Conversational IVR Archives - BotCore Enterprise Chatbot Fri, 15 Mar 2024 09:53:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://botcore.ai/wp-content/uploads/2020/02/cropped-favicon-32x32-1-70x70.png Conversational IVR Archives - BotCore 32 32 9 Contact Center Trends For 2021 https://botcore.ai/blog/contact-center-trends-2021/ Wed, 23 Dec 2020 10:50:00 +0000 https://botcore.ai/?p=7151 9 Contact Center Trends for 2021 The COVID-19 pandemic reshaped the entire business landscape. As customer behavior shifted from physical interactions to contactless digital transactions, businesses found themselves unable to cater to the emerging support and customer service needs. Contact centers, particularly those in the health care, travel, government, and financial services industries, were overly […]

The post 9 Contact Center Trends For 2021 appeared first on BotCore.

]]>

9 Contact Center Trends for 2021

The COVID-19 pandemic reshaped the entire business landscape. As customer behavior shifted from physical interactions to contactless digital transactions, businesses found themselves unable to cater to the emerging support and customer service needs.

Contact centers, particularly those in the health care, travel, government, and financial services industries, were overly burdened with inquiries from thousands of anxious callers seeking information and comfort. While remote employees struggled to balance work and home life, the contact centers witnessed significant absenteeism as workers tended to family commitments or lacked the necessary knowledge and infrastructure to operate from home. 

Albeit measures to improve contact center performance, including setting up infrastructure, reskilling, and training agents to work in a distributed environment, many key performance indicators were negatively impacted –

  • Average handling time (AHT) increased from 3-6 minutes to more than 10;
  • First call resolution rates fell as agents weren’t able to address all queries with the new workflow requirements;
  • Transfer rates increased; so did average queue time (AQT);
  • As AQT increased, call abandonment rates rose to 10% from a targeted 2-5%.

Consequently, contact centers focussed on deploying technologies, like automation, artificial intelligence, and cloud technology, that helped them gain efficiency and cost-saving while redefining customer and employee experiences.

Here we present the top 9 contact center trends for 2021 to build agile, scalable, and resilient contact center operations.

1. Contact Center as a Service (CCaaS)

In 2021, Contact Center as a Service (CCaaS) will become a preferred operating model for contact centers around the globe. In the new normal, CCaaS will enable remote working for agents by offering a future-proof, cost-effective, and secure cloud environment for contact center deployment.

Additionally, AI will augment CCaaS platforms, empowering staff with real-time actionable insights and improved decision-making. Moreover, the COVID-19 crisis accelerated the need for alternate support channels; and AI chatbots will help provide quick and interactive engagement on various customer touch points, freeing up human agents to focus on other critical tasks.

Therefore, in the post-COVID era, organizations, small or large, will replace traditional on-premise infrastructure (brick-and-mortar structures) with scalable cloud contact centers for providing seamless omnichannel customer support.

2. Remote work

Talkdesk, in its survey, concluded,  93% of leaders believed their contact centers would be hybrid or fully remote post-COVID.

The rapid technological transformations that contact centers underwent to serve customers better during the pandemic won’t disappear in a jiffy. Many companies have found operational benefits in continuing to function remotely.

The same goes for millions of people who have reaped the advantages and adjusted to remote working life, and given a choice; it is unlikely they would want to return to the workplace.

Therefore, investments in making a shift to remote work will translate into enhanced data security, increased customer analytics, and improved workforce management for contact centers. At the same time, customers will enjoy the benefits of a happy and productive contact center staff.

3. Omnichannel communication

Amidst the uncertainty and panic surrounding the pandemic and lack of face-to-face interactions, customers called up contact centers to receive support on various issues. While phones alone could not handle the influx of customer demand, organizations needed more avenues to deal with the unprecedented pressure.

Alongside voice and email, organizations invested in other channels, including instant messaging apps, SMS, and social media, integrated with AI chatbots. By establishing omnichannel chatbot support, organizations were able to provide real-time customer service, economically, and at scale.

However, providing consistent customer support across all avenues requires cohesive backend integration and channel blending, and 2021 will be a year where brands will undergo such integrations to reach where their customers want them to be.

At Acuvate, we help clients build AI-enabled omnichannel chatbots with our low-code bot building platform, BotCore, to provide customers uniform support and easy access to information across a multitude of customer channels. With advanced machine learning (ML) capabilities, our bots can learn from past conversations and retain original context, so customers can switch channels without the need to start the interaction from scratch.

4. Building contact center resiliency

Having witnessed and experienced the massive upheaval caused by the COVID-19 pandemic, 2021 will also be the year when contact centers will increase expenditure on building a resilient, agile, and future-proof operating model, which would mean –

  • Adopting scalable and flexible technology transformations and integrations;
  • Improving remote workforce management;
  • Developing agent skills so they can deliver personalized, omnichannel support;
  • Leveraging AI and analytics to create valuable, long-term relationships with customers.

5. RPA bots

The integration of Robotic Process Automation (RPA) with AI chatbots to solve significant operational issues and automate contact center processes end-to-end will be a major trend in 2021.

An RPA powered chatbot can integrate with multiple, siloed back-end enterprise systems to retrieve information and manage more complex customer requests and queries at scale.

With RPA, chatbots will not only handle conversations and find information but also perform transactions on users’ behalf.

At Acuvate, we’re helping clients achieve this by integrating Microsoft Power Virtual Agents and Power Automate.

Learn More: Power Virtual Agents & Power Automate – Truly Powerful!

6. AI and analytics

As more and more customers make a permanent shift to digital channels, artificial intelligence (AI) will play a significant role in contact centers by complementing human effort. Organizations will leverage AI and analytics to optimize operations and predict customer needs in the following manner –

  • Providing useful data insights to help serve customers better;
  • Equipping support agents with backend customer information so that they can provide more efficient service during customer interactions;
  • Improving accessibility to self-service channels for routine queries while allowing customers to connect with human agents when needed;
  • Capitalizing data analytics tools to anticipate future customer needs so the right agents can reach out to them in advance;

As AI and analytics take up routine process optimization, the contact center manager’s responsibilities will focus more on enhancing HR and people management.

7. Conversational IVR

Having established dominance amidst the pandemic as the channel-of-choice in solving customer issues, IVR continues to have a stronghold in contact center operations. Improved customer service in 2021 would mean investing in better IVR functionality to tackle challenges related to traditional IVR, like navigating various menus and facing longer wait times before reaching the right agent. 

With the increased adoption of IVR, customers expect a speedy resolution of their queries, which will involve a shift towards conversational IVR services.

Conversational IVR leverages text-to-speech technology in bots to provide engaging, accurate, and personalized human-like voice support. For example, the next time you want to book a flight, just call up support and say, “I want to book a flight to New York.” So, instead of going through the multiple IVR options, the bot will ask you for other details, including date of journey, time of the flight, etc., and book the available flight of your choice, or directly route you to the concerned booking agent.

Thus, conversational IVR will redefine customer experiences in 2021 by making quick and interactive engagement available to users.

At Acuvate, we help brands develop a voice of their own and deliver exceptional customer support by converting text to lifelike speech with Microsoft’s Azure Cognitive Services.

Learn More: Conversational IVR: The what, why and how

8. Data Security

As contact center operations go digital, leaders will invest more money in ensuring information security and compliance with data privacy rules.

To retain customer faith in digital channels in 2021, organizations must place utmost emphasis on ensuring customer data isn’t compromised through various measures, like mandating remote login from a secure VPN. Automating IT security through AI is another method to reduce data-protection risks and prepare contact centers for a post-COVID era.

9. Empathy

As uncertainty loomed during the pandemic, contact center agents worked 24X7 to help customers with critical inquiries and provide emotional support.

Contact center agents are responding with genuine empathy and care since they feel as worried and concerned as their customers do about this pandemic and its impact on everyone’s lives. That ‘I really know how you feel’ awareness will stick with them hereafter.

Bill Quiseng, CX Speaker & Consultant

At the same time, customers were also considerate about the longer than before waiting times. And as contact centers redefine practices, such mutual empathy is expected to continue in 2021 as well.

Getting ready for the future!

Contact centers are at the heart of every customer-serving enterprise. In an increasingly virtual world, developing highly personalized, valuable relationships with customers requires organizations to augment human interactions with technology.

The trends highlighted above will pave the way for next-gen contact centers. And, as you explore them, do have a look at our digital solutions, including our enterprise chatbot builder platform (BotCore), our Microsoft-powered RPA-bot integration, and advanced AI and analytics technologies that can reshape your contact centers in 2021 and beyond.

For more information, feel free to schedule a personalized consultation with our technology experts.

If you’d like to learn more about the top customer experience trends to watch for in 2021, please feel free to get in touch with one of our customer experience experts for a personalized consultation.

The post 9 Contact Center Trends For 2021 appeared first on BotCore.

]]>
Building A Resilient Customer Service During Uncertain Times https://botcore.ai/blog/customer-service-during-uncertain-times/ Wed, 20 May 2020 14:09:00 +0000 https://botcore.ai/?p=5810 Building A Resilient Customer Service During Uncertain Times The onset of the Covid-19 pandemic has posed some unprecedented challenges to both public and private organizations. Measures implemented to control the spread of the virus and the impact caused by them have created confusion, uncertainty, and fear amongst consumers. The immediate need for clarity among customers […]

The post Building A Resilient Customer Service During Uncertain Times appeared first on BotCore.

]]>

Building A Resilient Customer Service During Uncertain Times

The onset of the Covid-19 pandemic has posed some unprecedented challenges to both public and private organizations. Measures implemented to control the spread of the virus and the impact caused by them have created confusion, uncertainty, and fear amongst consumers.

The immediate need for clarity among customers on a variety of issues, from loan payments to booking flights, from cancellations to insurance claims and mortgage payments, has led to a huge spike in the number of calls received by the contact centers. A majority of customers prefer call support as their initial channel of communication since it allows for greater flexibility and provides a human touch.

Customers want an opportunity to explain, reason or negotiate with contact center agents. Also, they generally prefer to solve urgent issues by calling for support rather than use other channels.

Many organizations across industries are ill-equipped to deal with such a massive increase in call volumes, leading to longer wait-times as the support staff serves other customers.

Adding to the turmoil is the need to comply with social distancing norms that have forced the support staff to shift to a work-from-home setup. Moreover, there is a shortage of service staff as workers fall sick and are unable to report to work.  

The pandemic has brought to the forefront the pressing need for businesses to be empathetic towards the needs of their customers while also implementing significant changes in their operational setups.

In times of crisis, a business’s ability to provide quick and compassionate service will enhance its brand value and go a long way in building a loyal customer base.

The obvious question, which then arises is, “How can an organization respond to these challenges?” Let’s find out.

The To-Do List: Addressing Key Challenges

Before delving into the potential solutions, it is imperative to understand the key areas of concern that require swift action by the organizations. These include –

  • Enhancing the quality of service by reducing customer wait-times
  • Leveraging automation to control the average wait-time
  • Adopting digital and self-service channels to address repetitive issues
  • Ensuring the availability of consistent and accurate information to customers
  • Ensuring scalability to meet the increased demand for customer support
  • Facilitating personalized customer experiences 24×7

Building A Resilient Customer Service

To navigate through the crisis, organizations must modernize their existing IT infrastructure. As a part of this modernization process, our customers and several large enterprises are adopting a myriad of advanced technologies. But the most popular of them are conversational AI and data analytics. 

The combination of these technologies is enabling companies to effectively manage the growing demand for customer support, while reducing the burden on the support staff. 

While analytics provide insights on the changing customer behaviour, emerging customer issues and common roadblocks in customer service operations, conversational AI can be used to deliver the first line of service and improve agent productivity.

1. Use Data Analytics To Enable A Forward-Thinking Approach

Utilizing data to the fullest has never been more important. In the midst of this volatility, contact centers must utilize data to

  • Predict customer demand
  • Predict workforce supply

         This can be done in the following manner –

  • Predict Customer Demand: Forecasting models used prior to the pandemic are no longer viable to use. To predict the volume of calls in the new normal, data related a region’s economic activity and population health must be analyzed. Additionally, companies must also analyze the data pertaining to customer demographics, impact due to company actions, the volume of COVID-19 related calls in other virus-affected areas, PHI data, social media sentiment data, data derived from agents, etc. By analyzing this data with predictive and prescriptive analytics, companies can be better prepared to manage the influx of call volumes.
  • Predict Workforce Supply: A similar approach can be taken to predict any deviations in the planned workflow supply. Factors like workflow demographics, the spread of the virus in areas where members of the staff reside, etc. must be considered to predict the availability of contact center staff.

In addition to these two approaches, analytics can also be used to identify and deflect non-critical calls, requests and contacts to virtual agents or other self-service channels.

2. Use Conversational AI To Deliver Service At Scale

Conversational AI is an advanced technology that enables computers to process, understand and respond to text or voice inputs in natural language. Conversational AI platforms can be used to build conversational user interfaces, chatbots and virtual assistants which can be integrated with messaging platforms, social media platforms, SMS, and website chat.

Conversational AI technologies like chatbots and conversational IVR are designed to understand and provide answers to customer queries with minimal agent intervention. They can act as first line of support and improve the productivity of human support staff in the following ways –

  • Using data analysis, organizations can identify the primary reasons customers are reaching out to the support staff and can employ a dedicated chatbot on the website or mobile app to answer the repeat queries. This will allow the service agents to focus on the more critical and complex customer needs;
  • Conversational IVR systems which are enabled by Natural Language Processing (NLP) can handle the sudden surge in calls and reduce panic among the customers;
  • Chatbots can also monitor conversations and inform organizations about the frequently asked customer queries;
  • Bots can draw up the relevant knowledge and background information from CRM systems to assist contact center agents in servicing customers quickly. This will improve first call resolution rates
  • They can transfer calls or conversations to the right agents in case of more complex queries that require human attention

Learn More: Human Handoff In Service Desk Bots

To realize the potential of chatbots completely amid this crisis, organizations must be mindful of a few things –

  • Time is of the essence when implementing conversational AI solutions. It is prudent for the organizations to quickly set-up and adopt the technology to keep up with the rapidly evolving needs of the customers. Hence, there is a need for low-code bot-builder platforms like Acuvate’s BotCore or Microsoft’s Power Virtual Agents for quick deployment of virtual agents.
  • While designing chatbots, it is crucial to be sensitive to the customers’ emotions and feelings. For this it is necessary to use empathetic language and be proactive in answering the customers’ queries.Using sentiment analysis in chatbots can enable them to understand human emotions.
  • Offering personalized solutions is the key to gaining the customer’s faith. The chatbot must integrate with third-party databases to draw up relevant background knowledge. This helps in providing personalized solutions that are specific to the needs of the customer. This reassures the customer that he is understood and valued by the organization;
  • Consistency of information is the key to superior customer service. The information provided by chatbots must align with the information given by call center agents to avoid any confusion or misunderstanding.
  • The chatbot must stay up-to-date on the needs of the customers. Drawing up the old chatbot conversation data helps the organizations in understanding the frequently asked topics. They can then stay relevant by designing new chatbot conversations and workflows to address these issues.

Learn More:

There are several real-life scenarios where companies have adopted chatbots amid COVID-19 to keep up with the growing customer needs –

  • Bank of America introduced its chatbot ‘Erica’ inside its mobile banking app. From providing balance information, tracking spending trends to suggesting ways to save money to providing personalized recommendations, Erica has been helping customers address their banking problems. Erica added 1 million users a month from March through May 2020.

Since March, it has assisted 350,000 clients who had trouble meeting their credit card, auto loan and other payment obligations, thereby reducing the call volume to the bank’s contact centres.

  • Reliance General Insurance – A large insurance company based in India, Reliance General Insurance deployed an NLP based chatbot called RIVA, which is available on the company website, WhatsApp and Facebook Messenger. RIVA can generate a policy quotation, accept claim intimation, and provide a soft copy of the claim and policy in less than a minute.

The bot has handled more than 20,000 transactions handled monthly and 70% of chats handled have an average handling time of less than 2 minutes. The bot reduced the company’s operational cost by 60%.

Ebook 300x245
FREE EBOOK
a guide to choosing an enterprise bot builder platform

We, at Acuvate Software, are helping clients to streamline their customer service operations and reduce costs through our chatbot-builder platform called BotCore.

BotCore presents several benefits – (i) it is an intuitive, no-code platform to easily build AI-powered bots, (ii) it is versatile and can seamlessly integrate with existing legacy systems and AI services, (iii) it allows the connection of existing bots across different departments to create a strong digital network, (iv) it is deployable on both on-site and cloud environments, (v) it facilitates the creation of chatbots that can simulate highly complex conversations.

Get Started

The pandemic has accelerated digital transformation initiatives in different functions of an organization and customer service is no different. To build a resilient customer service and infuse agility in day-to-day operations, organizations must continually evolve and adapt to the changing times. They must revamp their existing IT infrastructures to manage the pandemic-driven needs of the customers.

This response to the crisis is likely to transform the future of customer service forever. Adopting conversational AI and data analytics is a good starting point for organizations looking to transform their operations.

Since it is hard to predict the end of the crisis, organizations must plan both for short-term continuity as well as enabling long-term operational changes.

If you’d like to learn more about this topic, please feel free to get in touch with one of our chatbot experts for a personalized consultation.

The post Building A Resilient Customer Service During Uncertain Times appeared first on BotCore.

]]>
How Banks Are Leveraging Conversational AI Amid COVID-19 https://botcore.ai/blog/conversational-ai-amid-covid-19/ Wed, 06 May 2020 06:04:00 +0000 https://botcore.ai/?p=5805 How Banks Are Leveraging Conversational AI Amid COVID-19 The onset of the COVID-19 pandemic has brought some unprecedented business issues to the forefront. One of the major industries that is compelled to accelerate its digital transformation initiatives is banking. As social distancing becomes the new norm, the need for digital banking services has increased manifold. […]

The post How Banks Are Leveraging Conversational AI Amid COVID-19 appeared first on BotCore.

]]>

How Banks Are Leveraging Conversational AI Amid COVID-19

The onset of the COVID-19 pandemic has brought some unprecedented business issues to the forefront. One of the major industries that is compelled to accelerate its digital transformation initiatives is banking.

As social distancing becomes the new norm, the need for digital banking services has increased manifold. With businesses significantly impacted due to the disruption, a large number of customers are seeking extensions on loan installments and mortgage payments.

Customers are also seeking small-business loans, thus giving rise to a significant number of applications awaiting approval at the banks. A delay in grant of loans affects the customer’s ability to continue business. Moreover, some retail customers may want to capitalize upon the business opportunities created by the pandemic.

For instance, governmental regulations like the CARES Act passed by the United States Congress are putting immense pressure on banks to process two decades of small-business loan applications in a single month. This massive surge in demand has overwhelmed banks which haven’t adopted automation in their operations.

All this has led to an unprecedented increase in the number of customer calls to banks’ contact centres. This causes hours of wait time to connect with an agent, delays query resolution, causes dissatisfaction among the customers, and hence tarnishes the bank’s reputation. In times of uncertainty, limited access to banking operations can also severely hamper customer morale and alleviate anxiety levels. 

In times like these, deploying conversational AI platforms can infuse agility in day-to-day customer service operations. This enables agents in improving their productivity as they can focus on the crucial tasks, while leaving virtual agents to deal with basic or repetitive queries.

Navigating the Pandemic: Key Challenges facing Banks

In the wake of the pandemic, the banks are facing several critical challenges in servicing their customers –

  • During crises, customers prefer the human touch, thus resort to verbal communication channels to resolve their queries. However, customer care centers lack the capacity to serve the increased volume of calls;
  • Shortage of contact center staff due to stay-at-home orders or workers falling sick;
  • Contact center staff may lack the expertise to answer the wide variety of questions;
  • Remote working poses additional operational challenges related to device, technology, network, etc.
  • Dependence on legacy systems

To tide over these problems, it is imperative for banks to opt for conversational AI to support the evolving customer needs.

What is Conversational AI?

Before delving deeply, let us first understand the concept of Conversational AI.

Conversational AI is an advanced technology that enables computers to process, understand and respond to text or voice inputs in natural language. Conversational AI platforms can be used to build conversational user interfaces, chatbots and virtual assistants which can be integrated with messaging platforms, social media platforms, SMS, and website chat.

Conversational AI in Banking

As discussed above, the current scenario is posing some tough challenges to banks.

It takes years to build brand loyalty. Inability to service the customers during a crisis can negatively affect the bank’s brand image.

Some areas where banks can leverage the functionality of conversational AI are as follows-

  • Conversational IVR:

    Conversational AI platforms that use natural language processing technologies can be integrated with the IVR systems. These conversational IVR systems will answer repetitive questions, handle a sudden surge in calls and prevent panic among customers.

  • Website Chatbot:

    Banks can detect the top reasons customers are reaching out to contact centres and deploy a dedicated web interface chatbot which can address these concerns and related FAQ. Routine questions which the contact center receives can be routed to this web chatbot. This will allow the service agents to focus on complex queries and reduce wait times.

  • Assisting customer service agents:          

To assist the customers in a speedy manner, contact center agents can use chatbots to draw up the relevant knowledge and background information from CRMs and any relevant banking apps. This will improve first call resolution rates. Additionally, conversational AI technology can monitor conversations and inform agents about what customers are asking frequently.

Learn More: CRM Chatbots

  • Scheduling appointments and meetings:

    In order to comply with the social distancing rules, banks need to restrict the inflow of customers into their branches. Firms may use chatbots to schedule the customer appointments.

  • Transferring calls to the relevant agents:

    For complex queries that need human attention and based on the nature of the queries, bots can be optimized to transfer the calls to the right agents. For instance, a highly complex query can be transferred to an agent with a low average handling time. In addition to this, video calls with the agent can be initiated for the most complex service requests.

Learn More:

Examples Of Banks Using Chatbots To Tackle COVID-19 Challenges

Several banks have already implemented chatbots in their customer service operations to fight the COVID-19 disruption, including –

  • Bank of America – Bank of America introduced ‘Erica’ inside its mobile banking app. From providing balance information, tracking spending trends to suggesting ways to save money to providing personalized recommendations, Erica has been helping customers address their banking problems via text or voice.

Due to the increased number of customers looking for personal finance services amidst the pandemic, Erica added 1 million users a month from March through May 2020.

Since March, Erica has assisted 350,000 clients who had trouble meeting their credit card, auto loan and other payment obligations. The bot also learns from the conversations and can now understand more than 60,000 COVID-19 related terms and requests – thereby reducing the call volume to the bank’s contact centres.

“We think of Erica’s ability to deliver insights as the ability to deliver advice at scale,” says the bank’s CIO, Aditya Bhasin.

Learn more: Customers bank on BofA chatbot amid pandemic  

  • Standard Bank (South Africa) – Standard Bank South Africa launched a COVID-19 chatbot on WhatsApp in April 2020. This chatbot provides information about – (i) banking services available during the lockdown (ii) answers to FAQs (iii) debt relief offered by the bank to clients whose income is affected due to the virus (iii) measures taken to curb the spread of the disease at Standard Bank locations (iv) the bank’s contribution to the economy and the government, and (v) updated information on COVID-19 in South Africa.
Ebook 300x245
FREE EBOOK
a guide to choosing an enterprise bot builder platform

Introducing BotCore

We, at Acuvate Software, are enabling clients to build AI-powered bots through our low-code, intuitive bot-builder platform called BotCore.”

BotCore offers several benefits:

  • Intuitive, no-code interface simplifies and accelerates the creation of chatbots;
  • Users can build bots to handle the most complex conversations
  • Using “Cognitive Abstraction”, BotCore can leverage any available AI service. It can aggregate LUIS Bots, QnA Maker Bots, Power Virtual Agents and other third-party bots;
  • It allows the creation of virtual assistant network through connection of existing bots across different departments;
  • It is a globally competent solution that works seamlessly with existing legacy systems and LOB apps;
  • It enables users to customize bots to match the branding and culture of the organization;
  • It works well with any kind of data source and also integrates with your existing Microsoft AI cognitive services.

BotCore is platform-independent, and hence deployable on both on-site and cloud (Microsoft Azure) environments.

Get Started

The new normal  necessitates the intervention of conversational AI in banking. It is essential to reduce call volumes and waiting times in day-to-day functioning of customer support centers. This will allow agents to focus on more critical tasks that require human judgement. It will also ease the financial burden of banks to deliver superior service and pave the way for stronger and more positive customer relationships post COVID-19.

If you’d like to learn more about this topic, please feel free to get in touch with one of our experts for a personalized consultation.

The post How Banks Are Leveraging Conversational AI Amid COVID-19 appeared first on BotCore.

]]>
Conversational IVR: The what, why and how https://botcore.ai/blog/conversational-ivr-the-what-why-and-how/ Mon, 29 Apr 2019 15:40:00 +0000 https://botcore.ai/?p=5098 Conversational IVR: The What, Why And How Today’s modern customers want more – They expect faster resolution to issues, personalized experiences and effective self-service. Even though  traditional IVR systems are deployed with an intention to provide self-service via phone, reduce call volume and increase agent productivity, these outcomes are rarely realized. Customers usually choose phone-based […]

The post Conversational IVR: The what, why and how appeared first on BotCore.

]]>

Conversational IVR: The What, Why And How

Today’s modern customers want more – They expect faster resolution to issues, personalized experiences and effective self-service. Even though  traditional IVR systems are deployed with an intention to provide self-service via phone, reduce call volume and increase agent productivity, these outcomes are rarely realized. Customers usually choose phone-based interactions for escalations, disputes and complex issues. 

Traditional IVR systems with touch-tone and dialog-based commands, complex routing and convoluted navigation menus often fail to resolve the needs of customers and end up frustrating them more.

Consequently, the calls are routed to live agents, which increases the operational costs and decreases productivity. 

According to an IBM report, companies across the world spend more than $1.3 trillion to serve 265 billion customer calls each year. One can only imagine the savings companies will make, if they can reduce the customer call time handled by human agents. 

Companies, therefore, need efficient ways of resolving the problems of traditional IVRs and at the same time address customers’ issues effectively. And the solution? Conversational IVR.

Powered by AI, conversational IVRs provide a unique voice-based and hands-free solution where customers can interact using natural language as opposed to choosing the options from a long static menu offered by traditional IVRs. Conversational IVR systems can also anticipate the caller’s needs and can determine the context of a conversation with the help of  Natural Language Understanding (NLU).

The What – Understanding Conversational IVR

Powered by automated speech recognition (ASR) and NLU engines, conversational IVR can comprehend both the meaning and the rationale of the question. Getting the intent of the customer right can in itself reduce handling times by  eliminating detours and ineffective routes to resolution.

With conversational IVR users can now talk to the system to address their queries without having to press buttons and select options. This IVR system understands the semantics of the request, determines the user intent and guides the user through the correct sequence. This improves the quality of self-service and eliminates complex navigation through the menu.

In a traditional interaction, the agent authenticates the customer and evaluates the history to provide a tailor made solution. This entire process can be automated using an intelligent IVR system to provide a personalized experience to customers.

The Why – Benefits of Conversational IVR

Reduce operational costs

It’s imperative that enterprises optimise contact centre costs without compromising on customer experience. Conversational and intelligent IVR systems have been integral for achieving cost-efficiency in many ways.

One of them is by improving call resolution and deflection rates, thus lowering contact center costs. Conversational IVR also fosters better agent utilisation, thus reducing labour costs.

Reduce contact center call volume

Since traditional IVRs comprise of list-based menus, they are not very effective in addressing customers’ requirements. Often, after taking the caller through a long list of options, they may not address the issue faced by the caller at all. In such a scenario, calls are directed to live agents for resolution.

With conversational IVRs however, customers can directly speak about their issue in natural language and the system suggests the best possible solution for it. This shortens the entire process of customers having to make several attempts for resolution, thus reducing the contact center call volume.

Read More: 7 Actionable Tips To Reduce Contact Center Call Volume

Agent Productivity

With ineffective resolution of issues through traditional IVRs,  customers are compelled to contact human agents. With more calls stacking up, agents will be incapacitated to handle the large volume of calls leading to call abandonment, long waiting and handling times, in turn affecting their productivity.

With conversational IVR, customers can be engaged effectively through the IVR system without having to connect to the agent, unless in rare scenarios. This leaves the agents with more time to attend to critical matters that need human intervention and resolve issues conclusively leading to improved agent productivity.

Learn More: Human Hand-off in Service Desk Bots

Improve Customer Experiences And Improve CSAT 

Since conversational IVRs foster better call resolution and quick turnaround time, the customer experience naturally goes up. This leads to greater customer loyalty and improved brand perception, increasing the overall CSAT.

Customer-centric Self-Service

The motto of self-service IVR platforms is to resolve issues quickly  and reduce IVR abandonment.

Conversational IVRs address this challenge effectively by seamlessly authenticating  customers, quickly understanding complex requests, and predicting customer requirements to conduct business transactions and resolve customer issues efficiently.

Adapts To Customer Behavior And Needs With The Help Of AI

Backed by AI and machine learning, conversational IVR systems can build their own database and intelligence based on customer interactions. This helps them improve their overall capability in solving customers’ issues.

This data is then used in successive interactions to efficiently adapt to the customer’s behaviour and needs.

Higher Resolution Rates for Better CX

With the ability to discern complex requests, conversational IVRs can route calls to agents who are best suited to resolve specific issues than just routing calls to the first available agent. This leads to higher rates of resolving customer issues while improving customer experience.

The How – Key considerations When shifting to Conversational IVR

Clearly, there are several benefits to adopting conversational IVR systems. However, the shift in technology comes with its own challenges. Following are some of the key aspects that companies should consider when transitioning to conversational IVR:

  • Understand your customers: To provide the best experience, companies should have an understanding of their customers journey, different touchpoints, their goals and challenges. They must also acknowledge that different customers will respond differently to the new self-service option. Incorporating a feedback program is essential to understand customers’ experiences and expectations.
  • Capture use cases: Shortlist the use cases/customer journeys which would be the most beneficial for conversational IVR. Each use case needs a different conversation flow. So, you must also consider any new use cases that can come up due to new product launches or initiatives.
  • Tracking Performance: The shift to conversational AI platforms must be measured in order to evaluate its success and track progress. An important KPI to be considered is the  Customer Effort Score (CES) – a metric that indicates the effort customers have to exert for their issue to be resolved. Effort is a key influencing factor of customer loyalty and organizations should aim to keep it as low as possible.

Conclusion

With customers demanding more agile, quicker and faster ways of getting their issues resolved, intelligent IVR systems are becoming key to enhance and modernize customer service. In the coming years, we can see many organizations deploy conversational IVR systems to cut costs, improve agent productivity and enhance customer experience.

If you’d like to learn more about this topic, please feel free to get in touch with one of our Contact Center AI experts for a personalized consultation.

The post Conversational IVR: The what, why and how appeared first on BotCore.

]]>