Lloyds Reaches IVR Milestone

LONDON -- Lloyds TSB has received its 70 millionth automated call - representing more than 84 million financial transactions - through a speech-enabled customer self-service telephone system based on an interactive voice response(IVR) solution from Nortel Networks (NYSE:NT)(TSX:NT).

"In today's fast-paced world, customers expect and deserve immediate access to information and the ability to make transactions at any time over the phone," said Peter Littlewood, senior manager, IVR service development, Lloyds TSB. "Our 11-year relationship with Nortel Networks has allowed us to evolve to advanced speech recognition capabilities cost-effectively."

"These automated services give our customers the opportunity to perform various transactions such as checking account balances, transferring funds between various accounts and payment of bills," Littlewood said. "These transactions are carried out using either speech recognition or touch-tone and have enabled Lloyds TSB to cost-effectively extend our hours of operations, in keeping with our customers' requirements."

The system is based on Nortel Networks VPS/is (Voice Processing Series/Information Server) IVR platforms at Lloyds TSB locations throughout the UK. It permits customers to carry out financial transactions at a time suitable to them by simply speaking their instructions. The instructions are converted into commands that are executed on the bank's mainframe computers. Responses are provided to customers in natural speech.

Despite initial concerns about skepticism of speech-enabled solutions, customer feedback has been consistent with research undertaken by Lloyds TSB which indicates that such concerns are unwarranted. The results indicate that customers readily adopt such services if they are quick, simple and reliable.

The IVR solution has evolved throughout Lloyds TSB's relationship with Nortel Networks to address changing customer needs. Lloyds TSB has added features and functionality to its system without costly equipment replacements, underlining the benefits of Nortel Networks focus on protecting and maximizing initial investment.

"Our solutions offer new ways to deliver automated self-service and new choices that enable customers like Lloyds TSB to deploy applications to meet their customers' exact needs, while generating return on investment with the potential for additional cost savings and revenue generation," said Peter Kelly, president, Enterprise Networks, EMEA (Europe, Middle East, Africa), Nortel Networks. "Today's milestone is further evidence of the strong relationship between Nortel Networks and Lloyds TSB."

Nortel Networks Corp.