To reap the rewards of a genuine partnership, that rare collaboration that yields extraordinary results, you need to slip into the skin of your client. That can mean shedding your own to adopt your partner’s priorities and practices and to embed their values into every aspect of the service provided. A true partner become an extension of the brand.

Our joint objective was combatting fraud and our client, a major U.S. bank, had mapped a clear strategic vision for reducing losses in its demand deposit account division.

The challenge

Our banking client saw fraud on the rise — both consumer fraud and employee fraud. Insufficient fraud protocols led to excessive false alerts, unnecessary account freezes, and delayed resolutions to customer issues.

Serving customers in multiple states, each with its own regulatory guidelines, added complexity to fraud prevention strategy as some states had more rigid laws than others. Further, the client’s data security charter prohibited the use of automation, AI, and cloud-based solutions, meaning the full weight of the task relied on humans performing manual tasks with accuracy and speed.

Investigation costs were rising and the brand was at risk of reputational damage.

Our solution

TTEC built and trained a highly specialized, thorough, tightly knit team to review and analyze recorded customer interactions to flag suspicious behavior or troubling patterns that required investigation to determine what activity was fraudulent — and what was not.

We understood our client was extremely risk averse and not receptive to digital solutions. Respecting that stance, we made sure our fraud prevention team possessed the skills to spot irregularities without assistance of digital tools deployed elsewhere. Unlike others relying on automation, TTEC thrives in environments where manual expertise is key, ensuring precision even under strict compliance rules. 

Our team shared experiences with one another to ensure continuous improvement and became so attuned to bad actors that they recognized the voices of repeat offenders who attempted to open, close, and take over accounts of unsuspecting customers throughout the course of a day.

We coached our team to flag and document all aberrations, even those unlikely to signal fraud, because our client wanted the richest, most exhaustive data set possible.

The results

TTEC ramped up quickly and onboarded 589 associates in three months’ time. We consistently exceeded targeted goals for compliance, the No. 1 key performance indicator (KPI) across the four lines of business we supported. For complaint capture, for example, the client set a goal of 80% but we overdelivered, capturing 87% of complaints — achieving 110% of goal.

For another compliance KPI, call quality/regulatory, our client set a goal of 95% but we achieved 99%, translating to 104% of goal.

To ensure consistent high levels of performance, it was essential to keep our well-oiled fraud team intact so attrition was a chief KPI to track. We achieved attrition rates ranging from 3% to 5%, an extraordinary metric for this type of work. Across the banking and finance industry sector, the average turnover rate is 18.6%, among the highest of all industries.

Protecting against losses is a complex undertaking as each company has its own unique strategy to accomplish its goals. TTEC embraced our client’s priorities as our own, generating these accolades:

“[TTEC] is always considering, understanding, and supportive of the initiatives we need in place.”

“They properly listen and offer alternate ideas when it can help. Their willingness to help drive performance metrics aggressively is exactly what we need to raise the bar month over month.”  

“Great at driving morale.”

“[TTEC] senior leadership is as committed to client satisfaction as bank leadership.”
    
TTEC's ability to adapt to the most stringent security and compliance environments while achieving unprecedented performance makes us the partner of choice for BFSI organizations looking to combat fraud, protect their reputation, and drive customer trust.