February 21, 2024

How Branded Caller ID (BCID) Prevents Fraud for Financial Institutions

How Branded Caller ID (BCID) Prevents Fraud for Financial Institutions

Financial institutions are often the targets of scammers seeking to defraud customers. This creates an environment where consumers are wary of communications from financial service companies. While this is understandable, financial institutions are challenged with getting authentic communications through to consumers, especially when many block or ignore calls from unknown or questionable phone numbers.

Customers may have a relationship with a financial institution but ignore calls for fear of fraudulent calls. Research from the Pew Research Center found that only 16% of Americans, on average, will answer a call from an unknown phone number. If you’ve ever found yourself ignoring an “unknown call,” you likely fall within this bucket.

Benefits of BCID for Financial Service Companies

Using branded caller ID (BCID) is one way financial service companies can increase the chances of getting through to customers by authenticating themselves. Branded caller ID can display your organization’s name, phone number, logo, and department, establishing consumer trust. So, let’s explore more about why BCID might be the answer to enhancing outbound dialing success for your financial service company.

Financial service companies can improve call success by implementing BCID, helping to improve contact rates, minimizing the impact of fraud, and improving customer confidence.

Improves Contact Rates

Tired of seeing rejected calls after rejected calls? Your financial institution can easily improve contact rates by utilizing branded caller ID (BCID). Consumers are more likely to answer incoming calls from a trusted, verified phone number. You’ll instantly improve contact rates and help your call agents more effectively utilize their time by eliminating the uncertainty of unknown numbers.

Minimizes the Impact of Fraud

The rising number of financial scams helps support the need for financial institutions to take measures to protect their identity, such as the use of branded caller ID. Financial institutions that use branded caller ID practices improve their own success and minimize the impact of fraud on consumers.

Many customers fall victim to financial phone scams, thinking they’re legitimate calls incoming from their financial institution. Once consumers know to expect verified calls from your institution, they’ll become more aware and avoid answering potentially fraudulent calls.

Improves Consumer Confidence

Utilizing BCID can help your organization establish trust amongst consumers, making it easier to develop a relationship. With branded caller ID, trust begins to form at the first point of contact before an agent even speaks to a customer.

With BCID, your brand’s logo and name will appear, improving consumer confidence in the validity of the call. This helps answer rates but also means call center agents can spend less time verifying the call’s legitimacy and more time focused on the initial reason for the call. Of course, improved call answer rates ultimately lead to improved customer engagement as well.

Inversing Gresham’s Law

Gresham’s Law is an important principle in the field of economics and can also help you understand why using BCID is important for financial institutions. This theory states that bad money drives out good money. This means financial institutions have an obligation to mitigate the influx of bad money throughout their organizations.

Improving customer confidence and minimizing fraud is imperative for the success of financial organizations. Using BCID effectively is one way financial service companies can work toward combatting fraud.

When To Use BCID for Financial Calls

Understanding the habits of your customers as a financial institution is important to help you determine when to use brand caller ID (BCID). Many consumers block incoming calls from unknown or unwanted phone numbers, including calls for debt collection or payment reminders. This can make it challenging for financial institutions to make outbound calls and get customers on the phone.

In these scenarios, using BCID may be beneficial in supporting your outreach strategies. Many financial institutions place outbound calls for several important reasons, including:

  • Lower interest rate offers
  • Payment reminders
  • Credit card upgrade offers
  • Fraudulent activity alerts

With BCID, it’s easier to get through to your customers who may have blocked unknown numbers.

Maintaining an Accurate Caller ID

It’s also worth noting that maintaining an accurate caller ID is essential to your success when placing outbound calls from a financial institution. Caller ID accuracy includes monitoring and auditing your rich call data, caller ID display, and branded call display to help build consumer confidence.

At Caller ID Reputation, our Device Cloud platform allows agencies to monitor their Caller ID display across real devices and networks.

Ready to learn more about utilizing BCID and getting started with Caller ID Reputation’s Device Cloud? Improve the answer rate of your outbound calls, develop better trust with your customers, and help fight against financial scams by branding your caller ID. Try Caller ID Reputation to see the benefits for yourself with a free trial.