The Client
The client is a prominent banking group in the UAE established in 1985, known for its diverse services and products: private banking, commercial banking, wealth management, corporate banking, foreign exchange, project finance, property management, and more.
With an aspiration to be the #1 bank in the UAE, the client, with an employee base of 5,000, offers its products and services to over 1 million customers.
Challenges
Customer due diligence (KYC) is a standard process banks follow to access their services. However, it’s prone to fraudulent activities. Here are some of the top challenges our client faced:
- Difficulty in determining the identity of the person on the call.
- Time-consuming customer authentication process for agents.
- Lack of a foolproof system to distinguish fraudsters from genuine customers.
- Fraudsters use tactics like social engineering and phishing to acquire customer information.
- High turnaround time (45-60 seconds) for authenticating customers.
- Reliance on PIN authentication, which could be less secure.
- Need to reduce fraud risks from compromised customer information.
Solutions
We delivered a robust two-part voice biometrics solution:
- Implemented Phonexia-powered passive voiceprints for secure authentication during initial interactions and caller verification.
- Trained a self-service model using real-time voice matching with stored voiceprints.
- Detected suspicious calls by analyzing verbal cues, alerting agents, and updating a fraud repository to enhance detection accuracy.
- Educated the voice recognition model with flagged voiceprints for improved future security.
Results
The voice portal delivered exceptional outcomes:
- First call resolution improved by 36%, boosting efficiency.
- Customer satisfaction enhanced by 52%, driving positive experiences.
- Simplified authentication with password-free, passive voice biometric recognition.
- Streamlined interactions with personalized greetings, appointment scheduling, transaction assistance, and complaint resolution.
- Enhanced security with remote identity verification to protect confidential client and company data.
