How FNBO Saved 8.5 Million Minutes in Handle Time

The challenge

Before Pindrop, First National Bank of Omaha (FNBO had nothing in place to detect phone fraud through the IVR (interactive voice response) or even once a call reached an agent. Their approach was reactive rather than proactive. They used traditional authentication, including “out-of-wallet” questions. Pindrop’s data shows that fraudsters tend to answer such questions successfully more than half of the time, whereas the actual person forgets the correct answers 20–40% of the time.

FNBO relied heavily on one-time passwords (OTPs), even with genuine customers. The OTPs were hurting the customer experience and adding two minutes to average handle time (AHT) while still being defeated by fraudsters.

The solution

Within the first year of the Pindrop relationship, FNBO experienced significant results: 4,000–5,000 fraudulent calls a month bypassed the call center agents and went directly to the fraud team. That relieved significant pressure on the agents, as they no longer needed to be fraud experts.

OTP usage decreased by 75%, and overall, AHT decreased by 30 seconds. Considering their annual volume of 17 million calls, that meant a reduction of 8.5 million minutes in total handle time.

Even though FNBO did not consider itself to have an ATO problem before working with Pindrop, its ATO recognition rate increased by 59%. Total ATO losses decreased by 16%, and the average ATO loss per account decreased by 47%.

Creating a personalized and secure customer experience

FNBO plans to create a more personalized experience for customers who call the contact center, utilizing Pindrop’s passive authentication solution for maximum identity assurance with minimal customer effort.

Another priority is expanding customer options by adding “voice” to its IVR to enable greater self-service, with Pindrop providing the security and identity assurance needed to support an improved customer experience.

IVR adapted technologies identify fraudsters in real-time

For the IVR, Pindrop Protect uses multifactor analytics developed specifically for the IVR environment and runs in the background of every call. Protect combines five technology engines into one platform, which analyzes risk across time and accounts to determine if an incoming caller exhibits anomalies that indicate high-risk or suspicious behavior, fraud, or fraudulent reconnaissance.

Passive, multifactor authentication

Pindrop Passport eliminates or significantly reduces traditional authentication methods and the unwanted customer friction they bring, replacing them with a multifactor authentication solution. Passport improves the overall customer experience and hardens the call center against attacks. Authentication happens in the background, reducing call handle times, saving operational costs, and increasing agent efficiency.

Pindrop exceeded our projected fraud loss reduction by 34%.

Pindrop exceeded our projected fraud loss reduction by 34%.Steve Furlong, Director of Fraud Management

What’s next

FNBO plans to improve account monitoring by leveraging Pindrop as a central investigation tool to verify suspected ATO and fraudulent applications, alongside other systems that leverage account risk.

As FNBO expands its business lines, it intends to use Pindrop for call risk and account risk intelligence on phone lines in addition to its toll-free numbers.