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Nuance biometric authentication suite saves multinational bank $24 million in three years

Nuance biometric authentication suite saves multinational bank $24 million in three years
 

A Fortune 100 multinational bank has saved $24 million over three years in avoided fraud incidents and operational savings by using the Nuance Security Suite, according to a study by Forrester Consulting.

Nuance commissioned Forrester to quantify the total economic impact its solution provides, in addition to providing a simplified customer authentication process across channels with biometrics. Forrester interviewed the company’s global head of contact center operations and analyzed aggregated data, and found that it saved $17.9 million due to reduced fraud, and also reduced operational costs for contact centers staffed by agents by nearly $2.5 million.

Costs due to authentication failures in the interactive voice response (IVR) system were also reduced by $2.2 million, and cost savings from containing calls in the IVR amounted to $1.7 million. The total return on investment for the institution was calculated at 191 percent. Nuance’s client also reported higher job satisfaction among customer service representatives, an increased rate of sales conversion, and deterred fraud attacks.

“We have seen the dramatic impact a move to biometrics-based authentication and fraud prevention brings organizations, 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.”

Nuance announced an update of its Security Suite with new behavioral biometric capabilities and third generation deep neural networks early this year, and the Czech Republic’s largest bank, Česká spořitelna, announced the deployment of the Nuance Security Suite in June.

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