Financial and insurance companies have a multitude of regulations to follow based on the legislative acts passed in recent years. Regulations now require companies to disclose account information that in the past has not been shared with consumers. Or, in some cases, companies are required to ensure that they have done due diligence to talk to a consumer or consumer’s relative regarding an account before they can take an action such as to closing the account, charging a fee, or taking the account to a collections agency. A lot of times these disclosures cause the consumer confusion and lead them to call the company. And, more calls equals more costs.
The company I work for recently sent a letter home disclosing fees on my 401(k) plan. My first inclination was that I thought the fees were new, which led to questions in my mind, but then I recalled that with the new legislation all companies now need to disclose any and all fees to consumers.
These types of disclosures are going to lead to more and more consumer calls. And, calls lead to costs, so it is important that companies look for economical ways to answer consumer questions. An automated IVR system is an excellent solution for these types of calls.
Recently, a financial company had to notify relatives of a deceased family member that the institution would be closing the relative’s account. These notifications led to calls to customer service representatives. The financial company automated the calls and asked for the case number given in the letter. The IVR was then able to give a correct, customized message to the caller. The solution offered a good caller experience for the consumer and enabled the financial company to reduce the full-time employees (FTEs) who were added to handle these calls.
Financial regulation, and in particular the Dodd-Frank Act, is here to stay for at least the next four years. If your company is receiving a lot of consumer calls to clarify information from a recent disclosure or are preparing to do so, then consider an IVR solution as a way to reduce your costs.