Retail Banking Success: The Important Role of Optimized Interactive Voice Response (IVR) Systems

Retail banking is experiencing a sea change. There is continuing margin compression, operating cost stress, and increasing regulatory and compliance requirements that are causing banks to rethink their business models or freeze in their tracks. Providing products, services, and delivery channels for both legacy customers, as well as the different and growing Generation Y demographic, are significant challenges. To deal with these difficulties, many banks wisely are reexamining their customer experience strategies. And, because of them, a well-examined and strategic customer experience approach is actually more crucial to retail banks than to other types of businesses.

This whitepaper examines how—in light of the shifting banking landscape—an optimized Interactive Voice Response (IVR) program is more important than ever as an element of overall customer experience. Research and anecdotal evidence directly from bankers indicates that when used appropriately, IVR can reduce costs and promote customer satisfaction and loyalty at a time when both are desperately needed.