Case Study: US Bank achieves higher IVR containment and reduced fraud with Concentrix Natural Language IVR

US Bank boosts IVR containment by 89% with Concentrix

US Bank sought to modernize its interactive voice response (IVR) system to reduce average handle time, boost customer satisfaction, and minimize fraud. Its existing touch-tone navigation and numeric password authentication were frustrating for customers and exposed them to potential security risks. The bank engaged vendor Concentrix to address this challenge.

Concentrix implemented a fully hosted natural language IVR solution powered by Amazon Lex and Amazon Polly, integrating natural language understanding and passive voice biometrics for enhanced security. This solution from Concentrix achieved remarkable results for US Bank, including an 89% IVR containment rate, an 8% drop in advisor calls, and a significant reduction in fraud, all while being 55% less expensive than competitor services.

US Bank