Sign in Subscribe
Commercial banks

Lloyds TSB Enhances Telephone Banking Service with Periphonics Corporation

Strategic Insights

— 1 min read

Lloyds TSB, a major clearing bank in the UK, has significantly increased the usage of its telephone banking service since upgrading its call centers with Periphonics Corporation's products and services. This upgrade has enabled the bank to improve efficiency, control costs, and enhance the customer experience. The number of customers registered for the Lloyds TSB PhoneBank Express automated service more than doubled during 1998, and this growth is expected to continue in 1999. The bank's decision to adopt Periphonics' OSCAR platform has provided a cost-effective and scalable solution for processing large vocabulary speech recognition, text-to-speech synthesis, and natural language understanding.

Key Takeaways:

  • The number of customers registered for the Lloyds TSB PhoneBank Express automated service more than doubled during 1998.
  • The OSCAR platform from Periphonics Corporation provides an open, standard CPU-based environment for processing multichannel large vocabulary speech recognition, text-to-speech synthesis, natural language understanding, and similar algorithms.
  • The system enables customers to opt for the automated process, use conversationally spoken instructions or a touch-tone phone, or talk to an advisor, providing a range of options for customer interaction.
  • The iterative implementation approach used by Periphonics' research shows that the system is capable of a higher accuracy rate than person-to-person interactions.
  • Lloyds TSB has been working closely with Periphonics to further enhance the service and stay at the forefront of voice-activated banking services.

Statistics:

  • The number of customers registered for the Lloyds TSB PhoneBank Express automated service increased by over 100% during 1998.
  • Periphonics' research shows that the system is capable of a 95% accuracy rate, compared to person-to-person interactions.
  • The OSCAR platform from Periphonics is installed in over 50 countries worldwide.
  • Lloyds TSB has been using Periphonics' products and services since the introduction of its first telephone banking operation, 'Speedlink', nearly a decade ago.

Sources:

  • Business Wire, July 2, 1999
  • Periphonics Corporation website, www.peri.com
  • Lloyds TSB press release, 1999 (no date specified)

Read more