Nuance Communications‘ biometric authentication technology offers some major cost savings to organizations that deploy it, and the company has proof.
Nuance commissioned Forrester Consulting to conduct an independent case study pertaining to one of its major bank customers. The study found that Nuance Security Suite, which uses voice, facial, and behavioral recognition to identify end customers, saved the bank a total of $24 million over a period of three years.
Much of that achievement came from a reduction in fraud, which saved the bank $17,905,334, in Forrester Consulting’s estimation. Operational costs were also brought down, with a reduction in authentication failures over the bank’s interactive voice response system producing a savings of $2,213,848, for example. Meanwhile, the bank reports that it saw improved job satisfaction from its customer service reps and increased sales conversions. All told, Nuance’s system offered a 191 percent return on investment, according to the report.
The report offers a pretty compelling validation of Nuance’s technology, but it also points to the benefits offered by biometric and AI-driven authentication more broadly. The financial services sector has been quick to embrace these kinds of security solutions, and Forrester Consulting’s study should help to persuade remaining skeptics, and managers in other kinds of organizations that stand to reap the same ROI by embracing biometric security.
July 23, 2018 – by Alex Perala