Banking is an integral part of everyday life for most people, whether making a deposit or credit card payment, servicing a loan or insurance premium, or cashing a check. In today’s technologically driven world, most of these tasks are performed outside of the local branches. Today’s financial service customers want flexibility so that they can connect on their own time. Whether in the office, at home, or during a daily commute, customers are staying connected through technology. Every industry sector is taking advantage of these new technologies to provide more capabilities, and the Banking Industry is no exception. As reported by Intuit Financial Services’ Third Annual Online Financial Management Survey, only 20% of customers physically visit their bank branch on a regular basis, meaning that they are using technology to handle a majority of their financial business. Companies within the banking industry face many challenges to provide quick and secure service, including
Customers prefer to make payment arrangements on past due bills discretely by phone.
Conventional outbound IVRs are unable to reliably decipher between a call answered by voice mail system and one answered by a human.
Accessing information regarding account status (next payment, past payment, balance due, etc.) must be quick, easy, and secure.
Providing mortgage servicing tools 24/7, enabling customers to make mortgage payments or cure mortgages that have defaulted at any time of day.
Offering customers the ability to request new credit or credit line increases securely.
The Financial Services industry pioneered the use of IVRs more than 20 years ago and, while many of the typical automated business processes are mature, there is a still great deal of opportunity to expand and improve customer service overall using a voice self-service platform. The most complex processes still require a live agent because the conversation becomes more complicated than just checking the balance or making a payment. A sophisticated solution should be able to effectively handle more complex calls than the standard IVR solutions that are currently utilized by Financial Services companies. It also absolutely must be PCI-DSS certified.
Only 20% of CUSTOMERS visit their bank branch on a regular basis