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Dave Goganian Mario Medina

SpeechTek 2006 New York Life Investment Management, LLC Voice Response Unit Speech Recognition Application. Dave Goganian Mario Medina. Who We Are. New York Life Investment Management, LLC (NYLIM) A wholly owned subsidiary of New York Life Insurance Company

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Dave Goganian Mario Medina

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  1. SpeechTek 2006New York Life Investment Management, LLCVoice Response Unit Speech Recognition Application Dave Goganian Mario Medina

  2. Who We Are • New York Life Investment Management, LLC (NYLIM) • A wholly owned subsidiary of New York Life Insurance Company • Over $200B in assets under management • 1,400+ employees in 16 offices world wide • Provide investment capabilities to global institutional and individual investors • Retirement Plan Services based in Westwood, MA

  3. What We Do • Record keeper for Defined Contribution (i.e., 401(k)) and Defined Benefit (i.e., pension) plans • Over 300 clients across nation & industries • Over 690,000+ participants – various demographics

  4. Service Breakdown • High percentage of Self-Service • Breakdown: • 80% of self-service over the web • 20% of telephone voice response • On average 35,000 calls per month • 30% of VRU calls opt to CSR

  5. Application Overview • Available Features • Request/Model loans • Balances/Accrued benefits • Change contribution rates • Change investment selections • Request account statements • Order plan information/fund literature • Model estimated retirement benefits • Request retirement applications

  6. Why We’re Here • Commitment to Service Excellence • VRU viewed as complimentary channel • Goal: Provide an option equal in quality to CSR • Not viewed primarily as a cost reduction mechanism • Presenting solution alternatives to common challenges • Access to CSR • Caller Education • Adding Functionality • Effective Tools

  7. High Level of Service • Access to CSR – The Never Ending Debate • Full capability throughout application but not advertised • Callers are not satisfied with ease of access to CSR • Possible Solutions • Shorter menus • Error Recovery – third pass • Earlier Rep access • Access to Rep within HELP • Rep Access announcement prior to Main Menu • Prompting prior to CSR transfer

  8. High Level of Service • Caller Education • Callers don’t have sufficient understanding of system • Callers servicing expectations are not met - results in poor call containment and low satisfaction • Possible Solutions • CSR’s are invaluable resource –”Did you know you could do this on the VRU”? • Need something visual -- VRU Guide – a “How To” • Company Sponsored Information Meetings

  9. High Level of Service • Adding Functionality – We’re not standing still! • Regulatory • Short Term Trading Fees • Platform Enhancements • Automatic Account Rebalancing • PIN re-set • Possible Solutions • Integrate in a consistent manner to maintain “feel” of the application • Provide adequate information but prompt for details

  10. High Level of Service • Effective Tools • Caller Experience • Error Recovery • DTMF • HELP • System Tools • Call Auditing • Error Logs

  11. High Level of Service • Next Steps • Usability • System is changing – need periodic usability “check-in” • Speech is evolving – so are callers’ expectations • Move to more interactive/conversational application

  12. Thank you • Dave Goganian (781) 619 - 2336 david_goganian@nylim.com • Mario Medina (781) 619 - 2145 mario_medina@nylim.com

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