Customer Case Study – Consumer Financial Services FDVS Financial Services IVR Applications Help Company Increase IVR Utilization by 25%

Executive Summary

Industry

Consumer Financial Services

Business Challenge

  • Consolidate eight activation programs unique to each card product and processing platform to a single program, simplifying reporting, troubleshooting and modifications
  • Needed an address verification program that would provide merchants with more information via IVR, rather than through live agents

Solution

  • FDVS consulted with company to build a single card activation program that would handle all processing platforms and card products
  • FDVS worked with company to enhance its address verification program and reduce transfers to the call center

Results

  • IVR utilization increased by 25%
  • Decreased live agent handling time by 10 seconds
  • Combined solution saved company millions annually

Challenge

A global leader in consumer financial services faced a number of challenges related to the company’s credit card products. A major issue was that the company had eight activation programs specific to various card platforms and products. This posed a number of challenges ranging from inefficient data collection to poor speed to market.

In addition, the company needed a new address verification program that would allow more merchants to get the information they needed via IVR rather than from a live agent.

The company came to First Data Voice Services (FDVS) to provide a solution that would help to streamline business procedures, drive down costs, reduce fraud exposure and improve customer service and security measures.

Solution

FDVS consulted with this financial services company to identify opportunities to automate manual processes, improve already automated processes and complete more calls via IVR instead of live agents. To accomplish this, the FDVS design and development team determined that significant economies could be found by consolidating all card activation applications into a single program. This program handles all processing platforms and card products.

FDVS also worked with the company to enhance the performance of its address verification program and reduce transfers to the call center. Enhancements were made in two phases. In the first phase, FDVS implemented enhancements to the touch-tone version of the program to include additional verification data. In the second phase, FDVS designed and developed a directed-dialog, speech-enabled version of the program.

Results

Over the past six years, FDVS has produced tremendous results for the financial services company.

Since the implementation of the new card activation program, IVR utilization increased by 25%. Live-agent handling time decreased by 10 seconds. In addition, the company has seen a reduction in fraud loss, an increase in data security and an increase in revenue from value-add products sold in the IVR. FDVS’ address verification program enjoyed similarly stunning results. Phase one changes reduced transfers approximately 6%. Phase two changes further reduced transfers an additional 24.6%. Together the programs have made a huge bottom line impact for this company.

For More Information

To discover how First Data Voice Services can help you find flexible, affordable Financial Services IVR solutions that satisfy your customers, call 800-428-2400 and ask for the sales department.