Pindrop, a global technology leader offering security, identity, and intelligence for every voice, today announced the findings of a commissioned Total Economic Impact™ (TEI) Study conducted by Forrester Consulting. The study interviewed six Pindrop customers, aggregated the interviewees’ experiences and combined the results into a single, mid-size composite customer organisation.
The findings for the composite organisation reveal a 171% return on investment and a net present value (NPV) of $11.60 million using its Pindrop(R) Protect, Passport, and VeriCall(R) Technology solutions over three years.
Prior to implementing Pindrop(R) solutions, participating organisations struggled with inefficiencies in legacy tools and processes in their call centres, leading to longer average handle times and more support resources from call centre agents and security operations teams. They also experienced poor customer experience and spikes in fraud due to manual authentication and fraud protection frameworks, respectively.
“To positively transform the traditional call centre, organisations need a trusted solution that provides authentication, fraud protection and ANI validation to create a personalized experience with quick resolutions for customers,” said Mark Horne, chief marketing officer at Pindrop. “Our products provide those benefits, and we believe the Forrester TEI study underscores the true value customers receive when utilizing our solutions.”
The study uncovered that, after investing in Pindrop(R) technology, these customers experienced, in aggregate:
● 10% operational gains for call centres, made possible by streamlined ANI verification and passive authentication.
● Improved call experience for customers and employees alike through personalization as well as reductions in handle times and knowledge-based authentication (KBA) questions.
● Reduced fraud incidents and losses by 15%, surpassing existing systems by utilizing improved detection and analytics.
● Annual savings as high as $5 million from fraud loss prevention.
“[Pindrop has] enabled us to focus on customer experience in other areas,” said the head of fraud and investigations for a banking company who participated in the study. “Rather than worrying about [authentication], now we can channel agents in a way to deliver better conversations outside of the [authentication] process and not taking up too much time there.”
Pindrop® solutions are leading the way to the future of voice by establishing the standard for identity, security, and intelligence for voice interactions. Pindrop solutions help protect some of the biggest banks, insurers, and retailers in the world using patented technology that extracts intelligence from the calls and voices encountered. Pindrop solutions help detect fraudsters and authenticate genuine customers, reducing fraud and operational costs while improving customer experience and protecting brand reputation. Pindrop Security, Inc., a privately held company headquartered in Atlanta, GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad. Pindrop is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, IVP, and Vitruvian Partners.
For more information, please visit pindrop.com.