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July 24, 2009

SBI Mutual Fund Uses IVR to Boost Customer Experience



By Amy Tierney, TMCnet Web Editor


An independent IT solutions and services company announced that it's implemented an interactive voice response, or “IVR” solution for an India asset management company to help manage its mutual funds arm.

 
Datacraft installed IVR technology at SBI Funds Management, a company that manages more than 100 different funds under SBI Mutual Fund, to help improve customer interaction and let customers use their voice to obtain the latest Net Asset Values of SBI’s Mutual Fund schemes.
 
The technology features a speech recognition solution powered by Nuance (News - Alert) that's designed to increase users’ experiences. The solution is designed to help SBI Mutual funds enhance customer satisfaction, reduce time to service people and increase agent productivity at the customer support center, the company said. 
 
The speech-enabled IVR service will likely play a key role in improving the end-user interaction, Datacraft said. A touchtone-only environment would have made the system cumbersome and likely would have frustrated customers, officials said.
 
“The solution will improve customer service by offering more intuitive access to information and streamlining transactions,” said Sunil Manglore, CEO at Datacraft India, in a statement. “In addition, the solution will also increase customer satisfaction by shortening on-hold time and overall call duration.”
 
SBI Funds Management selected speech-enabled IVR based on surveys of customer calls and an analysis of call patterns. Datacraft India offered consulting and application development services to design and implement the IVR solution, the company said.
 
IVR services are crucial to ramping up a company’s brand image in the wake of growing competition in India's financial services sector. Datacraft’s deployment of such a service demonstrates the company’s ability to improve the interaction between clients and their customers, Manglore said.
 
The recent announcement supports a recent report from market research firm T3i Group that found that the global IVR market will grow to $514 million by 2013, up from an estimated $431 million this year. As TMCnet reported, the IVR market is growing because of a resurgence of self-service applications, as well as the power of VXML to link Web applications to voice.
 
A separate report by market research firm DMG Consulting predicted that the IVR solutions market will see a CAGR of 13.4 percent for the hosted/managed inbound IVR sector and 18.7 percent for the outbound IVR segment over the next four years.
 
Datacraft, a subsidiary of global IT solutions and services provider Dimension Data, operates more than 50 offices across 13 Asia Pacific countries. The firm helps clients plan, build, support, manage, improve and innovate IT infrastructures.

Amy Tierney is a Web editor for TMCnet, covering unified communications, telepresence, IP communications industry trends and mobile technologies. To read more of Amy's articles, please visit her columnist page.

Edited by Michael Dinan



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