Page 9 - Security Today, September 2020

“In its many forms, AI has proven to be extremely useful when it comes to fraud prevention by allowing organizations to use algorithms to determine whether or not certain activities should be deemed suspicious.”
Better Customer Experiences
New technology cannot only protect against bad actors, but it can also improve the customer experience overall. There’s no ques- tion that customers have higher expectations now than they did only a few years ago, largely because advances in technology and savvy new business models make it possible to turn historically poor experiences into seamless, satisfying and even “shareworthy” ones.
For the banking industry, authentication (such as those pesky passwords) has been a historically poor experience. Everyone has had that dreaded moment of not remembering their password and being locked out of their account, which can be incredibly frustrating and time-consuming for customers.
To remedy this fully, financial services providers need solutions that fully empower customers to have a more effortless experience in nearly every circumstance. This can begin with turning to digi-
tal methods of authentication and identification. For example, when something like your voice is your password, it eliminates the need to recall old security questions or PINS, making for a quicker, more personalized experience for the customer.
Turning to voice can also make it easy for someone like a cus- tomer service agent or bank representative to know who is calling and anticipate their needs ahead of time. For example, if a caller dials in and AI can detect that they are a senior citizen from a voiceprint, the system might be able to prioritize their call or con- nect them directly to a live agent rather than a virtual assistant, improving their experience and helping resolve their issue faster. This level of service cannot be matched without the addition of AI-enabled tools to current processes.
Financial institutions have been making strides to digitize op- erations. Still there’s more that could be done—particularly by safeguarding customers and their businesses against fraud, as well as improving overall customer experiences. With potentially billions of dollars at stake every year, banks can’t afford to let fraud go undetected or customer needs go unmet. By turning to technology solutions, financial organiza-
tions can set themselves up for success, keeping losses to a minimum and creating unique, safe customer interactions.
Simon Marchand is the chief fraud prevention officer at Nuance Communications Inc.
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