Our Viewpoints

Our Viewpoint

5 Reasons Why Voice Banking is Still Important

December 16, 2015

You may know voice banking as a simple replacement for call center interactions. However, it is also an important part of an effective omni-channel strategy – giving users a uniform experience across all channels. Here are five reasons why voice banking is still an important part of your service offering.

1. Customers demand options – With so many options now available in the market, customers expect a choice when it comes to the way they communicate with companies. In a survey1 conducted by American Express, customers indicated their third most favored method of contacting companies is via an over-the-phone voice system. This came in above face-to-face interactions, online chat/instant messaging, text messaging and even social networking sites. As a highly preferred method of contact, financial institutions cannot afford to go without a voice banking service offering.

2. Voice Banking saves you and your customers time – Calling may be the contact method of choice for a customer for a variety of reasons. However, going through an extensive phone tree system or getting disconnected a few times can make calling inconvenient. A voice banking system will allow customers to quickly take care of their needs, without the hold music. For example, in the first few months of offering Cavion® Voice Banking Professional, Horicon Bank averaged 200 calls a day, with few transfers out of the system for help. Voice banking also saves internal personnel time – about 45 minutes to one hour per day.

3. Ease of Use – When dealing with an array of customers of varying skill sets, it’s comforting to know that voice banking does not require training. Any customer with a phone can quickly use it. As computing devices get smaller – even the most tech-savvy customers can benefit from a service that allows them to efficiently work with their device for their banking needs. In fact, according to a study2 on consumers between 2011-2014, one third of all consumers with bank accounts used telephone banking.

4. Convenience – A good Internet connection is not always available, especially for consumers who travel. Almost 30 percent of mobile banking customers say they bank while traveling, which means about one third of your customers demand the ability to bank while on the go. With voice banking, all your customers need is a phone connection, which in some areas is a more reasonable request than an Internet connection. And a demographic of your customers may not like to use the Internet, and actually prefer using voice banking. Those customers are still valuable to your institution, so why not cater to their preferences?

5. Safety – Mobile banking or a mobile banking app is the ultimate in convenience – except when you’re driving. In 2014, nearly 40 percent of people admitted to checking their mobile phone while driving. Customers can use voice banking with less interaction with their phone. “There’s a wealth of recent data citing the importance of channel preference on customer satisfaction. In a nutshell, customers expect companies to communicate with them through their preferred channel, be it in person, online or on the phone.”

1 5 Things Customers Want (and Expect) When it Comes to Customer Service. (n.d.). Retrieved December 14, 2015, from https://fonolo.com/blog/2014/07/5-things-customers-want-and-expect-when-it-comes-to-customer-service/
2 Consumers and Mobile Financial Services 2015. (2015, March 1). Retrieved December 14, 2015, from https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201503.pdf

Author

Kristen K. Jason
Solutions Marketing Manager, Integrated Core

Kristen has several years of marketing experience. Prior to joining D+H, she served in roles for a regional bank and a trade association for auditors. She holds a BA in business administration from Florida A&M University and an MBA from the University of Central Florida.

Kristen Jason