IVR - An Alternative to Paper?
April 03, 2012
Paper – where would society be without it? We use it for communications, document creation and collaboration, ensuring it plays an important role in business operations. Companies today, however, are realizing that if they distance themselves from business processes that involve paper, they can increase efficiencies.
This is where interactive voice response (IVR) systems and voice biometrics come into play. With the new IVR systems in the picture, companies that rely on call centers are seeing shortened sales cycles and shortened time-per-call while their agents’ loads are reduced significantly.
In fact, according to this Bitpipe report, a number of call centers see a huge savings in staffing costs due to the amount of calls that can be filtered through an IVR system rather than a live agent.
The voice biometrics used in IVR systems offers authentication by voice and caller ID while satisfying the FFIEC and FCC (News - Alert) CPNI compliance guidelines. IVR technology has come far enough to find approval from the FDA as a legally binding signature form.
IVR uses a sensor to gather data and convert it from an analog to a digital format. The technology allows the human voice to be algorithmically translated into a pattern that is a signature of its own.
The adoption of an IVR system is easy because it uses existing phone systems, which is entirely possible with most IVR technology solutions available today. It works with basically any telephone system.
Voice signatures acquired by using IVR is one of the most often cited perks to using the technology. In contrast to the physical signing of contracts, utilizing voice biometrics in IVR systems has proven to be a much more efficient way of signing contracts with fewer instances of dropout (30-55 percent, by some estimations). Utilizing voice biometrics in an IVR system, the dropout rates go close to zero.
Angel, a company that is positioned as a leading provider of cloud-based services, including innovative IVR systems, is strengthened by a voice-based biometric system that offers a legally binding alternative to the traditional “wet” signature that can slow a company down.
Angel’s voice signature process in its IVR platform allows customers to quickly and securely “sign” documents over the phone. It has found positive reception from many industries, including bankers, insurers, and a variety of government agencies who have dropped paper for the more efficient IVR platform.
The voice biometrics technology in IVR solutions is an incredibly secure and an increasingly effective form of non-invasive identification for business practices. Because it relies on legacy phone systems, it is very easy to deploy. It can be used not only for signatures and authorizations, but also for enrollment applications and sales.
With so many applications for IVR solutions, it’s a wonder paper is still needed in the office.
Edited by Amanda Ciccatelli