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Entrepreneur
14-07-2025
- Business
- Entrepreneur
How to Bring Phone Systems into the Age of Personalization
AI phone agents are revolutionizing customer service by replacing outdated, impersonal phone systems with intelligent, personalized and efficient conversations that boost satisfaction and business success. Opinions expressed by Entrepreneur contributors are their own. For over 50 years, automated phone systems have been a mainstay of customer interaction. Early Interactive Voice Response (IVR) systems freed employees from repetitive tasks, yet left customers navigating frustrating menus with impersonal, robotic responses. In an era where personalization drives customer satisfaction and loyalty, these outdated systems are no longer enough. While well-designed IVR systems today achieve a first call resolution rate between 70-75%, the cold and impersonal experience remains, constantly testing callers' patience with the labyrinth of keypad-navigated menus and limited options. This is particularly evident in industries like healthcare, insurance and local services, where every call carries weight and customers often face the frustrating prospect of repeating their details over and over to an automated voice or navigating endless, irrelevant options. Phone systems remain a significant touchpoint between businesses and customers, but have yet to evolve to meet the demands of the personalization era. This potential is already being realized through AI phone agents, which are turning this vision into reality. Unlike legacy systems, these agents use advanced voice recognition and adaptive AI to engage customers in dynamic, human-like conversations. They remember previous interactions, answer with localized nuance and respond to inquiries with warmth and intelligence. This capability makes it possible to deliver personalized experiences that strengthen customer relationships while maintaining operational efficiency. For example, imagine if your phone system could recall past conversations: When John calls again, it could ask how his daughter's birthday party went, adding a personalized touch that deepens the connection. These subtle, tailored gestures could shift customer perceptions from purely transactional to genuinely relational, setting your brand apart in a competitive marketplace. It's no surprise that businesses embracing AI for personalization are projected to reach $2 trillion in revenue over the next five years, underscoring the transformative potential of these technologies. AI agents can even be fine-tuned to reflect brand tone and values, whether that's efficiency, empathy or a sense of humor. Voice agents are designed to resolve issues and help customers feel heard and understood, delivering a more natural and 'human' experience than traditional phone systems ever could. Related: Stop Losing $500+ a Month — The Mistake Starts With a Missed Call More than personalization: Elevating customer service AI phone agents do more than personalize interactions; they redefine what phone systems can achieve. From scheduling appointments and processing orders to troubleshooting technical issues and qualifying inbound sales leads, AI agents extend far beyond the limited scope of traditional IVRs. They can provide instant answers to frequently asked questions, guide users through complex product setups and even process secure payments, effectively transforming a basic phone system into a streamlined customer service center. This functionality results in higher first-call resolution rates and a seamless experience for customers. Moreover, AI agents can dynamically scale to handle call surges, eliminating hold times and ensuring 24/7 availability. Businesses can now offer consistent, high-quality service after hours, avoiding the cultural and language barriers often encountered with outsourced support. For a small business, this means no more missed sales opportunities because a call came in after 6 PM, or frustrated customers waiting until morning for a simple answer. By replacing outdated systems, AI agents reduce costs while delivering a superior customer experience. Related: 2 Major Career Companies Are Laying Off 1,300 Employees: 'AI Is Changing the World' Integrating AI agents into your workflow Adopting AI phone agents doesn't have to be a full-scale transformation. Businesses should start small by assigning these agents to handle routine inquiries. As their capabilities grow, they can take on more complex tasks. Key steps for successful integration include: Starting with small, well-defined tasks such as appointment scheduling or taking notes. This allows businesses to quickly see the value of AI without overwhelming their existing operations. Training employees to collaborate with AI agents as part of the team. Successful AI implementation is about augmentation, not replacement. Human oversight and collaboration are key to refining the AI's performance and ensuring a cohesive customer journey. Measuring AI agent performance against human agents. Quantifying key metrics like resolution rates, customer satisfaction scores and time savings helps demonstrate ROI and identifies areas for further optimization. Continuously identifying new tasks AI can automate Ensuring seamless CRM and other system integrations. Integrating AI with existing tools ensures data flows smoothly, providing the AI with necessary context and updating records in real-time, making it truly intelligent and valuable. Defining escalation protocols. Knowing when to pass calls from AI to human agents is also important and ensures a safety net for complex issues. AI phone agents represent a profound leap forward for customer service, leaving behind the outdated era of keypad navigation and rudimentary voice prompts. By leveraging these tools, businesses can not only create deeper, more personalized connections with customers but also transform phone systems from impersonal necessities into strategic assets, positioning themselves for success in a rapidly evolving environment.
Globe and Mail
08-07-2025
- Business
- Globe and Mail
PayJunction Launches AI-Driven Voice Payments Powered by Twilio
PayJunction, a leading tech-focused payments company, announced today an integration with Twilio (NYSE: TWLO), the customer engagement platform providing real-time personalized experiences, that enables businesses to easily automate and scale their phone payment operations. Through this integration, PayJunction merchants can now deploy AI-driven Interactive Voice Response (IVR) solutions that securely process payments over the phone and eliminate manual processes, saving time and money. 'Merging Twilio's innovative, customized experiences with PayJunction's robust payment technology will equip businesses with the tools to quickly scale their phone payment operations without increasing PCI scope,' said Randy Modos, President at PayJunction. 'Outsourcing phone payments often means higher costs and less control over customer interactions. With the Twilio and PayJunction integration, businesses gain access to a robust feature set and tailored pricing that aligns with their specific needs.' Manual payment processing over the phone is prone to errors and consumes valuable staff time, disrupting workflows and decreasing customer satisfaction. By leveraging secure, AI-driven IVR solutions, PayJunction's Twilio connection reduces errors and frees up staff for higher-value tasks. With the elimination of manual processes, businesses can significantly lower customer wait times and increase order capacity. Research shows that customer satisfaction increases by more than 1.6 times if their wait time is shorter than expected, underscoring the tangible impact of this solution. In addition to businesses, Independent Software Vendors (ISVs) can now leverage Twilio and PayJunction's No-code Payments Integration ® to create a payment experience that meets their customers' unique needs without redirecting significant development resources. When utilized together, ISVs can stay focused on developing proprietary software features and deliver revenue-generating payment functionality. This announcement continues a busy start to 2025 for PayJunction, coming on the heels of its integration with Zapier to enable businesses to create custom, scalable workflow automations. For more information on PayJunction's Twilio connection and its potential for your business, visit About PayJunction Founded in 2000, PayJunction has consistently redefined the payment processing industry through innovation, customer advocacy, and transparent pricing. PayJunction's resolute ambition to develop disruptive technology and tools has put it at the forefront of No-code payment solutions. The company processes over $11 billion annually, offering businesses versatile solutions for in-person, online, and on-the-go payment acceptance. PayJunction's enduring commitment to valuing long-term relationships over short-term profit has received accolades from esteemed institutions like Stevie ®, Glassdoor ®, Titan ®, and high recommendations on Trustpilot.
Mint
03-07-2025
- Business
- Mint
How long can you keep a credit card without using it? Risks and tips explained
Credit cards now come in all types and forms. Banks issue credit cards catering to specific spending categories that include groceries, food and dining, travel, utilities and entertainment. While it is advisable to have a single credit card for all your spending needs, a lot of people use multiple credit cards to avail rewards, cashbacks and other benefits. So, what happens if you get a credit card for a specific benefit—say travel—use it for a couple of months and forget all about it? If you do not use your credit card for more than one year, your bank will start the process of closing your credit card account after informing you. Here is a guide on how to keep your credit card account active and the rules governing them. If a credit card is not used for more than a year, the bank will initiate steps to close it. 'If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer, subject to payment of all dues by the cardholder,' Reserve Bank of India (RBI) said in its 'Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022'. 'The information regarding the closure of the card account shall also accordingly be updated with the Credit Information Company/ies within a period of 30 days,' it said. 'Subsequent to closure of credit card accounts, any credit balance available in credit card accounts shall be transferred to the cardholder's bank account. Card-issuers shall obtain the details of the cardholder's bank account, if the same is not available with them,' the apex bank said. 'Cardholders shall be provided an option to submit a request for closure of credit card account through multiple channels such as helpline, dedicated e-mail-id, Interactive Voice Response (IVR), prominently visible link on the website, internet banking, mobile-app or any other mode,' RBI stated. 'The card-issuer shall not insist on sending a closure request through post or any other means which may result in the delay of receipt of the request. Failure on the part of the card-issuers to complete the process of closure within seven working days shall result in a penalty of ₹ 500 per calendar day of delay payable to the cardholder, till the closure of the account provided there is no outstanding in the account,' the apex bank said. The simple way to keep the credit card account active is to use it at least once a year. Make at least one transaction using your credit card during the year and it will be enough to keep the account active. For instance, if you have a credit card focussed on travel benefits, you can use it during your annual vacations. This way, you will not only be able to keep the card active but also enjoy rewards and perks that come with it. Incidentally, the RBI does not consider the service charges or interest debited by the bank as valid transactions to keep a credit card account active. Card issuing banks charge a fee for account maintenance if customers leave their credit card account dormant for quite some time. The account maintenance fee is typically deducted from the savings account linked to the credit card. Unused credit cards can actually have a positive impact on your credit score as long as they remain active. This happens because an unused credit card will bring your credit utilisation ratio (CUR), a key metric in the credit score, down, as the entire credit limit will remain untapped. For instance, if you have two credit cards with a limit of ₹ 10 lakh each, the total credit available to you will total ₹ 20 lakh. Since banks consider a CUR of 30% as ideal, you can spend up to ₹ 6 lakh in a billing cycle without hurting the credit score even though all the spending happens only on one card with a limit of ₹ 10 lakh. But if you close one card, your limit will decline to ₹ 10 lakh and you can spend only up to ₹ 3 lakh in a billing cycle to keep the CUR within limits. So, a credit card closure will severely affect your spending ability. If the credit card account is closed due to lack of usage, it will have an adverse impact on your credit score in the immediate term. Please do note that you cannot reactivate your closed credit card. You should have solid reasons for closing a credit card. You can close the card if you have a large outstanding amount and find it difficult to make the payment. In such a scenario, you can take a personal loan or a secured loan with a low-interest rate and close the card account. You can also consider closing credit card accounts if you have several credit cards that you do not need anymore. Credit cards with high annual fees can also be an ideal candidate for closure. If you have multiple cards and are faced with a situation where you have to close some of them, always make sure to retain credit cards on which you have not missed payments. This is because a credit card is a measure of your financial behaviour. If you have been paying your entire bills on time on a credit card account, it does not make any sense to close it. You will be able to get a higher credit score and better loan terms on the basis of that account. It is also better to close a new credit card and continue the old one. The older credit card is not only a reflection of your income and spending patterns but also a document of your credit history showing your credibility and reliability as a borrower. If you have a long credit history with prompt payments, your credit score and chances of securing loans on favourable terms will increase significantly. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Yahoo
24-06-2025
- Business
- Yahoo
Invesco Mortgage Capital (IVR) Gains But Lags Market: What You Should Know
Invesco Mortgage Capital (IVR) closed at $7.73 in the latest trading session, marking a +1.05% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 1.11% for the day. Meanwhile, the Dow experienced a rise of 1.19%, and the technology-dominated Nasdaq saw an increase of 1.43%. Coming into today, shares of the real estate investment trust had gained 4.08% in the past month. In that same time, the Finance sector gained 1.91%, while the S&P 500 gained 3.92%. Market participants will be closely following the financial results of Invesco Mortgage Capital in its upcoming release. The company is expected to report EPS of $0.56, down 34.88% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $19.99 million, indicating a 131.37% growth compared to the corresponding quarter of the prior year. For the full year, the Zacks Consensus Estimates are projecting earnings of $2.23 per share and revenue of $83.91 million, which would represent changes of -22.57% and +127.85%, respectively, from the prior year. Investors should also take note of any recent adjustments to analyst estimates for Invesco Mortgage Capital. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system. The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Invesco Mortgage Capital is currently sporting a Zacks Rank of #3 (Hold). From a valuation perspective, Invesco Mortgage Capital is currently exchanging hands at a Forward P/E ratio of 3.44. Its industry sports an average Forward P/E of 8.27, so one might conclude that Invesco Mortgage Capital is trading at a discount comparatively. The REIT and Equity Trust industry is part of the Finance sector. With its current Zacks Industry Rank of 193, this industry ranks in the bottom 22% of all industries, numbering over 250. The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Remember to apply to follow these and more stock-moving metrics during the upcoming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report INVESCO MORTGAGE CAPITAL INC (IVR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Forbes
16-06-2025
- Business
- Forbes
How IVR Failures Undermine Customer Experience (And How To Fix It)
Liam Dunne is the Co-founder and CEO of Klearcom, a global leader in customer call path testing & real-time contact center optimization. In today's world, where everyone is looking for convenience and customer loyalty is more fragile than ever, one bad interaction can quickly sever the bond between a brand and its customer. And the interactive voice response (IVR) system—the first point of contact in so many customer journeys—is the most common culprit? When these systems fail, the consequences can be spectacular. Imagine a loyal customer calling in to sort out a billing issue. They navigate through a complicated IVR system, get stuck in endless menu loops and eventually hit a dead end. Frustrated, they hang up, never wanting to deal with that brand or that situation again. This isn't an unusual scenario. According to an Accenture survey, 87% of customers said they'd avoid a company after just one poor experience. And the financial fallout isn't pretty either. Research suggests that businesses lose about $262 per customer each year due to ineffective IVR systems. At Klearcom, I've seen the damage firsthand. For example, back in April 2022, we spotted a major issue with a client's IVR system. Christmas messages were still being played months after the holiday season had passed! Then, in late 2022, during a trial with a global services provider, one of their emergency lines was down, causing customers to get a "We're sorry, but this number is not in service" message. These types of failures, if left unchecked, could easily drive customers away. Historically, businesses have relied on customer feedback to identify and fix service failures, but that's no longer enough. Customers now expect brands to anticipate and fix issues before they even notice. In today's competitive landscape, businesses must ensure their IVR systems run smoothly in real time, especially in emerging markets where service standards might not be established. When you're operating globally, it's essential to have a clear understanding of service standards across regions. Ask yourself, "What's our benchmark in each country?" and "Are we meeting a consistent service standard worldwide?" Failing to measure and address these benchmarks can lead to silent brand killers. You might not notice the flaws, but your customers will, and their dissatisfaction will quietly chip away at your brand loyalty. These days, businesses can no longer hide behind excuses. Customers expect top-notch service, and they don't care about your internal challenges. At Klearcom, for example, we caught an error for a global pharmaceutical client where their compliance line was incorrectly telling customers they were unavailable to take calls. While we quickly resolved it, sustained error could have likely caused further, possibly irreparable damage. As Gen Z and younger generations rise through the ranks, they're bringing with them a new standard of speed and efficiency. Outdated service models won't cut it anymore, and customers won't hesitate to move on if they're not getting the service they expect. In industries where products and services are increasingly similar, customer experience becomes the key differentiator. For example, in the telecom industry, two companies can offer nearly identical plans at the same price. However, the provider with a seamless, frustration-free experience will have the edge. A well-run IVR doesn't just solve problems; it shows your commitment to customer satisfaction. Every time a customer interacts with your IVR, it's an opportunity to reinforce your brand's values. Gone are the days of just trying to get customers off the phone as quickly as possible. Today, businesses can use IVR and contact center interactions to communicate their brand's culture and ethos, turning a simple call into a memorable experience. To do this effectively, organizations should start by aligning their customer service training with their brand value, whether this means emphasizing empathy, transparency or innovation. They should also audit their IVR scripts and contact center messaging regularly to ensure the language reflects the brand's tone of voice. Workshops can also help departments collaborate on reinforcing brand identity through support touchpoints. Even something as small as the music or hold messages used can subtly convey brand personality. We can all hum along to our favorite hold music! Most importantly, leaders must champion brand consistency as a strategic priority, reinforcing it in performance reviews, onboarding and CX metrics. As industries mature, many products and services start to look and feel the same. The big advantages that once set companies apart, like price, quality or features, are becoming less noticeable. But there's still a powerful way to stand out: how you interact with your customers. Businesses need to reorganize the importance of IVR systems in driving customer retention and shaping brand perception. By proactively addressing IVR failures, setting global service benchmarks and integrating your brand identity into every customer interaction, you can turn your IVR system into a customer loyalty machine, rather than a silent brand killer. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
