Leading Issuing Bank Implements Solution to Enhance Fraud Resolution Efficiency and Effectiveness
BEDFORD, Mass., May 4, 2010—SoundBite Communications, Inc. /quotes/comstock/15*!sdbt/quotes/nls/sdbt (SDBT 2.87, -0.03, -1.03%) , a leading provider of on-demand, multi-channel proactive customer communications, today introduced general availability of the SoundBite Fraud Management SolutionSM (FMS) a, real-time, multi-channel fraud resolution solution for card issuing banks. With SoundBite FMS, card issuers can design interactive text, voice and email messaging strategies to automate card fraud resolution in a highly efficient and cost-effective manner. SoundBite’s Real-Time Fraud Module, a key element of the FMS, enables card issuers to integrate with any fraud detection or case management system. This integration triggers immediate multi-channel cardholder communications to accelerate card fraud resolution. A leading global issuing bank recently completed the deployment of SoundBite FMS with integration to a leading fraud detection system.
For example, with the SoundBite Fraud Management Solution, when the card issuer’s fraud detection engine detects potential fraud it could automatically trigger SoundBite’s multi-channel platform to send a text message to the cardholder’s mobile phone. The cardholder can approve the transaction with a simple text message response and SoundBite updates the account status in real-time. In the event the cardholder refutes the transaction, SoundBite will immediately connect the cardholder to a fraud specialist. This approach would quickly, and cost-effectively, resolve the issue and prevent additional fraudulent transactions.
“Our research has shown that helping cardholders promptly resolve fraudulent issues has a positive impact on customer satisfaction,” said Mark Friedman, chief marketing and business development officer for SoundBite Communications. “SoundBite FMS leverages cardholder communication preferences to enable banks to resolve fraud more quickly and efficiently while improving cardholder loyalty.”
Fraud communications play an integral role in customer relationship management and loyalty. The Fraud Communications Survey conducted by Harris Interactive in March 2010 on behalf of SoundBite Communications found an overwhelming majority of consumers—89 percent—would prefer to be notified of potential fraud by multiple forms of communication, including phone calls, text message and email. Additionally, the survey found that when fraud occurs, banks and card issuers may have an opportunity to improve their customer loyalty with up to one-third of their customers who experience fraud by promptly notifying cardholders via multiple methods of communication.
Key benefits of the SoundBite Fraud Management Solution include:
-- Reduced Time to Confirm and Resolve Fraud - The SoundBite Real-Time
Fraud Module provides connectivity between a bank's fraud management
infrastructure and SoundBite's EngageSM platform for real-time,
automated fraud management interactions. SoundBite's on-demand
multi-channel communications platform helps financial institutions
notify cardholders immediately of suspicious account activity and
connect cardholders to fraud specialists if fraudulent activity is
confirmed. This enables companies to reduce the time it takes to confirm
fraud, decrease fraud exposure and minimize cardholder account
disruption.
-- More Cardholders Contacted - SoundBite's Preference Management Solution
for FMS enables banks to capture cardholders' communication preferences
and augment contact information so fraud communications are received in
the way that is most effective and convenient for each cardholder.
Combining SoundBite's multi-channel contact strategies with better
cardholder contact data improves the likelihood of reaching the
cardholder during the critical event resulting in an increase in
resolution rate.
-- Automated Case Resolution - The FMS includes the SoundBite Dialog
EngineSM, its intelligent multi-channel rules engine, which enables
automated case resolution. The SoundBite Dialog Engine engages
cardholders with interactive self-service dialogs initiated from an
inbound or outbound message. Banks can automatically validate card
transactions using the SoundBite Dialog Engine to authenticate
transactions and resolve potential fraud via self-service without
involving a fraud specialist.
-- Increased Cardholder Loyalty - The combination of real-time,
personalized, intelligent multi-channel communications will enable a
bank to proactively communicate with cardholders during the fraud
management process. Minimizing cardholder frustration during this
critical time can increase cardholders' confidence in the bank and can
deepen customer loyalty.
About SoundBite Communications
SoundBite Communications is a leading provider of on-demand, multi-channel proactive customer communications solutions designed to transform the way organizations communicate throughout the customer lifecycle to build trusted, lifelong and profitable relationships. Clients can leverage SoundBite’s proactive customer communications offering and expertise in designing, executing and optimizing communications strategies to engage in relevant customer interactions that deliver long-term business value. Visit SoundBite.com for more information.
SoundBite is a registered service mark, and SoundBite Dialog Engine, SoundBite Engage, SoundBite Fraud Management Solution and SoundBite Real-Time Fraud Module are service marks, of SoundBite Communications, Inc.(SDBT-G)
SOURCE: SoundBite Communications, Inc.
CONTACT: SoundBite Communications, Inc.
Media Contacts:
Debbie Braunert
+1.781.897.2583
dbraunert@SoundBite.com
Schwartz Communications
Julie Goldman
David McKee
+1.781.684.0770
SoundBite@schwartz-pr.com
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