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RIP IVR

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30 November 2021
Bob Meara

Why Retail Banks Are Embracing Conversational AI in the Contact Center

Abstract

Interactive Voice Response (IVR) systems have greeted inbound callers for decades. Are we nearing the end of IVRs as we know them? Based on an October 2021 survey of contact center leaders in US retail banks and credit unions, Celent forecasts a bright future for conversational artificial intelligence-based contact center customer engagement.

Why invest in the lowly IVR amidst the rush to all things digital?

Things are not well in contact centers across the US. Despite the recent growth in digital customer utilization catalyzed by the pandemic, call volumes remain high and wait times long. Legacy approaches no longer work. A growing number of retail banks know this and are investing in conversational AI for a variety of contact center use cases. The most compelling, in Celent’s opinion, may lead to the end of the IVR system as we know it. Good riddance!

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