Picture this: A frustrated customer locked out of their banking account, navigating endless call queues, or impatiently awaiting a security letter’s arrival by post. Traditional, time-consuming account recovery methods test the patience of banking customers and strain the resources of call center agents. This not only leads to higher operational costs but also jeopardizes customer satisfaction.
No media break when authenticating across channels
Futurae is a Cybersecurity company specializing in user-centric authentication, transaction confirmation, and fraud prevention. Modules are easily configurable; for instance, automatic account recovery allows seamless and secure access to a banking account when receiving a new smartphone.
Automatic Account Recovery relies on several security modules, including machine-learning-based risk factors, to instantly reinitialize a customer’s banking services on a new smartphone without relying on insecure SMS codes, second devices, or the need to call a support desk. These novel approaches dramatically reduce the need for manual intervention and speed up the account recovery process, resulting in an improved user experience.
The Proven Impact: Lowering Costs, Boosting User Satisfaction
The real-world impact of Futurae is undeniable. Banks using Futurae testify to a remarkable 90% reduction in authentication-related IT support calls. This reduction translates directly into substantial cost savings of support staff for more value-generating tasks and gains efficiency in operations.
Account recovery is a common occurrence as users frequently lose or replace their devices. Remarkably, around 40-50% of all helpdesk calls are traditionally due to issues attributed to log-in or authentication with legacy technology.
The benefits, however, extend beyond cost reduction and improved user experience. Research has shown that users are more likely to sign up for services that offer seamless lifecycle processes with a high degree of security, like a simple account recovery, as they feel more confident in their ability to regain account access if necessary. This newfound confidence translates into higher user acquisition and retention rates, fostering tangible business growth.