We’re fortunate to both have extensive banking experience in our own Flare team but also have had the opportunity to work with so many financial institutions in the last 10 years. This has enabled us to really test and refine our views and work hard to help our clients maximise the phone banking opportunity. Along the way we’ve also deployed speech navigation as well as voice biometrics into these channels, both presenting incredible opportunity to grow the channel further. That said, there are a number of designs that need to be refined as we know so much about power users and their comfort with both touch-tone navigation and PIN! So its a careful pathway that needs to be plotted.
But the key math here is that even a small growth in customer success in Telephone Banking has a massive impact on the contact centre making it just an incredible investment if you get the design right.
Our rule of thumb is that, in the banking domain, you should be able to direct 80-85%+ of all calls into your phone banking. The challenge is then making callers successful, something we’ve spent a significant amount of time refining over the past decade.
There isn’t one single way of achieving greater call automation but if you step back and review this part of the callers experience as part of resolving the broader customers needs then you can identify the strategy, security or VUI design, or routing that can give you the small percentage improvement required to drive a big business benefit.
In addition to enhancing the phone banking application, we’d also highlight that in all of our open speech deployments we’ve seen automation growth in the vicinity of 10%+ uplift – a good business payback on that investment.
ABOUT FLARE DESIGN
Flare are leaders in IVR including voice biometrics and speech recognition, customer experience and business process design. We bring a complete end-to-end view of the impacts, pitfalls and mitigating strategies of IVR implementations, change and the impact on staff and customers.