Self-Service IVR: Automate & Optimize Your Banking CX

Self Service Banking IVR

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The Rising demand of Self-Service in Banking: 

Customers today want immediate service and gratification. The rise in demand for businesses to deliver swift, efficient and cost effective customer support, propelled the need of Self-service IVR in the custom experience industry.  The banking sector, like many others, has recognized the need for remote and automated customer service solutions, particularly in the wake of the pandemic. Self-Service IVR, with its AI-driven insights, omnichannel capabilities, and integration options, has become an important pillar for meeting the challenges of modern banking customer experiences.

A study by Gartner implies that by 2024, customers will prefer to use speech interfaces to initiate 70% of self-service customer interactions, accentuating the significance of effective Self-Service IVR systems in contemporary call centers.

Today, ‘Intelligent’ IVR reinvented what just telephony can’t accomplish, resulting in an automated customer service channel that saves cost, improves contact center performance, and results in happier customers.

Why do you need a Self-Service solution?

As we have seen that with fast paced digitalization and advancements in banking sector, customer service is also evolving at an unprecedented pace. This presents several challenges for CX professionals some of them described below that requires scalable and self-service solutions:

  1. Rising Costs: Maintaining large customer support teams can be costly. Labor costs, training, and management all add up, impacting your bottom line.
  1. 24/7 Availability: Human agents can have days off including weekends and holidays, but customers expect support at all hours, this can lead to inconsistent customer experiences. High staff turnover rates also contribute to this problem. Meeting these demands with a live agent can be impractical hence implying the need of a self-service solution. 
  1. Customer Frustration: Long wait times and transfers can lead to customer frustration, which can result in lost business and a tarnished reputation. 
  1. Scalability Issues: As the banking business grows, so does the customer base. Scaling customer support to meet increasing demand becomes a  challenge.

Self-Service IVR Trends in Banking

Self-Service IVR proves to be a versatile feature with a broad scope of applications. It extends beyond simple menu-based interactions, addressing various needs within the customer experience domain.  

self-service IVR is the most used solution for enhanced contact center efficiency

Key requirements in the Self-Service IVR sphere

  1. Personalization: Customizing IVR interactions to cater to individual customer preferences and past behaviors for a more personalized experience.
  1. Omnichannel Integration: Integrating IVR seamlessly into omnichannel customer support strategies, ensuring consistency across all touchpoints.
  1. Data Security: Implementing robust security measures to protect sensitive customer information related to payments etc, during IVR interactions.
  1. Analytics and Reporting: The use of data analytics to gain insights into IVR performance, customer behavior, and areas for improvement.

7 Key Features of Self-Service IVR in Banking

Forrester Research suggests that 73% of customers value the ability to solve service issues on their own, indicating a growing preference for efficient Self-Service IVR solutions.

  1. Customization: Self-Service IVR allows for tailored interactions, enabling banks to customize menu options and responses to align with specific business needs and customer preferences.
  1. Natural Language Understanding: Advanced IVR systems in banking are equipped with natural language processing capabilities, responding to customer inquiries in a conversational manner for a more human-like interaction.
  1. Omnichannel Integration: Modern banking customer service extends beyond phone calls. Self-Service IVR seamlessly integrates with multiple communication channels, such as chat, email, and social media, ensuring consistency and continuity of support.
  1. Multi-Language Support: In a global marketplace, catering to customers in their preferred language is crucial. Self-Service IVR in banking provides multilingual support, breaking down language barriers and expanding business reach
  1. Payment Processing: Some Self-Service IVR systems in banking offer secure payment processing, allowing customers to make payments or complete transactions through the IVR system, enhancing convenience and security.
  1. Intelligent Routing and Escalation: Self-Service IVR can intelligently route calls to the most suitable agents or departments, streamlining support processes and identifying when escalation to a live agent is necessary.
  1. Caller Identification: Intelligent IVR streamlines the customer identification process, reducing wait times and improving efficiency for faster query resolution, resulting in lower AHT. 

Self-Service Solutions Powered by Intellicon

Intellicon’s Self-Service IVR system for banking allows customers to resolve inquiries or perform specific actions, such as checking account balances or making payments, without agent intervention. This technology stands as a testament to the advancements in banking customer service, aiming to enhance user experience and optimize operational efficiency in call centers..

How Intellicon’s Self-Service IVR benefits your business?

CTI (Computer Telephony Integration):

Seamlessly integrates computer and telephone systems, allowing agents to manage interactions and access relevant customer information from a unified interface.

Smart Routing:

It can distribute the clients to the most appropriate agents and even connect them with familiar agents, improving customer satisfaction, raising First Call Resolution (FCR) rates, and reducing Average Handling Time (AHT).

Customer Journey Tracking:

Provides insights into every touchpoint a customer interacts with, enabling agents to understand customer behavior and preferences, and offer personalized solutions.

Cost Savings: By automating routine inquiries, Intellicon reduces the need for large customer support teams, saving your business substantial operational costs.  

A 2023 report by IDC found that self-service IVR can help contact centers reduce costs by up to 30%. 

Consistent Customer Support: Intellicon provides 24/7 support, ensuring consistent, high-quality service even during off-hours.

Scalability: Our solution can easily adapt to the growth of your customer base, ensuring you can meet increased demand seamlessly.

Data Security: Intellicon prioritizes data security, ensuring customer information is safeguarded throughout the payment processes.

IVR systems use two-factor authentication and voice encryption to prevent unauthorized access to customer information. [PCI Security Standards Council, 2023 Payment Card Industry Data Security Standard]

Integration Abilities of Self-Service IVR

CRM Integration: Self-Service IVR can seamlessly integrate with Customer Relationship Management (CRM) systems. This enables agents to access customer information, history, and preferences, providing a more personalized and efficient service.

Database Access: Pulls real-time information from databases, such as account status or transaction history, ensuring customers receive accurate and up-to-date information.

Third-Party Application Integration: It can be integrated with various third-party applications and services, expanding their capabilities. For instance, integration with appointment scheduling software can enable customers to book appointments directly through the IVR.

Voice Biometrics: An emerging technology, voice biometrics allows for secure and convenient authentication. Self-Service IVR’s can use unique voiceprints to verify customers, enhancing security and reducing the need for cumbersome authentication processes.

Incorporating Self-Service IVR with these integration and advanced abilities empowers banks to elevate customer experiences, reduce operational costs, and streamline support processes. The result is a win-win scenario where customers receive efficient support, and banks gain a competitive edge in the dynamic world of banking customer experience.

Explore unparalleled features and integrations designed to meet the unique needs of modern call centers in the digital age. Contact us today to learn more

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