioned Forrester Consulting study quantifying the Total Economic Impact and benefits of the Nuance Security Suite solution, which enables organisations to authenticate consumers and prevent fraud through state-of-the-art biometric technology. Forrester found a Fortune 100 multinational bank saved £18M over there years due to avoided fraud incidents and operational savings as a result of deploying the solution.

Confronted with massive risk of fraud today, companies must impose tough security measures to protect customers’ accounts and personal information. In many cases, however, this can come at the expense of the customer experience. Biometrics allows not only for improved security and fraud prevention but does so while simplifying and improving the process for the customer by allowing them to opt into programmes that enable authentication through their voice, face, fingerprint and behavioral traits. Nuance’s Security Suite provides this kind of streamlined authentication across channels – from traditional phone-based contact centres to mobile and the web – using hundreds of data points to confirm the individual contacting the company is who they say they are.

“We have seen the dramatic impact a move to biometrics-based authentication and fraud prevention brings organisations, especially when comparing those initiatives to the historic password, PIN and knowledge-based programs that are behind so many massive breaches and cause headaches for customers,” said Brett Beranek, general manager of the security business for Nuance Enterprise Division. “This study quantifies that experience and spotlights the real ROI deployment brings both from a savings and customer satisfaction perspective.”

To better understand the benefits, costs and risks associated with this investment, Forrester interviewed the global head of contact center operations for the Fortune 100 multinational bank and analysed aggregated data. They found the deployment of Nuance’s Security Suite:

  • Drove savings due to avoided fraud incidents by £13,660,337 and reduced operational costs for agent-fronted contact centers by £1,897,937
  • Reduced operational costs due to avoided authentication failures in the interactive voice response (IVR) system by £1,689,099 anddue to calls contained in the IVR by £1,303,147
  • Improved job satisfaction for customer service representatives, increased sales conversion rates and deterred fraudulent attacks
  • Resulted in a 191% return on investment (ROI)