Kennebunk Savings Taps Nuance Biometrics to Stop Fraud and Improve the Customer Experience
BURLINGTON, Mass. – January 25, 2019 – Nuance Communications, Inc. (NASDAQ: NUAN) today announced Kennebunk Savings is the latest to deploy its market-leading voice biometrics technology to streamline customer authentication and reduce fraud.
Traditional knowledge-based means of identification like PINs, passwords and security questions are not only insecure but can cause customers headaches when trying to access their accounts. Financial institutions both large and small are rolling out voice biometrics to reduce that frustration—and perhaps even more importantly—halt the growing instances of fraud occurring due to criminals gaining access to knowledge-based means of authentication. Kennebunk Savings is the first community bank in New England to partner with Nuance to deploy voice biometrics technology.
Community banks, especially, have the potential to see huge benefits to the customer experience. By deploying Nuance voice biometrics technology, Kennebunk Savings will reduce, or in some cases, eliminate the need for security questions when customers call about their accounts. Instead, customers can identify themselves simply by having a conversation with a bank representative, and Nuance technology will automatically compare their voice to the voiceprint associated with their account and advise the bank representative to quickly grant or deny access based on whether the two match.
“The experience we bring our customers is paramount and we’re always looking for ways to improve convenience and ease of service,” said Jennifer Johnson, Vice President, Kennebunk Savings. “Nuance’s voice biometrics technology allows us to provide our customers with an enhanced experience and at the same time it is further protecting them from bad actors attempting to gain access to their accounts.”
“Fraud today is not only a problem for multi-national financial institutions. As these organizations have deployed voice biometrics to secure their customers, fraudsters are shifting their attacks to community banks and credit unions. As a result, all financial institutions are facing increasing fraud pressures no matter their size. We’re glad to see Kennebunk Savings deliver the greatest level of biometric security within their Customer Care Center. As a result, they are staying one step ahead of fraudsters while delivering an improved experience for their customers," said Brett Beranek, General Manager, Security Line of Business, Nuance Enterprise.
Nuance leads the market in the number of enrolled voiceprints at 400 million by the end of 2018, with over five billion transactions handled. Nuance’s Security Suite portfolio of solutions allow organizations to leverage advanced AI technology to ensure customers are who they say they are—from matching a caller’s voice to the voiceprint associated with that individual’s account to monitoring conversation patterns and analyzing geographical location and device type. A recent Impact Study found a Fortune 100 multi-national bank who deployed the solution saved $24M over three years due to avoided fraud incidents and operational savings.
Learn more about Nuance’s Security Suite here.
About Kennebunk Savings
With assets of $1.25 billion, Kennebunk Savings Bank is a mutually owned, Maine-chartered community banking institution headquartered in Kennebunk, Maine with banking offices throughout York County, Maine and seacoast New Hampshire. Kennebunk Savings contributes 10% of its after-tax earnings back to the nonprofit community each year through its Community Promise program. The total commitment of that program has meant over $12 million for nonprofits in the community since 1994.
About Nuance Communications, Inc.
Nuance Communications, Inc. (NASDAQ: NUAN) is the pioneer and leader in conversational AI innovations that bring intelligence to everyday work and life. The company delivers solutions that can understand, analyze and respond to human language to increase productivity and amplify human intelligence. With decades of domain and artificial intelligence expertise, Nuance works with thousands of organizations – in global industries that include healthcare, telecommunications, automotive, financial services, and retail – to create stronger relationships and better experiences for their customers and workforce. For more information, please visit www.nuance.com.
Trademark reference: Nuance and the Nuance logo are registered trademarks or trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.