FKNC Offers Voice Recognition Software Backed by a Call Center.(Fort Knox National Co.)

One benefit of promoting electronic payments is that it cuts down on paper billing and exception processing.

But the benefits extend beyond the bill paying segment to create additional revenue, cure delinquencies and increase customer retention, according to Fort Knox National Co. here, provider of the TruePay 5.0 payment solution.

TruePay 5.0 allows users to initiate payments electronically using operator-assisted and voice response telephone options. Borrowers can also make payments online via direct Web payment sites. The system accepts payments from customers' checking or savings accounts, signature debit cards and credit cards.

TruePay is built on FKNC's payment platform, which incorporates Microsoft.NET architecture, voice recognition and turnkey outsourcing services.

Josh Hartlage, chief marketing officer at FKNC, told MSN that the voice recognition feature will reduce the number of callers who "drop out" of the interactive voice response system. That frees call center counselors to work on more complicated calls than routine bill payments, he said.

If callers give up on the IVR and hang up, lenders may find themselves trying to communicate with that customer by much more expensive means, such as paper correspondence or outgoing calls.

Mr. Hartlage said the new TruePay technology really eliminates the consumer's excuses for "opting out" of a call. That means lenders should see a lower call abandonment rate.