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October 11, 2017

57% of Respondents Still Prefer Phone and Face-to-Face Interaction; Half Are Unhappy with Their

Bank’s Current IVR Service.

TEL AVIV, ISRAEL – October 11, 2017 – CallVU, the leading provider of innovative Omni-Channel solutions that allow organizations to engage customers in their channels of choice, announced today the results of its semi-annual survey of bank customer’s preferences in the United States. The study found that consumers, including the Baby Boomer and Gen X populations, continue to be interested in self-service options as a way to gain confidence and improve efficiency by solving simple banking-related problems themselves – checking balances, transferring money, even paying a bill. 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 put greater emphasis on the customer’s overall experience. This is especially true following a study conducted last year by NewVoiceMedia, which reported companies lost a whopping $62 billion due to bad customer service. Consumers bought based on experience, not cost of service, and it showed.

That said, despite all the technological advances in customer care, people’s go-to option is still the phone. Like all things digital, there is a learning curve, so one of the main challenges banks’ customer service departments face is helping callers understand how easy digital channels are to use, and the enormous amount of time they could save by embracing the technology solutions made available to them.

For example, survey results show that touch-tone automated phone menus and speech Interactive Voice Response (IVR) success rates hover around 50%, yet 80% of respondents indicated they would use visual IVR, which is significantly more successful than traditional IVR solutions. This strongly shows that not only is there room for improvement, people are more than willing to try these new customer service-focused technologies.

Additional key findings include:

  • 63% of customer service calls are made for simple requests, mainly looking for information about account balances
  • 70% of respondents go to their bank’s website just to look for 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 their branch (34%) instead of continuing the journey via digital

For the full survey results go to: https://pages.callvu.com/wp-customer-service-trends

“Financial institutes 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, allowing 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 allows 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 ten demos of CallVU (https://www.callvu.com/solutions/overview) at the upcoming Money20/20 show (https://www.money2020.com), taking place 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 greater 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.