Reduce Customer Service Costs Associated with Prepaid Cards

Prepaid cards offer users an easy way to pay for the things instead of using cash or credit cards. They are also great gifts during the holidays, bonus perks to reward loyal customers, incentive awards to boost employee morale, etc.  A challenge of having a prepaid card is keeping track of the card’s remaining account balance.

For the card issuers, customer service is the biggest cost center associated with prepaid card programs. With voice communication applications like interactive voice response (IVR) combined with conversational AI to create intelligent virtual agents (IVAs), card issuers can reduce the costs associated with live agents in contact centers.

IVAs enable a company to simplify the most common, repetitive and simple tasks - card activation, account balance inquiry, lost card reporting, expired card replacement, etc. - with automated voice prompts over the phone. The card issuer is able to better control customer interactions and deliver a fast, consistent customer experience in natural language through IVAs.

Plus, cardholders can take care of their card management needs quickly from anywhere and at any time using voice self-service technologies.