Those who operate in financial institutions are well aware of how technology has changed the way people interact with products and services. From ATMs to apps, there's a sea of change in how financial solutions are delivered. In today's time, it isn't easy to imagine services without Internet connectivity or automation. The same is the case with banking services. With the advent of technology, all services in this sector have turned online or are facilitated via phones.
The banking sector has updated various customer service aspects with newer technology, including a gradual shift to Interactive Voice Response (IVR). Modern IVR solutions enable voice recognition to gather inputs and responses via spoken words. Increased competition from techno-savvy private foreign banks has driven banks in India and other developing countries to invest in advanced technologies for enhancing their delivery channels. Many have implemented IVR solutions in all domains like Cooperative banks, Small and Medium banks, Financial Sector, Nationalised banks, etc.
In a nutshell, the IVR solution is a software platform that automates telephone interactions. It does this via voice and the multi-frequency tones of a phone keypad. You can also save time by using IVR solutions to swiftly guide customers to the right agent or automated script to solve their problems. And you can save money by automating as many quick, popular customer transactions as possible. The technology has evolved, the range of services has grown rapidly, and many more companies in the BFSI space have integrated Voice-BOT into IVR services to deliver a seamless delivery experience to the customers.
But, how can banks leverage IVR Systems to the fullest, and what are its use cases? Let's look at some of the most interesting and important use cases in which IVR solutions and technologies present themselves in the banking industry.
- Customer Feedback Surveys
Feedbacks are essential but very difficult to collect. Not all clients are inclined to have conversations about their experiences or fill out feedback forms. IVR software triggers a real-time survey procedure at the end of the phone call to rate customer service experience immediately and offer their newest perspective. With the help of different IVR systems, the BFSI sector can also place calls to customers to manage their ratings appropriately.
- Loss of Card/Card Blocking/Emergency Requests
Customers aren't required to call customer care numbers and wait impatiently to be connected to a live agent if they lose their card or need to block it. Instead, they can simply use the IVR system to have it done immediately. Customers can also leave instructions to be issued a new card as a replacement. Of course, SMS notifications can also address this. Still, the outbound IVR can trigger a real-time alert message to the customer and promote an easy connection with an agent to report or resolve the issue.
- Loan Status & Updates
Customers might want to call to find out the status of their loans or any changes that may have occurred. An IVR system can route the call to the right agent or retrieve the information and play a text-to-speech message that notifies them about their loan process or repayments.
- Account Summary & Transaction Statuses
In the BFSI sector, the IVR services give customers a real-time overview of their accounts and inform them of the status of different transactions. In addition, the banks use IVR services such as chatbots, website chatbots, or WhatsApp chatbots to deliver customer service-related activities. With the help of these services, customers can get details about their account balance, upcoming credit card payments, and due dates and verify whether a transaction reflects in the customer's account.
IVR thus becomes a state-of-the-art system to offer customers a higher level of confidential banking by phone and enables them to carry out bank transactions on their own. A robust IVR solution also allows banks to save, particularly as technology eliminates the need for expensive proprietary hardware, reducing the network infrastructure and hardware costs. Not only saving on huge workforce and expenditure, but an IVR system also saves resources that can be deployed elsewhere for better use.
mTalkz offers intelligent and comprehensive IVR Solutionto intensify the customer experience. It is India's best IVR Service provider that offers full-fledged solutions to enhance the customer experience. So connect with mTalkz today and take your business on the growth route.
