Banking and Finance
Short Message Service (SMS)
There are a number of applications for SMS in the Banking and Finance Industry, these include:
- Informational balance text messages.
- Near Overdraft limit reminders.
- Payment reminders.
- Large withdrawal notification messages.
- Application received messages.
All of these messages help the modern SMS-savvy consumer to communicate more effectively with their Banking institution. Increasingly the ability to manage their money is the deciding factor in which financial institution a consumer chooses, Telsolutions can build automated systems that integrate effectively into existing banking structures to facilitate these applications.
Interactive Voice Messaging (IVM)
IVM has several applications within the Banking and Finance Industry, these include:
- Debt Recovery Reminders.
- Anti-Fraud Alerts.
- Analyst Reports.
Debt Recovery
IVM has been used successfully by a number of institutions for 3 distinct applications:
- Answer-phone replacement.
- Initial debt recovery contact.
- Payment reminder calls.
Answer-phone replacement is simply replacing an operator making a call which turns out to be an answer machine with a message delivered by computer. The system works by retrying numbers found to be diverting to answer-phone by the dialler and broadcasting a message to them. In the event a live answer happens the call can be priority transferred in to a debt recovery operator, advantages include:
- Increased productivity of staff.
- Increased motivation of staff.
- Cost per contact reduction.
- Uniformity of answer-phone messages, (Privacy and effectiveness).
Initial Debt Recovery Contact replaces the initial letter sent out to debtors, the caller as the option to transfer and make a payment immediately, or ring a phone number to immediately rectify the situation a full 48 hours before the letter can prompt a similar response, advantages include:
- Reduction in cost per collection (a 1st class letter costs at least 35p to send).
- Increase in cash flow, a 48 hour window for the consumer to respond.
- Increased customer satisfaction (between 5 and 10% of customers prefer to pay without human intervention).
- Quicker identification of accounts that may require help in paying.
Payment reminder calls simply replace an operator or a letter reminding the debtor to pay, the effect is the same but the cost is reduced and volume of reminders made is radically increased.
Anti-Fraud Alerting
Chip and PIN has reduced the volume of fraud being committed using stolen cards the emphasis now is on targeting the criminal gangs who steal card-holders details. IVM can help by screening the people who are out shopping out from those whose details are being used fraudulently. The call confirms the identity of the caller and then confirms transactions that the card holder should have made in the event of fraud the card-holder is transferred to an operator to issue a new card and the fraudulent transactions are cancelled.
Automated Fraud Alerts have to be secure and Telsolutions is unique in the market place as having the ability to integrate seamlessly into a voice biometric verification engine a powerful advantage for this application.
Voice Biometrics
VoiceVault is a product that identifies over 170 separate characteristics of an individuals’ voice, it has been proven to be over 99.95% effective. Where the verification of identity is paramount there are huge applications for this type of technology including:
- Telephone Banking.
- Voice Signatures – sign on the dotted line.
- Internet Password Reset.
- Verifying Large Internet transactions.
Telephone Banking – normally requires the caller to identify themselves, in Holland this technology has been adopted by ABN Amro 95% of users prefer to log in using the biometric verifier rather than the traditional challenge-response verification. It saves time, allows 100% confidence that we are talking to the correct person (no reported case of a false positive yet) and provides a better user experience.
Voice Signatures – An organisation can avoid the costly expense and delay of requiring a signature that is binding during the sign up process by simply requiring new customers to “Say on the Dotted Line”. VoiceVault is an EU approved digital signature (the same as Chip and PIN) so customers could “sign” over the phone.
Internet Password Reset – can be a totally automated process, this can reduce incoming calls to IT help desks by 30% saving a valuable resource which is often outsourced to an expensive 3rd Party.
Verifying Large Internet Transactions – Phishing could be totally eliminated if every time a new payment to a 3rd party out of an account the consumer had to enter a phone number and verify the transaction. Phishing still costs UK consumers £millions a year, by implementing this system Phishing could be eliminated overnight, leaving the fraudsters to target other institutions in other coutries.
Voice Over Internet Protocol (VOIP)
Large call centres already use VOIP for the increased management options and reduced costs, however by running over home-worker’s broadband lines. Telsolutions offers the same level of control and functionality to employees based at home drastically slashing a companies costs and carbon footprint.
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