Conversational AI: Fighting fraud while reducing friction for customers -The risks of identity fraud remain as high as ever for consumers and banks alike. Global research from Experian shows that 58% of... -
The risks of identity fraud remain as high as ever for consumers and banks alike. Global research fromshows that 58% of consumers have been a victim of online fraud or know someone who has been a victim, or both. The challenge that banks face is protecting their customers from increasingly sophisticated identity thieves and scammers without adding undue friction to customer experience .
This technology enables a bank to rapidly escalate issues for large customer volumes without long hold times. It also clears the way for human contact centre agents to focus on the more complex customer questions or sales opportunities, instead of on handling routine calls about credit card limits or bank account charges.Behind the scenes, the AI can interact with thousands of users in a personalised way, with an AI-powered decision-making layer guiding engagements.
Managing the risks of identity theft, fraud and money laundering is a major pain point, given the sheer volume of attacks and scams. Authenticating customers and transactions soaks up an inordinate amount of time for frontline employees. The process can be subjective and prone to human error. The regulatory consequences of getting it wrong can be severe and customer experience may suffer when customers are kept on hold for a bank employee to verify their identity.
The beauty of such a platform is that it will get consistently better at flagging suspicious behaviour while streamlining the processing of legitimate requests from customers. Predictive modelling, combined with machine learning, will deliver faster propensity models, enabling a bank to save time and act more efficiently. Many processes that once needed human intervention can thus be automated.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global growth remains uncertain amid financial sector turmoil and high inflation | City PressThe emergence of stress in the global financial system has increased market anxiety as investors reassess the health of the financial system, said the International Monetary Fund (IMF)
Read more »
Africa and Summit Diplomacy - Global Powers Turn On the CharmAnalysis - The question is less about whether summits work and more about how to make them work for Africa.
Read more »
WAR IN EUROPE: Ukraine’s Zelensky asks global leaders to tap frozen Russian assetsUkrainian President Volodymyr Zelensky told a gathering of global finance leaders in Washington that his country needed $14.1-billion immediately for critical reconstruction needs and pleaded with officials to use frozen Russian assets to help pay the cost.
Read more »
Global markets buoyed by benign US inflation reportLatest data from US Bureau of Labor Statistics could see the Fed end its rate-hiking cycle
Read more »
WATCH | Global egg prices crack previous highs - studyEgg suppliers and consumers are scrambling to deal with higher prices. According to a study by food and agriculture lender, Rabobank, global egg prices have reached historic highs.
Read more »
Africa: IMF Lowers Global Economic Growth Outlook as 'Fog Thickens'The International Monetary Fund (IMF) forecast in their latest World Economic Outlook published on Tuesday, that global growth will bottom out at 2.8 percent this year before rising modestly to around three percent in 2024, representing a 0.1 per cent fall on its January projections.
Read more »