Case Study
Fortune 50 Financial Services Company Transforms CX with Interactions IVA
A Fortune 50 financial services company sought to streamline digital client experiences by handling tens of thousands of cardholder inquiries. After a thorough search, they chose Interactions to implement an IVA, enabling clients to resolve issues and find answers through human-like conversations.
Challenges
Cardholders needed quick solutions for account issues, such as reporting a lost card or updating contact details, without the delays of lengthy phone calls with live agents. These time-consuming processes were causing substantial productivity losses.
Additionally, rapid growth in the commercial card service led to hundreds of thousands of monthly requests, overwhelming the institution’s limited automation and straining live agent resources.
Solutions
Using a unique approach that combines AI with human intelligence, the Interactions IVA delivers exceptional customer experiences to solve the company’s challenges.
When customers dial the 1-800 number, the IVA begins by repeating their question, demonstrating its understanding and confirming their intent before responding. It then proactively offers additional relevant account information, such as balance due and recent transactions. On average, 90% of interactions are managed by AI, while 10% are supported by humans. Live agents are always available for more complex issues, ensuring cardholders get the assistance they need.
Results
Interactions IVA powers all of the program’s self-service capabilities, providing fast resolutions for common card issues without sacrificing customer service quality.
- Higher Containment Rate: Since launch, the IVA has processed nearly 15 million calls, achieving an average containment rate of over 52% across all lines of business, saving $6.6 million annually.
- Improved Speed-to-Answer: The IVA ensures instant access to support. An analysis of over 1.2 million calls showed faster processes for intent capture, routing, and authentication, with one government client seeing identification rates rise from 91% to 96.8%.
- Increased Productivity: The IVA returned 20,000 employee hours per quarter, boosting productivity and cutting wasted time.
- Enhanced Client Satisfaction: Clients report higher satisfaction, with an average CSAT score of 4.68 out of 5.
The program’s success was featured at the Fortune 50 company’s annual summit, showcasing their commitment to innovation.
“Interactions acts as the AI front door to our customer service and really elevates the level of service that we provide our clients. As a result, our CSAT scores have gone up almost 19%.”
– North American Head of Operations