Natural Language IVR Saves Time and Money for a US Bank
This banking client supports consumers with online banking, mortgages, loans, credit cards, and investments.
Industry: Banking, Financial Services & Insurance
89%
 IVR containment
8%
drop in advisor calls
55%
 less expensive than competitor services
Challenge
For the past decade, this valued client was eager to explore advanced technology solutions to enhance authentication and yield a better return on investment, all while modernizing their interactive voice response (IVR) system. Its primary goals in shifting to a natural language IVRÂ included reducing average handle time, boosting customer satisfaction, and minimizing fraud.
Solution
The client’s existing IVR setup relied on touch-tone navigation and traditional numeric password authentication. These methods not only frustrated callers due to frequent forgetfulness, leading to password reset calls, but also exposed them to potential fraud.
While the cost of wasted time and fraudulent activity was high, so was the cost of solutions proposed by our competitors—55% more expensive, in fact, and that was without robust fraud detection features. For the client, the choice to engage Concentrix was easy.
We began by analyzing the client’s current IVR system and identifying its weaknesses. Our approach was to revolutionize their IVR experience by integrating natural language understanding (NLU) through our IVR platform, powered by Amazon. We utilized Amazon Lex and Amazon Polly to define user intents and facilitate a seamless self-service journey.
To enhance security, we implemented passive voice biometrics within the IVR and on the advisor desktop, allowing customers to easily set-up and benefit from improved authentication and reduced fraud risks.
The solution also included post-launch optimization, where we analyzed the application for the most impactful items to help the client increase containment. This included enhancing the NLU with vocabulary to identify different customer intents along with making adjustments to various parts of the application, particularly the authentication path, to make it more efficient.
“Although unforeseen events in the client’s business delayed the implementation, the client valued our flexibility and patience in working with its internal teams to successfully deploy the solution without compromising quality.”
Outcomes
By transitioning to a fully hosted natural language IVR solution with Concentrix, the client achieved remarkable results:
89% IVR containment
8% decrease in calls to advisor
Enhanced authentication processes
Significant reduction in fraud
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