How Conversational applications replace traditional Phone Banking and IVRs

Rachel Batish Articles June 27, 2018

Phone Banking
Phone banking and IVR systems have been complementing our bank’s interaction for a long time. Yet it is not a secret that the experience using those solutions is rather poor. In 70% of those interactions, the end users end up frustrated;  at “best” case scenario these angry customers will be rerouted to an agent. In the less fortunate cases, they will just hang up.

Conversational applications are offering a different form of interaction, that allows the user to freely talk or text when they interact with a machine. The customer no longer needs to adapt himself to the machine, by clicking digits or repeating certain words – No – now the customer talks and the machine will do whatever it takes to understand the request and provide with a precise and accurate reply.

The Conversation.one platform helps you to build an advanced user-lead conversational interaction with 6 main advantages:

  1. Conversation.one offers a conversational interaction with the end-user, through both voice and text. It is driven by user’s free-text requests and is not digits-based. You can talk to it in your car, or text it when you are on the go.
  2. Our platform allows businesses to automate the interaction with their customers across multiple devices and channels. It’s not only on phones – it’s texting, chatbot and voicebot on your website/ mobile app, as well as a skill on Amazon Alexa, a Google Home action, and Facebook Messenger bot. Being available on multiple channels and end-points increases your customer’s satisfaction’s level and reduces your call center’s costs, as well as the burden on your agents.
  3. Our solution combines IVR and phone banking into one place. Whereas 50%-70% of your clients could be served using an automatic-interaction, whoever is in a need for a human representative can be automatically re-routed to the relevant agent, based on their needs.
  4. Conversation.one’s platform allows you to add more use-cases and expand your automatic coverage in a simple, user-friendly dashboard that requires no coding or programming. It’s not just online-banking data. It’s loan-information and application process, location-based opening hours, ATM and branch locators, as well as other unique data you want to be able to share with your clients.
  5. Conversation.one uses AI (deep-learning) to increase the accuracy of the automatic responses and therefore improves the conversation’s success rate by more than a 100%. This is translated into 30%-60% decrease in agent-based calls (you can figure out the costs implications);
  6. Our customers are the owners of their conversational applications and their conversational data. You gain a full overview of your customer’s interactions and together with our AI analysis, you can use this data to continue and grow your conversational support and coverage.

If you are ready to build your conversational applications, you can start here.

You can also watch some videos and tutorials on our knowledge-base portal.

Have questions? drop us note and we will be happy to contact you back!