In 2023, consumers faced unprecedented financial threats, surrendering over $7.3 billion to robocall scams alone. With powerful AI voice-cloning tools now widely available, scammers can craft more convincing and agile strategies for defrauding victims. These increasingly sophisticated schemes have undermined customer trust and made clear that banks and other financial services firms that rely heavily on contact centers for customer engagement can no longer afford to continue business as usual.

TNS survey data underscores this reality, revealing that 92% of consumers expect their financial institutions to be taking all measures available to protect them. The volume of robocall scams presents a significant challenge to maintaining customer trust and operational integrity within the financial services sector.

TNS’ newly released eBook, “Digital Transformation Trends for Financial Services Contact Centers”, details industry-wide customer engagement challenges, while highlighting digital transformation solutions available. Modernizing the voice channel is critical, with solutions such as TNS Enterprise Authentication and Spoof Protection and Enterprise Branded Calling at the forefront of combating fraud and enhancing customer interaction.

TNS has observed three pivotal trends, captured in the eBook, that are critical to enhancing the customer experience for financial services brands:

Trend 1: Protecting Customers and Fraud Prevention

In 2023, consumers reported fraud losses exceeding $10 billion, according to the FTC, a record-breaking 14% increase from 2022. Financial services brands are safeguarding consumers and their reputational standing from bad actors employing impersonation tactics. Call authentication solutions like TNS Enterprise Authentication and Spoof Protection ensure that only verified, branded calls reach customers. This critical tool effectively blocks fraudulent actors in real time, mitigating the risk of brand spoofing and protecting customers and the firm’s integrity.

Trend 2: Brand Recognition

First impressions are crucial, especially in financial services, where initial contact can often determine the continuity of customer relationships. Our award-winning TNS Enterprise Branded Calling enhances this first touchpoint by displaying rich call information on incoming call screens, such as the brand logo or name. This not only bolsters brand credibility but also increases the likelihood of call acceptance. According to TNS survey data, 77% of Americans would answer a call from their bank if the brand logo/name was displayed on their incoming call screen, illustrating the profound impact of enhanced caller identification on customer engagement.

Trend 3: Leveraging Data

Top-performing financial services contact centers are using sophisticated data analytics to refine customer interaction strategies. Tools like Telephone Number Reputation Monitoring and TN Insights provide invaluable insights into customer preferences and behavior, helping agents meet key performance indicators and engage more effectively. These tools also enable real-time scoring and crowd-sourced feedback to quickly identify and address spoofing threats, ensuring customer communications remain safe and productive.

The Benefits of Investing in Digital Transformation

By embracing these digital transformation trends, financial services contact centers can help boost their efficiency and defenses against fraud, secure brand recognition, and optimize customer engagement through data-driven insights. TNS Enterprise Authentication and Spoof Protection can help prevent impersonation scams, which can severely tarnish a brand’s reputation, and ensure that only verified, branded calls reach customers.

The advantage isn’t hypothetical – it’s felt by companies that have already adopted these technologies. One corporate advisory firm whose client engages its “warm” leads with personalized calls through TNS Enterprise Branded Calling increased its answer rate by 133%.

For financial services brands eager to stay ahead of the curve and fully understand the market’s technological advancements, our eBook offers a comprehensive look at protecting operations and enhancing customer engagement.

Download “Digital Transformation Trends for Financial Services Contact Centers” to learn more about key tools and strategies to drive greater customer experience and operational performance across the contact center.

Jim Tyrrell is Vice President of Global Product Strategy at TNS with specific responsibility for TNS’ Communications Market solutions.