Revolutionizing Self-Service Excellence: A Visual IVR Triumph in Global Banking

Published May 17, 2019

In a multi-decade partnership with USAN, a top 10 global bank had developed over 40 self-serve applications, achieving impressive containment rates through voice self-service best practices. However, in a bid for continuous improvement, the bank aimed to elevate its self-service metrics further while enhancing customer satisfaction. The challenge lies in addressing a high opt-out rate during IVR interactions, mainly when collecting complex information like addresses, emails, or sensitive payment details.

The Challenge

Despite containment rates ranging from 45-89%, the bank faced hurdles completing self-service transactions due to a significant opt-out rate during IVR interactions. Customers found providing complex information through touch-tone or speech recognition IVR challenging, tedious, and time-consuming, resulting in transfers to customer service representatives.

The Solution

Recognizing the need for innovation, the bank turned to USAN’s Visual IVR to provide an effective alternative to traditional touch-tone and voice recognition IVR systems. Visual IVR is a mobile engagement solution that translates IVR menus, prompts, flows, and rules into a user-friendly graphical format. Visual IVR can perform self-service tasks through SMS (text) and mobile web applications by detecting cell phone callers.

The platform sends customers a personalized URL via text message, enabling them to open a web page and enter required information without additional ID/authentication steps. As a trustworthy multi-modal omnichannel platform, Visual IVR allows callers to interact with the traditional IVR while in a mobile session. USAN collaborated with the bank to create personalized customer journeys, track history, and identify behavioral patterns to predict customer actions. Proactive outreach with relevant information on the preferred channel was implemented, reducing friction in the customer experience.

The Outcomes

Over the last three years, the bank successfully implemented personalized and proactive omnichannel experiences, resolving complex self-service inquiries via mobile web applications. This strategic shift resulted in a remarkable 5-12% increase in IVR containment rates across different business units. The cost savings generated by these efforts amounted to millions of dollars, showcasing the tangible benefits of leveraging Visual IVR to enhance the customer experience and drive operational efficiency.

The collaborative effort between the global bank and USAN is a testament to the transformative power of Visual IVR in addressing complex self-service challenges. The bank increased containment rates by embracing an omnichannel approach and proactively meeting customer needs. It achieved substantial cost savings, demonstrating the value of innovative solutions in the ever-evolving customer service landscape.

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