Interactive Voice Response improves banks' calling volume

It has seen an 8% increase in its telephone banking call volumes following the upgrade, which was done with affordability and financial inclusion in mind. "It is cheaper for a customer to transact on the IVR system. Some transactions can cost up to 50% less," says Gavin Opperman, chief executive of Absa Retail Bank.

IVR systems run on computers, which manage large numbers of incoming phone calls and provide callers with a range of automated options that include, for example, allowing callers to report specific events or to obtain specific information. IVR systems are efficient and useful, as information can be gathered and distributed in greater volume.

Among some of the improvements are a new identity, as the bank's telephone banking and internet support caller line, a new voice persona for both English and Afrikaans, simple and easy to understand language, streamlined navigation with reduced main menu options and easy migration to a real voice interface.

It is pioneering its new IVR system, as the first bank to offer a 'live human' interface in conjunction with a 24/7 self-service telephone banking solution.

"Additionally, although the telephone banking option is primarily offered in English and Afrikaans, upon request customers can be assisted and serviced in all official South African languages," says Opperman.

In South Africa, the transition from branch to telephone banking has not been easy. Many customers still prefer the one-to-one relationships that are built up with branch staff.

"The increase in call volumes that we are experiencing can be seen as a positive sign that consumers are using and moving towards fast, effortless self-help functionalities, especially when conducting cashless banking. The challenge remains to convince the consumer to migrate to the bank's digital channels for faster, cheaper and more convenient 24/7 service," he concludes.