Voice recognition and biometrics firm Nuance has revealed a case study which outlines how a Mexican bank was able to save US$1 million in contact centre costs thanks to the implementation of its voice biometric technology.
Highlighting the case of Banco Santander Mexico, Nuance states that prior to using its Nuance VocalPassword technology to authenticate, agents spent an average of 72 seconds identifying and verifying the customer.
VocalPassword enabled the bank to reduce time spent on authentication by 42 seconds, to only 30 seconds. As a result of this technology, Banco Santander has been able to repurpose 53 agents to focus on other tasks, and it has attained annual cost savings of $1 million.
The firm adds that as of September 2014, Banco Santander had successfully enrolled 2.1 million customers with voice prints, and conducted over 4.1 million voice authentications.
“Santander plans to enrol 4.2 million of its customers into the system by the end of 2015. … It is on target to recoup its [authentication] investment in three years.”
Meanwhile, the company also points to the fact that Santander is now providing a ‘proof-of-life’ authentication service for various government agencies in Mexico to verify pensioners’ identity using voice biometrics which will allow them to receive their pension checks.
“The ability for customers to use their voice to gain access to their accounts is an easy and natural process, allowing the first point of contact with our bank to be enjoyable and hassle-free,” the case study quotes José Ignacio Zorrilla, executive director for multichannel and innovation at Banco Santander Mexico, as saying.