Making Banking Easy with IVR Systems

Services without automation or Internet connectivity are impossible to envision in the modern world. The same is true for banking services. Since technology has advanced, the majority of services in this industry are now either provided online or via phones. With the implementation of newer technology, the banking industry has changed several parts of customer service, including a gradual switch towards IVR (Interactive Voice Response). A number of benefits, including improved employee workflow, come with switching to something like an IVR system. 

First off, there is a large contact volume in the banking industry every day, and customer service representatives spend a significant amount of time each day handling client issues. As a result of having little time for fundamental duties, limits both their potential and talents. This difficulty can be readily solved by including FAQs rather than a step-by-step method that can help both customers as well as free agents. Additionally, you can accomplish all of this with the appropriate IVR development method and at a fairly low cost. There are numerous ways an IVR service provider may benefit a banking organization. Switching to a more practical, automated, and dependable system is advised given the demanding nature of the sector.

The Banking Industry's Five IVR Uses Cases Are Listed Below.

1. Identification of fraud. The possibility of fraud being committed is among the most common issues that account holders face around the world. A mechanism in place to prevent such problems is the only thing a consumer could ask for. The same can be helped by having an IVR. The use of an outbound IVR by banks, for instance, can be used to inform customers about probable fraud or other odd activity in their accounts. Quick notifications like these might not only prevent financial theft but also instill trust in your clients. That gives them reassurance that you are making an extra effort to protect their assets and money. In addition, unlike SMS, IVR systems can rapidly transfer a call to a live person in the event of a financial emergency.

2. Deposits and Overdrafts: It is never pleasant to inform a consumer that they have overdrawn their account. The interaction isn't one that either your representative or the consumer is looking forward to. An IVR can easily handle this strain by initiating automated calls to consumers to keep them up to date on their transactions. The unpleasantness is removed by an automated call, which only provides information on the account. Your customers might also avoid extra costs that could otherwise go unnoticed with a simple call that includes pertinent updates. The customer can instantly get in touch with a live representative if they have any issues or inquiries. Similarly to this, when one of your clients makes a deposit, they want to be sure that it will show up in their account. In addition to having an active SMS service, it's also always a smart idea to provide customers with an automated IVR call to let them know how their account is doing.

3. Loan Approvals and Status: Customer inquiries about loan applications are never-ending. Starting with the application procedure and continuing with the approval period, EMI dates, interest rates, and much more. The most important question, then? The status of loan approval. Use an IVR system rather than having your agents respond to each of these queries. Your IVR system is capable of handling a wide range of inquiries. Assume that clients desire more information about the new lending policy modifications. Text-to-speech technology, when integrated with your IVR, can provide customers with real-time updates in this situation.

4. More assistance during busy times and an extension of the opening time: All banks deal with excessive call volume. When a policy is changed, new guidelines are implemented, or functionality on the website is broken, calls will stream in. These occurrences lead to circumstances when there are more incoming calls than hands on deck. This difficulty can be solved by implementing an automatic response system. First off, if there are any straightforward questions, the IVR's self-service capability can always respond to or address them. Second, consumers with more complicated questions can quickly be directed to the relevant expert, who can respond to all of their questions in detail. IVR systems greatly increase the hours that your bank is open and the services that are available to you. Some difficulties necessitate around-the-clock help, such as disabling cards after a consumer has misplaced them. In addition, they are amenable to simple solutions. Their card can be blocked by them directly thanks to your IVR menu, which can quickly direct them to the appropriate option. In this manner, seasonal closures and holidays won't have an impact on your company.

5. Service Data and Customer Feedback: There isn't a better approach than being an IVR to let your customers know about a new service or product that you are offering than through a voice prompt system. The automatic IVR call can reach your whole client base and provide the same information instead of your bank representatives repeating having similar features to different clients. A performance evaluation of your staff members is crucial for both internal and external service improvement.