Company: E*TRADE FINANCIAL Corp., New York, NY
Company Description: E*TRADE FINANCIAL provides an integrated offering of diversified financial services to retail and institutional customers. The value behind the E*TRADE FINANCIAL franchise lies in its tireless effort to challenge the status quo and deliver innovative, value-priced products, premium rates, cutting-edge functionality and superior service.
Nomination Category: Team Awards Categories
Nomination Sub Category: Best MIS & Systems Team

Nomination Title: E*TRADE FINANCIAL's Technology Team

   1. Tell the story about what this nominated team achieved in 2004 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

OVERVIEW:  Like most financial services companies that offer account access
through multiple channels, E*TRADE FINANCIAL customers have always faced a nuisance: the need to record separate user IDs and passwords to access their
accounts via the Web site and the phone system (or IVR).  In 2004, E*TRADE
became the only financial services company to preserve the continuity of the
customer experience across the website and IVR system by leveraging the same
business intelligence over both channels.  The technology team implemented a
patented technology for “voice control of server” and pioneered the use of
VoiceXML for web site and IVR integration — significantly improving the customer experience by enabling customers to have instant access to consistent
information across channels using one access method. 

DETAIL:  Voice Control of Server:  Approximately six million phone calls per year
come through to E*TRADE.  After securing a patent in 2002, the technology team
put into practice a method of controlling a remote server by a voice command.  By
establishing a telephone connection from the customer to an IVR system that is
coupled to the remote server, customers’ account information and services can be
accessed more quickly and easily by speaking voice commands.  For example, a
customer can say “ETRADE” for a quote on ETRADE stock, rather than inputting
the data on the keypad.

Prior to implementing the voice control technology, most customers relied on live
customer service representatives to access information on its servers.  As a result
of the new technology, E*TRADE representatives know the identity of customers
prior to answering the phone.  This allows the system to route customers to the
correct person and skill to fit their inquiry.  The company identifies over 90%
of the callers at the start of the call to provide a seamless experience to more than
30,000 callers a day. 

IVR/Web Integration:  Across all technology segments, E*TRADE moved to an
open-standards based, scalable and unified platform, utilizing Tellme’s hosted
network, Linux and VoiceXML. In this way the same back-end business
intelligence that feeds www.etrade.com is leveraged across the phone experience
on 1-800-ETRADE1. By using the same business intelligence on the website and
on the phone, E*TRADE FINANCIAL was able to ensure the continuity and
consistency of information across channels. 

Within the IVR, E*TRADE measures automation rates, time spent in each area by
customer tier, and “bail out” to a live agent.   The technology team analyzes
all of this data to provide a better experience to customers.  Areas of the IVR that are not being used are removed, and areas that exhibit the highest percentage of “bail out” are revamped.

OUTCOME:
- E*TRADE saved approximately $10M annually based on automated services.  Of the company’s six million annual phone calls, approximately 50% are now
automated.  Automation rates are expected to increase approximately 5%
annually, adding to even greater savings.
- The company expects to recognize savings in the millions of dollars annually by
leveraging one core set of business intelligence for both the phone and web, and
using an open standards-based phone network.

   2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: List each link on a separate line, begin each link with http://, and enclose each link in square brackets; for example, [http://www.website.com]:

http://www.keynote.com/news_events/releases_2004/04june10.html
http://www.informationweek.com/iw500/2004/viewList/?sortby=Company&qNum=4
http://www.cio.com/archive/081503/honorees.html
http://www.forbes.com/business/forbes/2004/0906/161.html 
http://www.wallstreetandtech.com/showArticle.jhtml?articleID=45400031
http://www.informationweek.com/showArticle.jhtml?articleID=52200063

   3. Provide a brief (up to 100 words) biography about the leader(s) of this nominated team:

Joshua S. Levine
Chief Technology Officer and President, E*TRADE Technologies

Josh Levine is responsible for integrating state-of-the art technologies into every
component of E*TRADE FINANCIAL across the globe. Prior to joining the
company in 1999, Levine was managing director and global head of equities
technology for Deutsche Bank. Levine was managing director with Morgan Stanley
from 1985 and ultimately chief technology officer, and a senior member of the
Information Technology operating committee. In May 2000, Levine was awarded an honorary Doctor of Science degree from the University of Georgia, Southern
Polytechnic State University.