Tag Archives: customer relationship management

Enacomm CEO Writes on Biometrics Authentication for CRMXchange and Paybefore

CRMXchange logoRemember being fascinated by iris recognition, fingerprint scanning and voice analysis in movies like Men in Black, Mission: Impossible, and Minority Report? Thanks to new advancements, biometrics technology will soon transform the customer experience, too, allowing consumers to be identified based on their unique personal attributes.

In a new guest column for CRMXchange, Enacomm CEO Michael Boukadakis points out that “fraud, identity theft and data attacks are disproportionately plaguing our nation — breaches involving U.S. entities accounted for 41.1 percent of incidents worldwide, according to Risk Based Security.” Traditional forms of account authentication, Boukadakis explains, are no match for modern forms of fraud – but biometrics authentication can thwart sophisticated schemes. In the financial space, companies can use biometrics to control who has access to personal information and card data.

According to the article:

For organizations big and small, voice authentication is now a financially and operationally feasible application of biometrics technology…A voiceprint is distinctive like a thumbprint, but rather than an impression of the lines upon a fingertip being scrutinized, a sophisticated analysis of hundreds of voice characteristics is conducted. An algorithm is applied to break up and map each unique voice identity, which is then stored in an encrypted file. An individual can then be accurately identified and authenticated in real-time by matching particular characteristics of his or her spoken words every time he or she calls.

Not only will there be a significant increase in the adoption of biometrics to safeguard financial transactions, but the technology will also be used to improve everyday events such as turning on lights, starting a car, or buying coffee at Starbucks.

paybefore logoBoukadakis also recently penned a guest article for Paybefore, titled “A Soon-to-Be Must-Have: Biometrics Authentication for Customer Service.” Capturing the identity fraud crisis in numbers, the piece states:

There were more than 12 million identity fraud victims in 2012, and fraudsters stole nearly $21 billion, according to Javelin Strategy & Research. This is about one victim every 3 seconds. Large data breaches provide account and personal information to fraudsters, who then use it to access individuals’ accounts. America leads the world in the number of payment card accounts, including prepaid, that have been breached. Business Insider reports that payment card breaches cost card issuers $3.4 billion in 2012 and merchants another $1.9 billion.

Boukadakis observes that “voice biometrics technology has improved along with the underlying communications channels, reducing the cost of a single authentication to pennies per instance. Compare this to the cost for a customer service representative to authenticate a customer, which could easily be $2.”

As part of an onboarding and authentication system, biometrics can be combined with advanced knowledge-based authentication. Voice biometrics authentication, in particular, is incredibly reliable and shouldn’t be compared or confused with voice recognition. A voiceprint is distinctive like a thumbprint, but even more reliable than fingerprinting with a 99.99 percent success rate. Of interest, fingerprinting can provide misleading results due to contextual bias. Making his case, Boukadakis provides an example of the FBI mistakenly matching a partial fingerprint found on a bag of detonators linked to the March 2004 terrorist bombings in Madrid to Oregon lawyer Brandon Mayfield.

How are customers authenticated with voice biometrics? Using inbound or outbound calling, texts, a mobile application or Web browser. And voice authentication can be integrated with new or existing interactive voice response (IVR) and call center systems. When a customer calls the IVR, he or she can authenticate in real time, or if speaking with a customer service representative (CSR), the CSR can send the customer a text message with a “talk back” link. Alternatively, the cardholder could be connected to a mobile Web browser to authenticate. Because call centers and customer service reps don’t have to repeat account verification or identification questions, 20 percent or more of their time can be saved, resulting in reduced costs and a much-improved customer service experience.

While PINs and other authentication data can be breached, customers’ voices cannot be compromised or stolen. With heightened security concerns and the need for multiple methods of authentication, voice biometrics is one of the best ways to arm your organization against fraud.

To learn more about Enacomm Voice Authentication (EVA), give us a call at 877-860-0025 or send an email to sales@enacomm.net.

Corelation Endorses Enacomm with Selection as Recognized Vendor of Intelligent Interactions Technology for Credit Unions

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Earlier this year, Enacomm was a silver sponsor of Corelation’s 2014 Client Conference in San Diego. Corelation is a financial software company focused on developing an innovative core system with data services that meet the technological needs of credit unions. Not only was Enacomm a vendor at the event, but now we have become a Recognized Vendor of Corelation!

With the new relationship, Corelation will introduce its customers to Enacomm’s intelligent customer interactions technology. According to Enacomm CEO Michael Boukadakis, “Enacomm’s next-generation, customer self-service technology makes it possible for these financial institutions to engage with patrons in a more personal, efficient way.”

Thanks to predictive analytics and an advanced decisioning engine, credit unions’ interactions with members can be tailored to their individual needs. Not only will this better customer service experience improve loyalty and increase member retention, but Enacomm’s self-service and assisted-service solutions, delivered as hosted or on-demand services through the cloud, help credit unions cut costs—as well as organizations throughout the Financial, Prepaid/Cash Card, Health Care and Utilities industries. In fact, did you know that, with a $2.50 price tag, the average assisted-service call costs an organization 20 times as much as the average self-service call?

And it’s not just about saving money; it’s about giving consumers what they want, too. “A growing number of people now prefer the efficiency of customer self-service options over speaking with a live agent,” explained Boukadakis. “To meet this rising demand and stand out from the competition, credit unions can create intelligent interactions across all contact channels, so members can easily complete transactions and get the information they need.”

To deliver the best member service possible, Enacomm’s intelligent self and assisted-service technology complements Corelation’s member-centric system. To learn more, give us a call at 877-860-0025.

Counting Down to FinTech Mecca: Money 20/20!

The FinTech world is counting down to the leading global event for innovations in money! In nine weeks, Enacomm will be traveling to Money 20/20 to show the payments and financial services industries truly intelligent customer self-service.

The event will take place at the Aria Resort & Casino in Las Vegas, November 2-6. At Booth 707, Enacomm will demonstrate brand new eKBA™ (knowledge-based authentication) mobile onboarding and will unveil a more robust version of ViA® Reporting and Analytics.

Enacomm brings intelligence to customer self-service for GPR and financial organizations across the US – more than a million times a day. Using web, mobile, SMS texts, email, voice and other communication channels, Enacomm enables organizations to offer their customers a superior, multi-modal self-service experience.

Do you want to join Enacomm and the 6,500 expected attendees at Money 20/20? We have a 20 percent discount code for you! Contact sales@enacomm.net if you’re interested in going to the show.

From automated customer retention, cross-selling and messaging to knowledge-based authentication, analytics and reporting, Enacomm helps organizations reduce costs and provide an exceptional customer self-service experience. Find out more at our Products/Services page, and follow Enacomm on Twitter using @enacomm to stay in the loop on Money 20/20 updates, Enacomm product releases, industry news and more.

money 20-20 countdown on 8.28

 

Enacomm CMO’s Expert Article on Targeted Marketing via Customer Service Channels Published by Destination CRM

DestinationCRM

 

 

David Anderson

David Anderson

Advanced technology now gives precision new meaning when it comes to reaching consumers. In a Viewpoints feature for Destination CRM—a publication dedicated to information, products, and services relevant to the CRM user marketplace—Enacomm’s David Anderson lays out the benefits of employing a dynamic decisioning engine that enables hypertargeted marketing via customer service channels. Anderson is Chief Marketing Officer of Enacomm and creator of some of the first predictive marketing campaigns in America.

In his piece, “Win Over Consumers with Intelligent, Targeted Marketing,” Anderson explains why organizations shouldn’t throw away their marketing budgets on hit-or-miss efforts and should instead invest in cutting-edge technologies. From the op-ed:

Whether via television, email, or an interactive voice response system, consumers are often exposed to irrelevant messaging from marketing campaigns today. A credit card company sending solicitations every month to someone who already has the credit card being promoted is not only wasting time and money, but is also making itself look less than brilliant.

What is gained by trading in a traditional customer relationship management (CRM) campaign—general messages to all customers—for new technology?

With an advanced decisioning engine, organizations can track and react to consumer behaviors in real time with precise, targeted marketing to micro and macro segments, one customer or one million. Implementing a multimodal solution makes it possible to deliver targeted messages across all available channels, from SMS texts to customer service representatives, and will reflect unified data on the spot. Because communications can be tailored based on demographics or even purchase history, cross-selling, upselling, and retention are improved, thanks to an enhanced customer experience.

Anderson goes on to paint a picture of what intelligent, targeted marketing looks like in action:

A customer pulls up her recent bank account activity with a smartphone app to review pending transactions. Based on her repeated behavior of depositing paychecks at the bank on the last day of every month, an offer is displayed on her screen asking if she’d like to sign up for direct deposit. She is given the option to either tap a button to talk with a customer service representative or click a link to go to the Web for more information. If she accepts the offer, she benefits from added convenience, and the bank strengthens the customer’s connection to its brand. It’s a win-win.

Enacomm can help your organization create a targeted messaging campaign framed by intelligent, personalized interactions that respond to customers’ wants and needs in real time. Contact us at 1-877-860-0025 or sales@enacomm.net to find out how the latest self-service and assisted-service technologies can help you build customer loyalty, cut costs and increase revenues.

Enacomm-MCN Partnership Featured by CRM Magazine for “Real ROI” Series

CRM MagCRM

In the February issue of CRM Magazine, the print accompaniment to DestinationCRM.com, a compelling feature for the publication’s “Real ROI” series shows how well-designed IVR solutions can overcome real-world challenges. The article, “IVR Is the Right Prescription for a Native American Health System,” spotlights Enacomm’s partnership with the Muscogee Creek Nation (MCN) Department of Health.

As described in the story’s subhead, Enacomm’s solution for MCN has enabled the organization to overcome spiking call volumes. According to Robert Coffey, chief information officer at the Muscogee Creek Nation Department of Health, “We were just getting inundated with calls. It was an administrative nightmare. It was so much work just for a simple prescription refill.”

But Enacomm has been able to help. From the article:

Thanks to an interactive voice response (IVR) system from Enacomm, Muscogee Creek has been able to tame unmanageable call volumes and voicemails. That IVR solution, which went live about a year ago, now every week processes more than 5,000 prescription refill requests that previously would have been handled manually. The average call covers roughly five prescription medicines, and the system handles each without a hitch, according to Coffey.

MCN in the past also worked with Enacomm on another IVR that it used to help tribe members with diabetes manage their condition and get rewards for certain behaviors known to control the symptoms of diabetes. As described in the article, “Members called in to report steps they took, such as walking for so many minutes a day, and racked up points that could be redeemed for purchases in one of the pharmacies, for example.”

And what’s ahead for the Enacomm-MCN partnership? The Department of Health is now looking to use the IVR as a springboard for other programs. “Among the initiatives underway is the creation of text and smartphone apps for submitting prescription refill requests. Coffey hopes to be able to launch those apps in a few months.”

At the end of the piece, the “Payoff” of the IVR that Enacomm created for the Muscogee Creek Nation Department of Health is summarized:

  • fielded more than 5,000 prescription refills per week that would have previously been handled manually;
  • saved local pharmacies hundreds of personnel hours each month in voicemail transcribing and data entry; and/p>
  • lowered the number of calls that need to be transferred to live pharmacy employees.

To learn more about the functions of Enacomm’s hosted solution for MCN that’s available 24/7, read the article online here.

Paybefore Publishes Guest Article from Enacomm COO

paybefore logoWriting for Paybefore, whose publications are “the leading source of industry information for alternative payments executives,” Enacomm’s own Chief Operating Officer David Jackson explains in a guest article how organizations can link interaction channels to better connect with customers. First highlighting how touchpoints have proliferated with the evolution of technology, “Intelligent Interactions Improve Customer Service, Boost Loyalty” provides guidance on how brands can boost customer care and require less effort from patrons. From the op-ed:

The IVR—and all other customer touch points—should be looped into every other customer interaction to serve customers more efficiently and save them the headache of rehashing the same information again and again.

By sharing data across channels to require less effort from customers and improving service, you’re more likely to have less frustrated, more loyal customers. According to CEB Research, 96 percent of customers who had a high-effort service experience reported being disloyal, compared to only 9 percent of customers who reported a low-effort experience.

How can companies take their customer relationship management (CRM) to the next level to stay competitive? Jackson recommends an enterprise-wide policy management engine. This “dynamic decisioning” recognizes customer interactions across all channels and responds accordingly, regardless of the channel the customer uses.

From the article:

Bringing together interaction channels with a dynamic decisioning solution can vastly improve the customer experience by optimizing and adapting to changing customer behavior in real-time. And thanks to data analytics, you can not only adapt based on recent customer activity, but you can often anticipate a customer’s needs based on consistent, repeated behavior over the long-term.

To help paint a picture of how intelligently relating to customers can improve loyalty, Jackson gives a prepaid-specific example:

A customer activates his or her prepaid card. The first time he or she calls for self-service or to speak with an operator, a message plays that says, “Thanks for activating your card. Sign up for direct deposit within seven days, and we’ll credit your account $10.” It’s a win-win: The customer appreciates the message tailored to his or her situation and the opportunity to earn cash, and you secure his or her regular business.

Be sure to check out Jackson’s entire article here for more valuable information on using predictive analytics in omnichannel. And Enacomm is just a phone call away at 877-860-0025 for help with questions.

Enacomm Partner Takes the Gold in Paybefore Awards Category

up visa

Banking Up, a partner of Enacomm and leading online and mobile financial services company, was named a winner in the eighth annual Paybefore Awards for its UPside Visa Prepaid Card. Banking Up swept the competition in the “Consumer Champion” category.

Enacomm recently announced that it deployed a hosted, self-service interactive voice response (IVR) solution for Banking Up. Enacomm’s analytics software allows Banking Up’s internal database to be utilized to create intelligent interactions, optimizing the customer call experience through an adaptive decisioning engine driven by real-time access to customer data.

In their eighth year, the Paybefore Awards have “conferred the most prestigious recognition of excellence in the worldwide prepaid, mobile and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for alternative payments executives.”

According to Banking Up’s news release, the “UPside Visa Prepaid Card was selected by a panel of five industry experts who served as judges for this year’s competition, which—once again—included a record number of entries from around the world.”

From Patrice Peyret, CEO of Banking Up:

“We are particularly proud to have been named a winner in the Consumer Champion category, as it rewards our consistent efforts to differentiate by being a virtuous market player. Large banks are still not making headlines by putting their customers first. Meanwhile, in 2013, UPside cardholders became able to deposit checks from home or from work using their mobile phones, and started hearing mid-Western accents when calling our newly on-shored customer support service center.”

To learn more, go to bit.ly/LGnneK. Congratulations, Banking Up!

Happy Holidays from Enacomm

At the close of another exciting year, we gratefully pause to wish you a warm and happy holiday season. We would like to take this opportunity to thank our customers, partners and friends for putting your trust in Enacomm. Every day we appreciate the chance to continue building our relationships with you as we join together to conquer challenges, perfect processes and pave the way for greater levels of success.

We know you value your customers as much as we value you – that’s why we are so passionate about helping you optimize customer interactions through intelligent voice processing infrastructure (IVR), applications and services. As you set goals for 2014, we encourage you to consider how to evolve your organization’s customer care along with ever-evolving cross-platform consumer behavior. Food for thought, here are a few recent expert articles to give you ideas on how to increase customer loyalty and retention, cut costs and increase revenue:

Whether it’s adding elements to the customer experience or improving operations, the Enacomm team can design a solution that unlocks new opportunities and achieves your vision.

We look forward to working with you in the New Year. May it bring you happiness, health and prosperity.

Holiday Express - The Season Is Almost Near

Speech Tech Mag Cites Enacomm-Banking Up Partnership to Show How Financial Institutions Are Advancing Customer Care

speech tech mag

An article recently published by Speech Technology Magazine explores how financial institutions have used speech technology for the past two decades, as well as what’s on the horizon. From the piece:

Many other industries have looked to financial firms as leaders in customer care and service, and with good reason: Retail banks, investment firms, and credit card providers have consistently been at the forefront of technology-driven innovations that have centered around telephone, mobile, and online interactions.

The story, “Banks Can Use Speech to Personalize Interactions,” points out that banks were at the forefront of interactive voice response (IVR) system adoption. Card activation, balance inquiry, PIN and password changes, account enrollment, address changes, branch and ATM locations, funds transfers, and reporting lost or stolen cards are all named as uses for the technology across the customer life cycle. To be proactive and help foster customer loyalty, banks use IVR technology to reach out to customers with card activation reminders, low balance alerts and fraud alerts, as well.

The article goes on to shed light on how financial institutions are advancing beyond basic IVR menus. Used as an example of a cutting-edge point solution, Banking Up teaming up with Enacomm (see our press release on the partnership here) is highlighted to show how financial institutions are using speech technology to increase personalization while maintaining a sense of security and controlling costs. From the story:

Banking Up, a personal finance platform that enables banks and businesses to provide customers with a mobile alternative to traditional checking accounts, has enlisted Enacomm, a provider of voice processing infrastructure, applications, and services, to deploy a hosted, self-service IVR. The platform is further supported by Enacomm’s analytics software, allowing Banking Up’s internal database to be used to create intelligent interactions. An adaptive decisioning engine driven by real-time access to customer data engages patrons with unique, personalized exchanges.

Find the whole Speech Technology Magazine article here. And give us a call at 877-860-0025 to learn how Enacomm can help your organization – financial institution or otherwise – evolve  its customer care with technology that harnesses dynamic decisioning to create intelligent interactions.

Invest in Customer Loyalty The Right Way

The publication Business2Community recently published an interesting article, titled “Why Customer Loyalty is Declining and What Companies Can Do About It.” The piece challenges organizations to rethink their approach:

Various studies point in the same direction: customer loyalty is disappearing in a hurry. Consumers put less trust in brands and tend to switch brands a lot faster. The famous 80/20 rule (20% of the customers account for 80% of the turnover) has turned into a 60/40 rule (40% of the customers generate 60% of the turnover) and is slowly evolving towards a 50/50 rule. In the latter case, loyal and disloyal customers generate the same amount of income. This shift is putting quite a few established marketing tactics in doubt. Should marketers invest less in loyalty programs? Or should they invest more? Should marketers favor proven methods such as investing in mass media?

The write-up goes on to point out that companies are struggling to keep up with rising consumer expectations and notes that organizations with “an older infrastructure have trouble coping with today’s rate of change.” It also references a recent Harvard Business Review article, in which McKinsey explains that customer disloyalty is “caused by a lack of understanding across the various touchpoints rather than by customer dissatisfaction with a single interaction.” These two observations are directly related, because if organizations lack newer infrastructure or have failed to implement dynamic decisioning technology, they’re not seeing a complete picture of the various touchpoints (or customer interaction channels).

Demonstrating his insight, author Steven Van Belleghem lists pitfalls that explain the decline in customer loyalty, including the mistakes that organizations make below:

  • Focus on individual touch points instead of on the customer experience as a whole. Companies are divided into various departments, with every department being responsible for the customer’s experience of one specific aspect of the customer relationship. There’s hardly any contact between the sales and after sales departments and invoicing is housed three floors down. Few companies take a holistic approach to customer relations, with just one person in charge of every aspect of the customer relationship. In a recent article in the Harvard Business Review, McKinsey claimed that disloyalty is caused by a lack of understanding across the various touchpoints rather than by customer dissatisfaction with a single interaction.
  • No unique relevance to consumers. When customers are disloyal, they are really saying that a product or service was not relevant enough for them to remain a customer there. The product or service in question didn’t stand out from the competition. In recent years marketers have launched scores of innovations, often a new flavor or packaging. Too little thought is put into the role a brand has to play in consumers’ lives. The relationship is too rational in nature instead of emotional.

Enacomm’s Dynamic Decisioning Solution overcomes both of these challenges by taking into account all customer interactions across various channels and by utilizing data analytics to create exchanges that are personalized to each individual’s habits and needs – customer loyalty is earned through intelligent interactions. Our Dynamic Decisioning Solution helps your business treat each patron as if you know him or her, building customer satisfaction and increasing loyalty with each transaction, across every channel including stores and kiosks, contact centers, websites and the IVR.

Also of interest, Van Belleghem claims that loyalty programs are missing their mark. From the article:

Many companies thought there was a shortcut to creating customer loyalty: the loyalty card. However, all the latest studies agree that loyalty cards slash profit margins on existing customers. Instead of creating loyalty you’re really losing money. Loyalty is not for sale but must be earned.

Convergys studies have demonstrated that loyal customers consume more products and services and contribute more revenues to the enterprises they regard – but building loyalty must be done the right way to be effective. Invest in delivering customer care marked by intelligent interactions that are consistent across all channels; it’s sure to pay off.

Give us a call at 877-860-0025. Enacomm can help.

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Flickr/Timparkinson