Technology

5 Ways Biometric Authentication Can Improve Customer Retention

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Accomplishing more than just enhancing the customer’s experience, improved customer service is critical to the bottom line. Studies show  50% of consumers will leave a company due to poor customer service.

A more streamlined verification process for customer service calls will utilize speaker-specific behaviors in analytics, improve the accuracy of the process, as well as improve and build upon speaker profiles for use in future calls. All of this will give a company advantages in the customer service area, which will, in turn, personalize the customer’s experience, improve customer retention, and potentially boost profits – a win-win for any business.

Password Alternative

For the past 50 years, passwords have protected our private information and identities. But we have come to a point with technology where passwords are no longer the safest or most convenient option. More and more often, data breaches occur by hackers that are becoming increasingly knowledgeable and sophisticated. Passwords, no matter how complex or how frequently they are changed, are rapidly becoming inadequate.

In order to increase security across a wide variety of platforms, financial institutions and other businesses are choosing multi-factor authentication methods instead of the traditional passwords.

This process greatly enhances the consumer’s experience, which then develops customer loyalty, which helps companies and financial institutions retain their customers. Biometrics used as identification is not just the future of customer verification; it is happening now.

Voice Biometrics

Consumers are becoming fed up with the need to jump through the traditional hoops for customer verification. Not only is it time-consuming, but it can be frustrating as well if you hit a wrong key during the authentication process and have to start over from the beginning.

In most cases, customers won’t report to the company that they’re unhappy. Statistics show only 1 in 26 unhappy customers will complain to the company. The other 25 customers just leave.

For today’s businesses, their ultimate goal should be to provide a system where their customers can get the personalized services or information that they need quickly without having to go through all the traditional steps of customer verification. This would significantly improve the customer’s experience, which would then inspire loyalty and help to retain customers.

Voice biometrics can make this happen by allowing a business to identify a specific caller based on their voice. It can also aid marketers in conducting more targeted marketing activities and gathering additional customer information.

Improving Customer Retention with Biometric Authentication

  1. Businesses, financial services providers, and banks are now utilizing one-time passcodes along with biometrics on consumer’s mobile devices to increase their platform security significantly, such as fingerprint and iris scanning, as well as facial recognition.
  2. Voice biometrics helps aid in predicting customer’s behavior. With the capability to identify the speaker on a call, and quickly access that speaker’s customer profile, customer service reps and agents can gain insight into particular words that might trigger a negative response or possibly arouse the customer’s interest. From these insights, they can modify their responses accordingly and enhance customer communication.
  3. By learning the caller’s identity through voice biometrics, contact centers can use that knowledge to provide a better customer encounter for chosen customers. One of the ways they can do this is by connecting their VIP customers, once identified by voice biometrics, with completely personalized customer support rather than leaving them to communicate with chatbots, which they may find frustrating.
  4. Outbound marketing results can be improved by knowing who you are speaking to. This can increase your success in conducting surveys and other marketing activities. Marketers can adjust their sales pitch to improve the outcome of their call if they know more information about the person who answers the call. Perhaps that person is less willing to participate in surveys than another person in that household, or maybe that particular person is more interested in certain offers.
  5. For doctors’ offices, medical facilities, and pharmacies, the ability to identify a person at the beginning of a call would be advantageous. Once the speaker is identified using voice biometrics, their profile can be retrieved, and the healthcare professionals can look at the patient’s records and act accordingly. One example would be the healthcare provider, or pharmacy technician can check the patient’s records to make sure they are taking their medication correctly. Or, they could redirect the patient’s call to the top of the call queue if they have a severe condition.

Conclusion

According to studies, 86% of buyers are willing to pay more for a great customer experience.

When customer service centers start employing more biometric verification choices, customers will begin to receive more personalized and efficient customer service. The customer service agents will have a more streamlined workload, as well. Businesses know that every experience matters. If a customer has a bad experience, that can speak much louder than a positive experience for the customer, in relation to customer satisfaction, and customer retention.

Raj Hirvate
Hi, I'm Raj Hirvate and I am a Tech Blogger from India. I like to post about technology and product reviews to the readers of my blog. Apart from blogging i'm a big Anime fan I Love Watching Naruto, One piece and Death Note.

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