Role of IVR in Banking and Finance Industry
Those who head financial institutions are well aware of how technology has changed the way consumers interact with products and services.
From ATMs to apps, there’s a massive change in how financial solutions are provided. For banks, a valuable way to improve consumer satisfaction is with Interactive Voice Response (IVR). This has made a significant difference to the way banks enhance customer experiences.
While the complicated problem calls to be diverted to the operator, the simple issues can easily be dealt with by using IVR service by Kingasterisk Technologies.
Switching to an IVR system offers a number of benefits, including smoother workflows among employees.
Types and Features of IVR for Banks:
On-Site and Cloud
The IVR technology combines existing telephone systems with an on-site system. The bank’s IT department has to maintain and run it.
With Cloud IVR, the IVR services are access via cloud computing. This is hosted by an external vendor. Many banks choose hosted IVR because it is scalable, offers more functionality, and the vendor is responsible for maintenance.
Speech Recognition Facility
In a basic IVR system, consumers use the phone touchpad to put in information. Other IVR platforms have built-in speech recognition. Consumers reply to questions, and the conversational IVR system can recognise and handle this.
Banks with departments such as credit cards, loans, insurance, etc., prefer conversational IVR as it heightens convenience.
Many IVR platforms also give banks a choice to integrate existing databases, websites and CRM systems. With such IVR call center integration, the bank representative taking the call has instant access to the customer’s details, credit records and recent history. This means personalization and a higher level of customer service.
A smart IVR system offers analytics that helps banks understand and act upon consumer behavior. In these platforms, dashboards can collate and present relevant data.
With IVR integration, bottlenecks can be identified, and reasons for service escalation can be spotted. IVR calling journeys can be optimized, and digital pathways added for experience enhancement and convenience.
Here are some advantages that banks can look forward to with IVR technology:
Customized or Personalization
Greetings, messages, and prompts can be personalized depending on the nature of the call and the type of consumer. IVR applications with pre-recorded IVR scripts make this simple to implement.
Information or Updates
Banks use IVR to communicate important updates. With an IVR solution, banks can start the conversation with an automated message and give their customers the possibility to connect with a live agent if they want to.
Banks nowadays have a host of financial products like loans, overdrafts, savings accounts, etc.
With automated IVR information, they can inform as well as educate consumers about them. If the consumer shows more interest, the call can be route to a representative.
Often, consumers make calls to banks to check on the status of their accounts. An IVR platform means that such information will be at their fingertips.
Automated Support System
Many times, customer enquiries can be addressed without the need to speak to a representative at all. Customers can conveniently get the information they need from the automated IVR system with professional IVR recording.
If a high-value customer makes a call, IVR services can be configure to transfer it to the right representative without wasting time. They will have no complaints about slow response time.
Efficient Call Management
With scalable IVR software, numerous calls don’t have to lead to delays and confusion. Automated information, routing to the appropriate department, and even a call-back facility makes life simpler for both the customer and the bank.
Credit Card Status and Security
Credit card balances and outstanding are other common queries that can comfortably be taken care of with the right IVR process. Security, too, can be handle. In case of lost or stolen cards, cancellations and blocks can be carried out promptly.
Banks use IVR for security and time-sensitive information.
Status of Loans
Customers who call the bank to enquire about loan approvals or disbursements can be readily inform by the IVR software about the current status. In case of more information or paperwork, the IVR portal can route the call straightaway to the concerned department.
Up-selling and Cross-selling
An IVR system can also create additional sales opportunities. Based on consumer preferences and behavior, automated features can prompt consumers to find out more information about additional loans, increased credit limits and other financial products. Those who show interest can immediately be connect to an appropriate representative.
Feedback Analytics or Survey
After a consumer query has been addressed, the IVR system for call centers can ask for feedback based on specified parameters. Banks use IVR for end-call surveys. Measuring customer satisfaction and service is crucial to improving them. Surveys allow organizations to know what they are doing well and what they should improve.
Using IVR in Bank
The banking industry is one of the most important industries in the world. As such, it is constantly innovating and advancing with new technologies. One such technology is IVR in banking.
But how do banks use IVR?
In the next section, we will explore IVR use cases in banking so you can see how it is use in the industry.
Report a Credit Card Problem
Usually, if someone loses their credit card or has a similar problem, they should call the bank. Waiting for a bank employee or other employee to call you can take hours. However, banks can solve this problem with IVR.
Customers can report such issues through the IVR. The system is always online and customers don’t have to wait. Customers can report their credit card by dialing the IVR number and following some simple steps taken by the system.
After submitting a claim, customers usually receive a confirmation SMS or email. So, the process is over and the customer can now get the right solution from the bank.
IVR in Bank Can Send Notes
The IVR system can immediately notify the customer if there is any suspicious activity on their account.
Banks can also do this through SMS notifications. However, an IVR system will allow customers to contact agents simultaneously and resolve the issue immediately.
Bank Use IVR to Provide Product Information
Like any other business, banks should work with their customers as much as possible. Banks should also inform customers about their products and services.
The IVR system by King Asterisk is a convenient tool to communicate with customers. It can provide them with the information they need about the product or service. Additionally, if the customer is interest, the system can transfer the call to an agent who can sell the caller a product or service.
Customers can call the IVR to check approval and disbursal status for home loans, personal loans or other loans.
Many banks also allow customers to apply for loans online. Typically, this process is done through an IVR.
Used to Change IVR Information in the Bank
Customers can change their address, email, phone number and other personal information through the IVR.
They can also request a PIN change and register for a new service. So don’t wait in line to do something that usually takes a few minutes.
As we mentioned here, many tasks can be done instantly in banking through IVR. Therefore, banks can reduce costs and improve efficiency through IVR.
Map and Appearance of the Card
With the help of IVR in the banking system, customers do not need to go to an ATM or bank to activate or deactivate their card.
Banks issue unique telephone PINs (TPINs) for sensitive transactions or security requests. Thus, customers can be sure that their transactions through IVR are safe from hackers and threats.
A Quick Word About IVR in Bank
While IVR in banking has long been the industry standard, it’s not going anywhere anytime soon.
This relates to the bank’s ability to improve customer satisfaction and engagement. Also, with the help of an IVR system, bank employees have more time to focus on more complex issues and solve complex problems.
Also, with IVR in the banking system, customers can get information about what they need in one place.
In addition, banks can save a lot of money and time by using IVR in their day-to-day operations. Customers can always reach you and access their accounts with simple steps.
To take full advantage of the potential of IVR by King Asterisk Technologies, decision makers must carefully choose an IVR service provider. This is a major step that can have a lasting impact on the bank’s operations and reputation.
IVR technology has completely transformed how banks communicate with their clients. The cloud communication suite offered by our IVR company Kingasterisk Technologies is reliable, scalable and secure.
Our IVR system ensures smooth and fast operation. In addition to saving a lot of manpower and costs, the IVR system also saves resources that can be relocate for better use.
We also ensure customer satisfaction through skill-based routing, reduced waiting times, and provide several methods for resolving inquiries.