Making Banking Easier with IVR Systems
Today, it is difficult to imagine services without an Internet connection or automation. The same is true of banking services. With the advent of technology, most of the services in this sector have been online or facilitated through telephones.
With the introduction of newer technology, the banking sector has modernized various aspects of customer service, including Interactive Voice Response(IVR).
Switching to an IVR system offers a number of benefits, including smoother workflows among employees. For starters, the banking industry receives big calls on a daily basis and agents spend much of their day solving customer inquiries. This limits not only their potential but also their skills, as they do not have time to spend on core tasks.
IVR can easily solve this problem by implementing FAQs or a step-by-step procedure that helps customers and free agents at the same time. With that, you can do it all with the right IVR design strategy and surprisingly economical speed.
But this is just one way IVR can help the banking sector. Given the demands of the industry, it is advisable to move to a more convenient, automated, and reliable system.
Also Read:- How Can IVR Miraculously Increase Productivity of Your Call Center?
Why is IVR System Still Valued in the Banking Industry?
Here are 5 use cases of Interactive Voice Response (IVR) for the Banking Industry:
1. Fraud Detection
One of the most common problems faced by account holders worldwide is fraud. The customer would want nothing more than the existence of a system to keep up with such problems.
Having an IVR can help with this. For example, through outbound IVR, banks become aware of possible fraud or suspicious transactions on their accounts. Such quick notifications can not only prevent money fraud but can also build trust with your customers. This will ensure that you go the extra mile to keep their money and assets safe.
Also Read:- Outbound IVR used to Manage In-House Business Call Centers
2. Overdrafts and Deposits
It’s not a pleasant experience to tell customers that they’ve used their account too much. Neither your agent nor the client is looking forward to the conversation. IVR can easily carry this burden and initiate automated calls to customers to update them on their transactions.
An automatic call eliminates the inconvenience and simply tells account details. In case of conflicts or inquiries, the customer can contact the active agent immediately.
Similarly, they will need to confirm that this is reflected in their account when making your deposit. Apart from the active SMS service, it is always a good idea to let them know the status of your account via an automatic IVR call.
Also Read: – Virtual Receptionist give your Business a Big Voice
3. Loan Status and Approvals
In the case of loan applications, customer inquiries are not endless. From the application process to the approval period or status, EMI dates, interest rates, and more.
Instead of having your agents answer all of these questions, use an IVR solution. Your IVR can handle all types of queries. For example, suppose customers want more information about new credit policy changes. In this case, text call technology with your IVR can update customers in real-time.
Also Read: – How IVR Can Target Different Sectors to Drive Best Results
4. Extended Support During Peak Hours and Extension of Opening Hours
All banks are facing high call volumes. Calls come in when the policy changes, new guidelines are introduced, or a feature of the website doesn’t work. Such cases cause situations where the number of incoming calls is greater than the number of the hands-on decks.
Having an automated response system can solve this problem. First, if there are simple queries, they can always be answered or resolved by the IVR self-service function. Second, for more complex inquiries, clients can be easily referred or referred to a relevant expert who can answer all questions in detail.
The IVR system significantly increases the opening hours of your bank and the availability of services. Your IVR menu will help your customers easily as it makes the right choice and allows them to block their cards themselves. This way, seasonal breaks and holidays do not affect your business either.
Also Read: – How Can Interactive voice response (IVR) Improve Your Business Style?
5. Service Information and Customer Feedback
If you have to offer your customers a new product or service, there is no better way to notify them than IVR.
Instead of your bank agents repeating the same functions to different customers, an automated IVR call can contact your entire customer base and provide the same information. It also eliminates the risk of your agent losing significant information.
Another important aspect of providing any service is customer feedback. Not only is it important to evaluate the performance of your employees, but it is also a great way to improve your services.
In Conclusion
IVR systems, along with their many benefits, are among the systems you may not know before trying. Sarv here can help your business a lot as it has all the services you need under one roof.
The existence of such an IVR system ensures smooth and fast operation. Simplify tasks, save time, money, and energy for agents. In addition to saving a lot of manpower and costs, the IVR system also saves resources that can be relocated for better use.
It also ensures customer satisfaction through skill-based routing, reduces waiting times, and provides several methods for resolving inquiries. In addition, all customers can easily access all the data related to their bank with a few simple clicks.
Today, it is difficult to imagine services without an Internet connection or automation. The same is true of banking services. With the advent of technology, most of the services in this sector have been online or facilitated through telephones.
With the introduction of newer technology, the banking sector has modernized various aspects of customer service, including Interactive Voice Response(IVR).
Switching to an IVR system offers a number of benefits, including smoother workflows among employees. For starters, the banking industry receives big calls on a daily basis and agents spend much of their day solving customer inquiries. This limits not only their potential but also their skills, as they do not have time to spend on core tasks.
IVR can easily solve this problem by implementing FAQs or a step-by-step procedure that helps customers and free agents at the same time. With that, you can do it all with the right IVR design strategy and surprisingly economical speed.
But this is just one way IVR can help the banking sector. Given the demands of the industry, it is advisable to move to a more convenient, automated, and reliable system.
Also Read:- How Can IVR Miraculously Increase Productivity of Your Call Center?
Why is IVR System Still Valued in the Banking Industry?
Here are 5 use cases of Interactive Voice Response (IVR) for the Banking Industry:
1. Fraud Detection
One of the most common problems faced by account holders worldwide is fraud. The customer would want nothing more than the existence of a system to keep up with such problems.
Having an IVR can help with this. For example, through outbound IVR, banks become aware of possible fraud or suspicious transactions on their accounts. Such quick notifications can not only prevent money fraud but can also build trust with your customers. This will ensure that you go the extra mile to keep their money and assets safe.
Also Read:- Outbound IVR used to Manage In-House Business Call Centers
2. Overdrafts and Deposits
It’s not a pleasant experience to tell customers that they’ve used their account too much. Neither your agent nor the client is looking forward to the conversation. IVR can easily carry this burden and initiate automated calls to customers to update them on their transactions.
An automatic call eliminates the inconvenience and simply tells account details. In case of conflicts or inquiries, the customer can contact the active agent immediately.
Similarly, they will need to confirm that this is reflected in their account when making your deposit. Apart from the active SMS service, it is always a good idea to let them know the status of your account via an automatic IVR call.
Also Read: – Virtual Receptionist give your Business a Big Voice
3. Loan Status and Approvals
In the case of loan applications, customer inquiries are not endless. From the application process to the approval period or status, EMI dates, interest rates, and more.
Instead of having your agents answer all of these questions, use an IVR solution. Your IVR can handle all types of queries. For example, suppose customers want more information about new credit policy changes. In this case, text call technology with your IVR can update customers in real-time.
Also Read: – How IVR Can Target Different Sectors to Drive Best Results
4. Extended Support During Peak Hours and Extension of Opening Hours
All banks are facing high call volumes. Calls come in when the policy changes, new guidelines are introduced, or a feature of the website doesn’t work. Such cases cause situations where the number of incoming calls is greater than the number of the hands-on decks.
Having an automated response system can solve this problem. First, if there are simple queries, they can always be answered or resolved by the IVR self-service function. Second, for more complex inquiries, clients can be easily referred or referred to a relevant expert who can answer all questions in detail.
The IVR system significantly increases the opening hours of your bank and the availability of services. Your IVR menu will help your customers easily as it makes the right choice and allows them to block their cards themselves. This way, seasonal breaks and holidays do not affect your business either.
Also Read: – How Can Interactive voice response (IVR) Improve Your Business Style?
5. Service Information and Customer Feedback
If you have to offer your customers a new product or service, there is no better way to notify them than IVR.
Instead of your bank agents repeating the same functions to different customers, an automated IVR call can contact your entire customer base and provide the same information. It also eliminates the risk of your agent losing significant information.
Another important aspect of providing any service is customer feedback. Not only is it important to evaluate the performance of your employees, but it is also a great way to improve your services.
In Conclusion
IVR systems, along with their many benefits, are among the systems you may not know before trying. Sarv here can help your business a lot as it has all the services you need under one roof.
The existence of such an IVR system ensures smooth and fast operation. Simplify tasks, save time, money, and energy for agents. In addition to saving a lot of manpower and costs, the IVR system also saves resources that can be relocated for better use.
It also ensures customer satisfaction through skill-based routing, reduces waiting times, and provides several methods for resolving inquiries. In addition, all customers can easily access all the data related to their bank with a few simple clicks.
