Interactive voice response (IVR) processing allows your customers to process credit and debit payments via voice command. It's a trend we're seeing across different industries, with voice commands becoming the norm from Siri to Alexa. We'll look at how implementing IVR Payment Processing gives your customers the access they need to make their payments the way they prefer.
More and more people are turning to smart speakers like Siri, Alexa, and Echo to accomplish everyday tasks. From ordering a pizza to banking transactions, voice command is simplifying life for its users and increasing in popularity. In fact, in December 2017, it was estimated that 325.8 million people used voice control at some point during the month.
Credit unions have the ability to bring this popular technology to their members by partnering with Member Access Pacific (MAP). MAP offers interactive voice response (IVR) processing that benefits not only the member but also your credit union.
IVR processing will allow your members to make credit and debit card payments using their favorite smart device. Our expert team will work with your credit union to incorporate this service into your product line for a seamless launch.
Once your IVR processing is launched, your members will enjoy the convenience this technology offers them. The average person can type around 40 words per minute. However, they can speak roughly 150 words per minute making voice command an easy and convenient option for financial transactions.
Not only is IVR technology convenient for those who live busy lives or like to multitask it is also secure. As voice technology has evolved, the rate of error has decreased. Currently, theerror rate for speech recognition is 8 percent, so your credit union can rest easy knowing you are investing in a reliable and safe technology.
Along with security, voice technology will save your credit union time and money. IVR can help reduce the number of calls your credit union receives by providing an easy to use product for everyday transactions. Your credit union will also be offering cutting edge technology that will help attract and retain new members while increasing the satisfaction of your current members.
The digital banking experience you are providing to your membership is vital to the success of your credit union. Adding IVR to MAP’s digital payment suite like Person 2 Person, Visa Checkout and the Mobile Payment App offer you a competitive advantage over many financial institutions while strengthening your brand.
We live in a fast-paced world, and your members are looking for products and services that not only enhance their banking experience but also simplify it. Bring the voice command technology they are already using to their banking experience and watch your member loyalty increase. Stay ahead of the competition by contacting MAP today to learn more about interactive voice response processing.