Client Successes

Selecting the Most Effective IVR to Improve Customer Experience

Large Community Bank

Challenge

How can you improve service when selecting new customer-facing systems? A large community bank identified the need to replace its existing IVR system primarily due to end of life support issues with the current manufacturer. This tactical requirement allowed CVP and the client customer leadership team an opportunity to assess better ways to deliver service. CVP partnered with the client to review the current leading IVR vendors, submit a RFP, and recommend a technology solution for the bank based on the RFP responses.

Approach and Results

Using CVP's establised IVR selection methodology, CVP supported the client in selecting the best-fit and best-value IVR vendor and IVR replacement solution to fit its needs. This process consisted of requirements gathering and analysis, vendor selection for RFP process, writing a RFP and distributing it to selected vendors, analysis and consolidation of vendor RFP responses, vendor response coaching, the selection of vendor options for the client's review, coordination of vendor presentations, and vendor scoring and recommendations. CVP took this opportunity to greatly enhance the current functionality by adding self service options, increased flexibility, consistency between IVR, call center and web, and consistency with authentication regulations.

CVP established a firm negotiation of product and service pricing, built against a very detailed requirements analysis netting more than a 45% reduction from the finalist from their initial bid. The team was able to achieve significant cost containment. Executing a thorough SOW analysis in advance of contracting allowed the client the ability to cut, contain, and commit the finalist to delivering a program that has been vetted by experts. The client and CVP are currently working on the implementation phases of the project.