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In today’s time, it is difficult to imagine services without Internet connectivity or automation. Same is the case with banking services. With the advent of technology, most services in this sector have gone online or are facilitated via phones. It is at
With newer technology in place, the banking sector has updated various customer service aspects, including a gradual shift to Interactive Voice Response (IVR).
Switching to an IVR system offers a host of advantages, including smoother workflows amid employees. To begin with, the banking sector receives high call volume on a daily basis and agents spend a huge part of their day resolving customer queries. This not only limits their potential but also their skills as they have no time to spend on core tasks.
An IVR can easily resolve this problem by implementing FAQs or a step-by-step procedure that can help customers and free agents at the same time. Furthermore, you can do all this with the right IVR designing strategy and at a surprisingly economical rate.
But this is just one way an IVR can assist the banking sector. Given the industry’s demanding nature, it is advisable to switch to a more convenient, automated and reliable system.
Here are 5 use cases of IVR for the Banking Industry:
1) Fraud Detection
One of the most common issues faced by account holders globally is the likeliness of a fraud. There is nothing more a customer would like than having a system in place to keep such issues at bay.
Having an IVR can assist with the same. For instance, with an outbound IVR, banks can create awareness on possible frauds or suspicious transactions in accounts. Swift notifications, such as these, can not only prevent monetary fraud but also instill confidence in your clients. It ensures them that you are going the extra mile to keep their money and assets safe.
Additionally, unlike simple SMSs, IVR systems can immediately transfer the call to a live agent in case of any financial emergency.
2) Overdraft and Deposits
It is not a pleasant experience to tell your customers that they’ve overdrawn from their account. Neither your agent nor the customer looks forward to the conversation. An IVR can easily take this burden on and initiate automatic calls to customers to update them regarding their transactions.
An automated call eliminates the awkwardness and merely states the account’s details. A simple call with relevant updates can also help your customers avoid overhead charges that might usually get overlooked. In case of any discrepancies or query, the customer can immediately connect with a live agent.
Similarly, when your customers make a deposit, they need assurance that it is reflected in their account. Apart from an active SMS service, it is always a good idea to let them know their account status via an automated IVR call.
3) Loan Status and Approvals
When it comes to loan applications, customer queries are never-ending. Right from the application process to the approval time, EMI dates, interest rates and so much more. And one of the most pertinent queries? The loan approval status.
Instead of having your agents answer all these questions, employ an IVR solution. Your IVR can handle all manners of queries. Say, for instance, customers want more information on the new loan policy changes. In this case, combined with your IVR, a text-to-speech technology can give customer real-time updates.
4) Extended support during peak hours and extension of opening time
All banks face high call volume situations. Calls will pour in when a policy is revised, when new guidelines are put in place or if a feature on the website isn’t working. Such instances result in situations where the number of incoming calls is higher than the number of hands on the deck.
Having an automated response system in place can solve this problem. Firstly, if there are simple queries, they can always be answered or resolved by the IVR’s self-service feature. Secondly, for more complex queries, customers can easily be routed or transferred to the concerned expert who may answer all their queries in detail.
With an IVR system, the opening times of your bank and the availability of your services gets extended significantly. There are certain issues that need round the clock assistance, such as blocking cards after a customer has lost it. They can also be solved in easy steps. Your IVR menu can easily lead them to the correct option and allow them to block their card themselves. This way, seasonal breaks and holidays also won’t affect your business.
5) Service Information and Customer Feedback
In case you have a new product or service to offer to your customers, then there is no better way than an IVR to inform them about it.
Instead of your bank agents repeating the same features to various clients, an automated IVR call can contact your entire client base and give the same information. This will also eliminate the risk of your agent missing some noteworthy information.
Another important aspect of providing any service is customer feedback. Not only is it important to evaluate your employees’ performance but it is also a great way to improve your services.
That being said, it is not always easy to collect this data. Not all customers are willing to fill out elaborate forms or talk to an agent. Doing away with so many steps, an IVR feedback at the end of the call is a swift way to gather your customers’ response. All they have to do is press a button and there you have it, the easiest and quickest customer feedback registered.
To Sum It Up:
IVR systems with their plethora of advantages end up being one of those systems that you don’t know you need until you try it.
Having such an IVR system in place ensures smooth and swift functioning. Simplifying tasks, saving time, money and your agents’ energy. Not only saving on huge manpower and expenditure, but an IVR system also saves resources that can be deployed elsewhere for better use.
It also ensures customer satisfaction by employing skill-based routing, reduces wait times and presents multiple methods to resolve queries. Additionally, all customers’ can easily access all their bank-related data with a few simple clicks.
