Summary: Contemporary Issues In HSBC

Contemporary issues in IVR in HSBC Contemporary issues are the issues faced on the present day and current situation (Reference An IAC Publishing Labs Company, 2016). Contemporary issues in the context of IVR systems in the bank includes customer complaints about IVR system leading to customer dislike towards IVR system. In the current banking scenario most of the customers are not happy with the IVR systems in banks. Therefore, HSBC need to focus on the most pressing contemporary issues in IVR systems. Most nagging issues in IVR system include, IVR system misinterpret the command given by the customer and leads the customer to a mistaken path, dropped calls or the longer duration of waiting period (© 2008 SYS-CON Media Inc., 2016). When

In that case, customer is bound to be furious with the IVR system. HSBC has provided the solution to this problem by eliminating push-buttons method and by providing voice ID (HSBC Bank plc 2015, 2016) and voice recognition (King, 2010) to it’s customers. Similarly, when the customer is told to wait for the longer time since all the customer care executives might be busy. Therefore, this needs to be taken care of whilst designing IVR systems (Burnett, 2011). However, in HSBC this issue can be resolved because voice recognition and voice ID will help reduce the call timings (King, 2010). This results in the faster customer recognition resulting in the shorter call timing. In addition to this, HSBC needs to use the advanced technologies like speech recognition. However, IVR system is always blamed for missing the human element (King, 2010). To find the root cause of this issue, one needs to understand that which human qualities customer seek from IVR systems to resolve the issues. It includes several things like understanding the meaning as well as tone and mood of the customer whilst interacting. Therefore, IVR systems need to be

In addition to this, the new avatars are being developed in near future to assist the customers to do simple transactions through IVR (King, Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do, 2012). However, whether customers respond positively to the new IVR with some human qualities or not is difficult to determine. However, it would be definitely better to hear human like sound of IVR system than a mechanical voice. Therefore, customers of HSBC can expect more and more technological advancements in near future in IVR systems to improve the performance and to overcome the shortfalls of IVR systems. However, the fact is that, many customers do not like IVR System (Flower, Fawcett, & Harle, Banking: In Search of Relevance : a New Model for a New Reality, 2012). Therefore, HSBC needs to know the customer expectations from IVR system before upgrading or making changes in IVR system and try to meet the maximum expectations of customers. The new upgrades or changes to be introduced in IVR system in HSBC must be customer centric. In addition to this, the IVR system in HSBC needs to be flexible, so that the upgrades and changes can be done in the future as per technological advancement and customer feedback. This strategy would be helpful for HSBC to sustain and