Len Klie

Banks Banking on IVR

A new survey from BillingTree, a payment technology provider, has found that  financial institutions this year are seeking payments via mobile, text, and interactive voice response (IVR).

The report found that credit/debit card payment acceptance via mobile app was the most sought-after technology, closely followed by payment via text and automated phone/IVR. More than two thirds of businesses plan to adopt these new payment technologies within the next year to help increase revenue and growth.

A majority of respondents stated they now offer a broader range of payment options, with more than half offering web portals, automated phone IVR and live agent payment support. This is in stark contrast to the previous year’s findings, where less than 14 percent of respondents said they provided all three.

“This is the third Financial Services survey BillingTree has commissioned capturing a current snapshot of the state of the industry. This year’s trends show growth-oriented financial services organizations are increasingly adopting payment automation and technology-enhanced services – including mobile – to gain market share while continuing to cut costs and increase profits,” said BillingTree’s financial services specialist, Kristie Wnuk, in a statement. “As this trend continues, the adoption of automated payment technology will quickly evolve from a competitive advantage to industry standard.”

So invest away. I’m sure the IVR vendors could use a little positive news every now and then.