New Survey Finds Consumers Would Use Visual IVR for Customer Service Needs If Given the Option
57% of Respondents Still Prefer Phone and Face-to-Face Interaction; Half Are Unhappy with Current IVR Service
Tel Aviv, Israel, October 13, 2017 --(PR.com)-- CallVU, the leading provider of innovative Omni-Channel solutions that enable organizations to engage customers in their channels of choice, announced today the results of its semi-annual survey of bank customers’ preferences in the United States. The study found that consumers, including Baby Boomer and Gen X populations, continue to be interested in self-service options as a way to improve efficiency and gain confidence in their ability to solve simple banking-related problems themselves – checking balances, transferring money, even paying a bill. In addition, more banks than ever are pursuing their own digital transformation by offering a variety of self-service solutions, including web, social, and apps.
For banks, moving customer interactions to the digital space means saving time, freeing up staff to handle more urgent matters, and putting greater emphasis on the customer’s overall experience. This is especially important considering a study conducted last year by NewVoiceMedia, which reported that companies lost a whopping $62 billion due to bad customer service. Consumers make purchasing decisions based on their service experience, not on the cost of service, and it showed.
That said, despite all the technological advances in customer care, the primary customer go-to option remains the phone. As with all things digital, there is a learning curve, so customer service departments face a challenge in helping customers understand how easy digital channels are to use and the valuable time callers could save by embracing the technology solutions made available to them.
For example, survey results show that touch-tone automated phone menus and speech-based Interactive Voice Response (IVR) success rates hover around 50%, while 80% of respondents indicated they would use visual IVR, which is significantly more successful than traditional IVR solutions. This strongly indicates not only that there is room for improvement in speech-based IVR, but also that consumers are more than willing to try new self-service focused technologies.
Additional key findings include:
63% of customer service calls are made for simple requests for information, such as account balances
70% of respondents go to their bank’s website just to find the bank’s phone number
Customers who use digital services (web, apps) indicate that if they are unable to resolve an issue in their first digital channel of choice, they prefer to call (46%) or visit (34%) their branch instead of continuing the journey via digital
For the full survey results go to: https://pages.callvu.com/wp-customer-service-trends
“Financial institutions are investing heavily in technological advances to improve customer service, yet surprisingly, people still use the most traditional of options: calling,” said Ori Faran, co-founder and CEO of CallVU. “Banks and other service providers must take note of this tendency and pursue creative paths to migrate their customers to existing digital self-service. Visual IVR is the ideal choice because it offers callers simple web-based menus that drive them to a fully digital experience in a friendly and intuitive manner.”
Enabling Digital Transformation
CallVU’s platform promotes digital transformation by expanding self-service capabilities and mobile digital engagement. Upon receipt of a service call, CallVU engages the customer with digital self-service using Visual IVR, enabling the customer to quickly and easily resolve issues without having to wait in the queue for agents. Banks and other organizations can maximize the efficiency of their digital assets, such as mobile and website apps, serving them productively to callers during a live call.
Customers who still prefer to engage an agent enjoy CallVU’s rich collaborative environment. This solution enables customers and agents to share screens, conduct video chats, browse, fill out and sign documents online, and much more, simplifying the customer journey and improving customer satisfaction.
CallVU on the Road
Come see more than 10 demos of CallVU (http://www.callvu.com/solutions/overview) at the upcoming Money20/20 show (https://www.money2020.com), October 22–25 at The Venetian in Las Vegas. Demo topics include virtual branch banking, insurance collaboration, and more. You can visit the company at Money20/20’s Israel Export Institute booth number 501.
About CallVU
CallVU offers an innovative Mobile Digital Engagement Platform blending rich digital and interactive media with the voice channel. CallVU drives simple interactions to self-service and enhances meaningful interactions to a branch-like experience. The company addresses the business need of diverting customers to digital self-service, resulting in reduced call volumes, higher utilization of existing digital assets, and a better customer experience. CallVU’s platform comprises enhanced Visual IVR, Collaboration, and Service BOTs. The company was named a Gartner Cool Vendor in Customer Service CRM in 2016. To learn more, visit www.callvu.com.
For banks, moving customer interactions to the digital space means saving time, freeing up staff to handle more urgent matters, and putting greater emphasis on the customer’s overall experience. This is especially important considering a study conducted last year by NewVoiceMedia, which reported that companies lost a whopping $62 billion due to bad customer service. Consumers make purchasing decisions based on their service experience, not on the cost of service, and it showed.
That said, despite all the technological advances in customer care, the primary customer go-to option remains the phone. As with all things digital, there is a learning curve, so customer service departments face a challenge in helping customers understand how easy digital channels are to use and the valuable time callers could save by embracing the technology solutions made available to them.
For example, survey results show that touch-tone automated phone menus and speech-based Interactive Voice Response (IVR) success rates hover around 50%, while 80% of respondents indicated they would use visual IVR, which is significantly more successful than traditional IVR solutions. This strongly indicates not only that there is room for improvement in speech-based IVR, but also that consumers are more than willing to try new self-service focused technologies.
Additional key findings include:
63% of customer service calls are made for simple requests for information, such as account balances
70% of respondents go to their bank’s website just to find the bank’s phone number
Customers who use digital services (web, apps) indicate that if they are unable to resolve an issue in their first digital channel of choice, they prefer to call (46%) or visit (34%) their branch instead of continuing the journey via digital
For the full survey results go to: https://pages.callvu.com/wp-customer-service-trends
“Financial institutions are investing heavily in technological advances to improve customer service, yet surprisingly, people still use the most traditional of options: calling,” said Ori Faran, co-founder and CEO of CallVU. “Banks and other service providers must take note of this tendency and pursue creative paths to migrate their customers to existing digital self-service. Visual IVR is the ideal choice because it offers callers simple web-based menus that drive them to a fully digital experience in a friendly and intuitive manner.”
Enabling Digital Transformation
CallVU’s platform promotes digital transformation by expanding self-service capabilities and mobile digital engagement. Upon receipt of a service call, CallVU engages the customer with digital self-service using Visual IVR, enabling the customer to quickly and easily resolve issues without having to wait in the queue for agents. Banks and other organizations can maximize the efficiency of their digital assets, such as mobile and website apps, serving them productively to callers during a live call.
Customers who still prefer to engage an agent enjoy CallVU’s rich collaborative environment. This solution enables customers and agents to share screens, conduct video chats, browse, fill out and sign documents online, and much more, simplifying the customer journey and improving customer satisfaction.
CallVU on the Road
Come see more than 10 demos of CallVU (http://www.callvu.com/solutions/overview) at the upcoming Money20/20 show (https://www.money2020.com), October 22–25 at The Venetian in Las Vegas. Demo topics include virtual branch banking, insurance collaboration, and more. You can visit the company at Money20/20’s Israel Export Institute booth number 501.
About CallVU
CallVU offers an innovative Mobile Digital Engagement Platform blending rich digital and interactive media with the voice channel. CallVU drives simple interactions to self-service and enhances meaningful interactions to a branch-like experience. The company addresses the business need of diverting customers to digital self-service, resulting in reduced call volumes, higher utilization of existing digital assets, and a better customer experience. CallVU’s platform comprises enhanced Visual IVR, Collaboration, and Service BOTs. The company was named a Gartner Cool Vendor in Customer Service CRM in 2016. To learn more, visit www.callvu.com.
Contact
CallVU
Jenny Viscarolasaga, Hughes Communications, Inc.
617-331-4944
www.callvu.com/
Jenny Viscarolasaga, Hughes Communications, Inc.
617-331-4944
www.callvu.com/
Contact
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