[Part 6] How Top Banks Leverage IVAs to Enable Self-Service: Two Key Ways to Measure IVA Effectiveness
By Richard Simons, CEO of Creative Virtual USA
This is the sixth post in our seven-part blog series – How Top Banks Leverage Intelligent Virtual Assistants to Enable Self-Service.
TWO KEY WAYS TO MEASURE IVA EFFECTIVENESS
People always ask us the same question – “What kind of results will I get?” There are two key metrics we focus on to determine if an intelligent virtual agent (IVA) will prove to be an effective tool for your organization – contact deflection and in-conversation surveys.
Contact Deflection: Contact deflection measures the rate at which the IVA prevents a customer from having to contact the call center. One of our clients measures IVA effectiveness based on whether or not a customer talked to someone in the call center within 24 hours of talking to an IVA. On average 50-60% of the users that engaged an IVA did not have to call the call center within that time period. On some days, that number hovered around 70%. Lower percentage increases are seen when there are technical questions that users are trying to solve. When troubleshooting, customers may ultimately need a live agent to help solve their problem.
In-Conversation Surveys: In-conversation surveys measure whether or not the user was satisfied with the service. Our reporting shows contact volumes, number of times live chat and phone numbers were offered, and the number of times that people said the answer was helpful. You can even drill down to more granular levels like question by question satisfaction levels.
Contact Deflection + In-Conversation Surveys: Contact deflection coupled with in-conversation surveys are the most definitive ways of establishing that someone had a question, it was answered, and they didn’t need further help. When IVAs are deployed to answer simple questions, we see percentage increases in the high 70s. If the nature of the question requires human intervention, then the levels are much lower. While IVA effectiveness depends on the task, they can certainly help businesses focus more on providing excellent service and maximizing their human resources.
Stay tuned for the seventh part of this blog series – Three Common Questions: Results, Mobile & Implementation. Subscribe to our blog so you don’t miss a post. You can also watch the 30 minute webinar to see a live demo of how top banks are leveraging intelligent virtual agents.