Abstract
<p>Banks are constantly competing to find new ways to satisfy clients and meet their growing, heterogenous needs. Clients can access round the clock banking services worldwide. One way to access information is through Interactive Voice Response (IVR) systems. This research is an analysis of the process of implementing an IVR system and the impact on client experience using the case study of a Canadian bank. The research question is: “What is the impact of an IVR system upgrade on client experience in the Canadian banking industry?” The Productivity Paradox and the Unified Theory of Acceptance and Use of Technology model (UTAUT) are leveraged and a thematic analysis of the feedback provided from Net Promoter Score (NPS) surveys is done. The results show that although the IVR system can be an attractive automation interface for clients, there are many unanswered concerns about customer satisfaction as demonstrated by NPS feedback.</p>
Highlights
1.1 Channel and technology use in Canadian bankingBanks are institutions that provide difference products and services to clients to help them achieve their financial goals
The research question to be answered is: “What is the impact of an Interactive Voice Response (IVR) system upgrade on client satisfaction in the Canadian banking industry?” Another sub question from this over-arching question is “How is an industry-wide benchmark such as Net Promoter Score (NPS) affected by an IVR system upgrade?” The research questions will be answered from a client experience standpoint and the process will uncover elements that can lead to frustration with IVR system upgrades, using the case study of a Canadian retail bank
Frustration was voiced over the inability to immediately connect to a live agent especially after spending so much time stuck in the IVR
Summary
1.1 Channel and technology use in Canadian banking. Banks are institutions that provide difference products and services to clients to help them achieve their financial goals. In the Canadian financial services industry, banks provide a number of channels for clients to access their products and services. Clients can visit a branch, use an Automated Teller Machine (ATM), make voice calls to call centre or use online and mobile banking. Call centres, which are called contact centres, comprise of a set of resources including personnel, computers and telecommunication equipment used to deliver services via telephone lines (Gans, et al, 2003). Through online banking users can perform different financial transactions over the internet including deposits, bill payments and transfers (Frankenfield, 2019). Mobile banking is the use of cell phones and other types of handheld devices to access banking services via wireless networks (Zhou, et al, 2010)
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