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At Kore.ai, our banking customers and partners have been telling us about challenges with their existing call center operating model. The pre-pandemic and post-pandemic fact remains that interactive voice response (IVR) technologies have never quite delighted customers or offered a natural conversation-like experience!
Most IVR chatbots rely entirely on identification of keywords or have limited routing trees based on pressing digits. Results are not great. Customers are being told the request/question is not answerable or provided with an incorrect response – often leaving customers frustrated and routed to speak/chat with a live Agent.
This outdated technology forces more calls of exasperated customers into the Contact Center Agents. Forbes Magazine research from Dec. 2022 stated “78% of consumers have interacted with a chatbot in the past 12 months – but 80% said using chatbots increased their frustration level”. Solving this customer pain point can go a long way to help drive loyalty and lifetime value.