Voice Self-Service Boosts Service, Member Satisfaction

Steve Ehrlich, Apptera
April 21, 2005

Almost every company you call these days has some type of voice self-service system—not the kind where you enter information on the touch-tone keypad, but systems where you can simply say what you want to do without hold times and unnatural menus. Speech recognition technology has emerged to the point where it can ably and efficiently capture information from your members with accuracy and speed that often surpasses a call center agent’s capabilities.

Thousands of businesses, including many financial institutions, now use speech technology in their consumer service operations. Many consumers prefer using speech recognition systems to touch-tone and live agents due to the speed at which callers can transact business, the elimination of wait times, and the around-the-clock availability of information.

With the recent emergence of packaged speech applications for financial institutions, voice-enabled solutions now are highly affordable and easy to deploy for credit unions of all sizes. Most basic member service functions, such as providing account information and rate quotes, enabling funds transfers, loan payments, account enrollments, and address changes, and detailing automated teller machine locations now are available in an off-the-shelf format that makes them easily customized for credit union-specific services. Automating repetitive member requests can save credit unions thousands of dollars each year and improve member satisfaction

(Table 1).
Typical Cost Savings 1

Today’s speech applications are designed not only to replace aging touch-tone systems, but also to provide some key benefits:

• Members don’t have to wade through numerous touch-tone menus, allowing them to complete their business in less time
• The systems can be personalized to members’ preferences and method of account access. If a member doesn’t have a savings account, for example, the system doesn’t ask if the member wants to check the balance.
• Members calling while they’re driving can keep their eyes on the road while making a loan payment
• Speech systems dramatically reduce hold times and offer quality service 24 hours a day

Credit unions can benefit significantly from speech technology. They can affordably process member service requests for as little as one-tenth the cost of live member service representatives.

In fact, the whole system can be outsourced, allowing credit unions to automate all self-service calls with minimal up-front investment and nominal internal IT support. And by improving your service quality, members are more likely to use your credit union for additional services.

Just as a website has become a critical member service component, voice automation rapidly is becoming a business and competitive necessity. Speech technology provides numerous benefits, not just for the consumers using it, but for the financial institutions that are dramatically improving the delivery of service to their customers.

Steve Ehrlich is vice president of marketing for Apptera in San Bruno, California. Contact him at 650-635-0600. This article first appeared in Credit Union Magazine on its website at www.creditunionmagazine.com and is reprinted with permission.