A leading multinational financial services company based in Canada was struggling to provide efficient and secure telephone banking services to its customers. The previous IVR system provided by a telecom operator had limitations in terms of both security and customer experience. The bank required a solution to improve these and provide better containment and enhanced fulfillment.
The company’s chief architect stated,
“We were facing a major problem with our older IVR system. It was going to end-of-life, and it was difficult for our customers to use it for more complex transactions. We wanted to improve the client experience and needed a solution to meet our needs.”
Solution
To enhance the customer experience and fulfillment, the bank chose Omilia’s Conversational AI IVR system and its Voice Biometrics authentication service. The AI IVR system gives customers a more natural and conversational experience, allowing them to complete tasks quickly and efficiently. The Voice Biometrics service strengthens security by accurately identifying and authenticating callers, reducing the risk of fraud and increasing the successful IVR Identification and Authentication of callers.
The Chief Architect stated, “We selected Omilia over other vendors like Nuance and IBM Watson because it outperformed the competition during our pilot phase, and its solution was less than half the cost.”
Implementation
Over a period of 12 months, the conversational IVR solution was gradually implemented across all major lines of business, including retail banking, insurance, and direct investing, with value delivered incrementally along the way.
The new Omilia solution provided the bank with a more advanced and secure system for its customers. The company started with mobile and digital online self-service options and training agents to encourage clients to use these channels. For more complex transactions, clients would still have access to human advisors.
The Omilia solution also included a Voice Biometrics authentication service for the company’s US call center to improve security, reduce fraud, and enhance IVR identification and caller authentication.
Results
The implementation of Omilia’s conversational AI platform significantly improved the customer experience and enhanced fulfillment for the company. The Chief Architect reported, “The new platform has allowed us to fulfill more complex transactions in the voice channel with a much more natural conversation, just like you would speak to a human.” The bank recorded high levels of customer satisfaction with the new self-service experience provided by Omilia.
Implementing the Omilia solution has delivered tangible benefits for the bank and its customers:
Voice Biometrics:
- 90% successful enrollment of eligible callers
- 10% authentication increase
- 7% increase in IVR contained calls
- 42% decrease in IVR talk time
Conversational IVR:
- 21% increase in containment
- 34% increase in authentication success
- 96% semantic accuracy
- 90% task completion rate
What’s next
The company’s roadmap for implementing the Omilia solution includes expanding the voice biometrics footprint, building out new self-service use cases with a focus on customer satisfaction and containment, and integrating the solution with their CCaaS vendor. The bank is committed to improving customer experience and efficiency while maintaining the highest levels of security and delivering enhanced fulfillment.
Implementing the Omilia solution has delivered tangible benefits for the bank and its customers. The Conversational AI IVR system and Voice Biometrics service have improved customer experience, increased security, and provided better containment, positioning the bank for continued success in the future.
