Conversational IVR enables customers to self-serve faster and more efficiently
When a company invests in interactive voice response (IVR), it generally has one overarching goal: reduce cost per transaction. That has been the primary objective of one major US bank, which moved from a homegrown system to 7 Voices in 2010.
Of course, this technology-focused bank also understands that meeting customer needs is an equally high priority. In both goals, the bank is relentless.
Over more than 10 years, the bank has continuously optimized its IVR system built on 7.ai technology. Its goal is to empower customers who call the bank to resolve questions and complete tasks without ever speaking to an agent. For every reason a customer calls, there should be an easy step-by-step process enabled by IVR.
In the early days of this journey, the bank’s IVR system completed requests for about half of customers who called. In the years since, 7.ai has worked closely with the bank to fine-tune the system and add technologies that optimize complex customer journeys. Today, the IVR is able to address customers’ inquiries at a much higher rate, saving the bank more than $100 million dollars per year.