• Annual call volume

    30M

  • Self-service rate in
    the phone channel

    62%

Challenge

Merrill Lynch’s phone channel supports customer service inquiries across its retail and retirement portfolios. To reduce costs and improve the caller experience, Merrill Lynch needed to improve self-service resolution in the phone channel and enable customers to more effectively escalate a call from the IVR to the right agent if needed.

Solution

Merrill Lynch focuses on delivering what it calls a "white glove" service across its entire portfolio. To deliver that service, Merrill Lynch deployed [24]7.ai's natural language speech across its retail (wealth management), Merrill Edge, and retirement (RBCC) financial products’ inquiry lines.

The [24]7 Speech solution understands natural spoken queries in both English and Spanish so customers can have more natural dialog with the IVR to navigate menus and conduct transactions easier.

A key facet of the deployment is that instead of reacting to customer behavior, the [24]7.ai natural language engine quickly determines the customer's intent, and then determines the "next best action" for the customer.

Result

The [24]7 Speech platform reliably handles over 30 million calls a year.

Merrill Lynch has seen self-service rates of 62%, saving it millions in contact center costs annually. In addition, call routing accuracy has improved substantially resulting in an uptick in customer satisfaction.

With the [24]7.ai natural language speech solution, Merrill Lynch has gone from simply reacting to customer selections in the IVR to an intent-driven customer experience that not only provides a differentiated customer experience, but drives business outcomes.