Financial_ChameleonHere’s an understatement if there ever was one: the financial services industry is big. In fact, it’s so big it touches virtually every US citizen at least once and in many cases, multiple times between banking, credit cards, and mortgages just to name a few. It is a  very diverse industry, there to help with a mortgage or loan, build your nest egg, and offer credit cards to help make spending your money easier, or alternatively, there to collect on debt, loans or overdue payments.

Surveys from the Federal Reserve Bank of Boston using the 2014 Census Bureau, estimate that of 232 million adult consumers in the US, there are about 167 million Americans adults with at least one credit card. As another example of the far reaches of the industry, 40 million Americans hold student loans as of 2014.

So how does the financial services industry handle all the interactions with their customers, across various lines of business?

Financial services was actually an early adopter of IVR. Today, self-service IVR serves as an integral part of servicing their customers–sometimes across many financial services offerings within the same organization. For example, a bank may offer personal loans, business loans, mortgages or checking and savings accounts.

Just like a chameleon who changes color based on its needs and specific environment, the IVR needs to be a quickly adapting application for different customer needs. Since customers call for a wide variety of reasons, it is imperative that IVRs become more predictive by using data to help guide customer interactions to quick resolutions.

One of the newest and most important channels financial services needs to address to boast a modernized IVR is the mobile channel. As visual creatures, the experience that can be delivered on a smartphone or tablet opens up new opportunities to present information in a more convenient and easy to comprehend manner. Customers can hear or see financial information, receive real-time notifications, leverage geo-location services, and easily connect with agents or financial advisors.

As a result, the modernized, mobile, self-service IVR becomes the transaction hub handling each interaction and a true communications chameleon to deliver a great customer experience.

In a recent white paper with Frost & Sullivan, From Old School to Next-Gen IVR: Refreshed IVR as the Cornerstone to Optimal Customer Service we discuss not only financial services, but such other industries as retail, healthcare and utilities where IVR is still the cornerstone to optimal customer service.

Based on the whitepaper insights into what a modern IVR needs to offer to be competitive and to provide a true omnichannel experience, we developed the infographic below on why in financial services, the experience is more than bricks and mortar:


Get more data on IVR in your customer experience in our new white paper with Frost & Sullivan, From Old School to Next-Gen IVR: Refreshed IVR as the Cornerstone to Optimal Customer Service.