What Could Your Organization Do by Saving $200K/mo?

ENACOMM EFS-IVR raked in more than $200,000 per month in savings for a prepaid card company. How? Read on.

Banks, credit unions and card companies using outdated IVR systems can lead to customer frustrations over rocky, time-consuming service interactions. These legacy systems typically lack personalization and unification across channels.

ENACOMM EFS IVR provides intelligent, omni-channel self-service and analytics solutions for effortless customer self-service that takes into account previous interactions in all channels. ENACOMM also offers conversational voice banking via popular digital assistants. Its products and data services are cloud-based, providing flexibility and affordability for banks, credit unions and card companies of all sizes. 

And GOOD NEWS: ENACOMM EFS-IVR is pre-integrated with Finastra’s Fusion Phoenix and Fusion UltraData solutions for faster implementation.

How does it save money?

Keeping up with the advanced technology offerings of competitors can be difficult for financial services companies. Institutions struggling with retaining customers, understanding their behavior and making them feel valued should explore the possibility of transforming the customer experience that they offer. In addition to reducing unnecessary costs incurred by live agents handling customer calls, intelligent self-service solutions can thwart call center fraud attacks, which occur frequently and can be costly.

With ENACOMM EFS-IVR, credit unions, community banks and card companies experience greater call containment and a significant rise in successful caller authentication. For example, one ENACOMM customer saw call containment immediately rise from 79% to almost 85%. Caller authentication with ANI jumped from 84% to 94%, saving the card company over $200,000 a month. As a result of this 10% increase, the organization saw a 12% immediate reduction in calls to agents. The figure increased to 15% within a matter of months.

*Savings vary by call volume

 How does it work?

Financial institutions today face increased customer call volumes, high consumer expectations for seamless customer service, and frequent call center attacks by fraudsters. The ENACOMM EFS IVR solves those issues. Combining data analytics with artificial intelligence, it enables personalized, intelligent interactions and convenient multi-factor authentication. ENACOMM EFS-IVR also integrates with other customer service channels for a unified customer experience. As a result, financial institutions can deliver secure, user-friendly, omni-channel customer self-service. 

The app provides a range of software tools, from powerful voice biometrics to customer relationship management, as well as added levels of security. Unlike systems with limited verbal interactions or number-specific options in a standard menu, ENACOMM EFS IVR’s data-powered solution responds to verbal customer requests with human-like understanding. The technology uses customer intelligence to efficiently direct calls, personalization to help retain customers and context preservation to offer fast, seamless self-service. The app’s Fraud Control Module allows users to detect, track and respond to fraud across any channel. It’s a powerful way for financial services companies to identify the latest tricks being used by fraudsters and establish effective countermeasures.

Why ENACOMM EFS IVR?

So, what are the key benefits?

·       Improve customer experience

Enabling intelligent interactions, ENACOMM EFS-IVR creates a personalized, omni-channel customer experience. This helps financial institutions attract new customers and increase customer satisfaction and retention.

·       Increase efficiency

The app’s intelligent IVR improves customer service efficiency by answering calls 24 hours a day, seven days a week and quickly providing important information to callers. It is pre-integrated with Finastra’s solutions to allow faster integration with financial institutions’ core customer service system.   

·       Reduce risk

The ENACOMM EFS-IVR reduces operational risk, as well as risks of regulatory non-compliance and failure. The Fraud Control Module mitigates the risk of fraud by detecting, tracking and establishing effective countermeasures to fraud across all channels. 

·       Reduce cost

The solution authenticates callers and uses data intelligence to help customers independently find answers to their questions, resulting in a drastic reduction in agent handling times and costs. 

For banks, credit unions and card companies of all sizes, ENACOMM EFS-IVR is available NOW, pre-integrated with Finastra’s Fusion Phoenix and Fusion UltraData solutions for quick deployment.

For more information on ENACOMM EFS-IVR and how to put it to work for your organization to save on costs and quickly meet customers’ needs, reach out to Mike Kirk by email (MikeK [at] enacomm [dot] net) or phone (512.656.5099).