IVR Software enables callers to get information about their account at any time, contact customer service, or even make a payment. Because customers will come calling, this is usually a staple for the phone line of most businesses. Yet, is it worth the investment for a business such as a financial institution?
IVR Software = D.I.Y. Service
Financial institution members can easily manage their accounts without ever interacting with a rep. An interactive IVR system enhances customer experience and allows staff to dedicate more time to urgent tasks.
Over 50% of customers think it’s important to solve product issues themselves rather than rely on customer service.
Route callers effectively
IVR Software that is set up effectively routes callers to the most appropriate representative and/or resources. In turn, this makes it easy for a customer to get the information they need without any disruptions.
A 1% improvement in first Call Response = $276,000 in annual operational savings for the average call center.
Lower Operational Costs
Many times a member does not need to speak with a representative to resolve their question or issue. An IVR system can direct them to the resources necessary online. This significantly lowers operating costs by boosting staff productivity.
“A chat with a live agent can cost $6-12 per interaction, while an automated interaction on the IVR (or ITR) can cost as little as 25 cents.”
Personalize an IVR
An IVR has the capability to record caller’s responses and add them to the caller’s contact history. The next time a caller calls in, they’ll receive a more personalized response than if they were to be transferred to a live agent. For example, instead of a live agent answering with “How can I help you today?” they would say, “Mary, thanks for calling…” In today’s world, personalized customer service goes a long way. IVR Technology Group can also do more intelligent lookups based on of the ANI (or caller ID), bypassing the need for account number entry and (as an example) retrieve balance info.
According to a recent report from Accenture, “75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history.”
Increase Payment Rates on Loans
When it comes to payments, an IVR payment system eliminates the need for a live agent to be present. By integrating omnichannel payment solutions like Compass Pay to an existing IVR, your financial institution’s self-service payment options are available 24/7. An IVR payment solution eliminates the need for members to send in a check to pay their loan and saves the financial institution the hassle of cashing checks. As an added benefit for members, the financial institution can set up recurring payments. Recurring payments eliminate the need for members to initiate payments every month, and in turn, minimizes late fees that can negatively affect their credit.
According to banknews.com, “For the last four years BillingTree has been benchmarking payment technology trends across the ARM industry and more recently across other vertical markets, including healthcare. Virtual negotiation and Interactive Voice Response (IVR) technology is viewed as a key new payment technology in the Accounts Receivable Management Industry…” and continues with “…planned adoption of both almost doubling from the year before.”
Gain Member Insights
Analytic reports of the IVR software allows businesses to learn how to make the most of their IVR. The reports show which options caller will select, most commonly used functions, and how long the average call lasts. These reports allow the financial institution to learn which services members use the most.
According to a post written by Shep Hyken on Forbes.com, “Technology has made it easier than ever to track customer preferences and history…” and continues with, “There is no reason to not create a more personalized experience that caters to a customer’s individual needs.” Well said Shep, we couldn’t agree more.
IVR Software enhances member experience while reducing operational costs.
Thinking about upgrading your IVR? Or perhaps you don’t even have one! IVR Technology Group offers one of the best ivr solutions out there. Consider the possibilities of implementing IVR Software to enhance your member’s experience while saving costs. Contact us today!