Interactive Voice Response (IVR) services contribute to the success of retail banking, according to a new research report and whitepaper by independent economist G. Michael Flores and commissioned by Contact Solutions, a provider of cloud-based customer self-service solution.
"Retail Banking Success: The Important Role of Optimized Interactive Voice Response (IVR) Systems,” examines the role of IVR within retail banks’ customer experience strategies. It says that when used intelligently, IVR can contribute to cost savings and improve customer satisfaction and loyalty.
There are key challenges facing the retail banking. According to the report, superior customer experience across all customer service channels is lacking in retail banks. With customer dissatisfaction mounting at new levels, it is more crucial than ever for banks to focus on creating positive customer experiences.
However customer service in retail banking has got a new dimension as customers are increasingly turning to mobile and Web-based services. Call center +IVR transaction continues to grow as it fits the needs of modern customers.
According to the research, call center + IVR has remained steady since 2007 and is forecasted to continue to grow slightly into the future. Optimized IVRs provide cost-effective customer service, and stellar service is a linchpin to maintaining customer loyalty in banks.
"Retail banking is experiencing a sea change. Margin compression, increasing regulatory requirements and shifting preferences of an evolving customer base are giving the industry pause," said Flores, president and CEO of Bretton Woods, a specialty management consulting firm serving financial institutions, in a statement.
"To deal with these difficulties, many banks are wisely reexamining their customer experience strategies, including IVR," Woods added.
Paul Logan, CEO of Contact Solutions, said, "Research and anecdotal evidence directly from bankers revealed that at a time when retaining customers and minimizing costs are paramount, intelligent IVR systems offer retail banks a method for competitive differentiation and maintaining loyalty."
Edited by Amanda Ciccatelli