6 Effective Use Cases of IVR in BFSI

Best WhatsApp Business API Service -6 Effective Use Cases of IVR in BFSI

In the era of technological advancement and enhancement, effective communication is the key to success. Handling multiple calls and messages requires massive human resources. Here, IVR is a boon to the various sectors, including BFSI, to streamline multiple processes and work streams. Through their effective services at a very low cost. In this write-up, we have collated the top 6 effective use cases of IVR in the BFSI sector.

  1. Account Summary and Transaction Statuses

    In the BFSI sector, the IVR systems give customers a real-time summary of their accounts and inform them of the status of various transactions. The banks use IVR services such as chatbots, Website chatbots, or WhatsApp chatbots to leverage customer service-related activities. With the help of the mentioned services, customers can get information about their upcoming credit card payments, account balance, and due dates and verify whether a transaction reflects in the customer's account.

  2. Customer Feedback Surveys

    BFSI sectors primary focus is to build a strong relationship with the customer and provide high-quality customer services to their customers. To ensure high-quality customer service for any enterprise or sector, it must have an effective system around collecting customer's feedback. The tedious section of feedback collection is when the customer does not respond promptly to fill a feedback form or share their experiences. Here, IVR systems trigger a real-time survey process at the end of the call to rate their experience immediately and offer their freshest perspective. With the help of different IVR solutions, the BFSI sector can also place calls to customers to collect their ratings appropriately.

  3. Fraud Notifications

    One of the major issues witnessed by the BFSI sector is security-related breaches. To overcome these scenarios and be aware of their customers proved an arduous task to the BFSI sector. Here, the outbound IVR solves the best solution to notify the customers and alert them of possible fraud detection or suspicious activities related to their accounts. The outbound IVR triggers a real-time alert message to the customer and promotes an easy connection with the live agent to report or resolve the issue.

  4. Investment Portfolio Status and Updates

    For investment-related services and updates notification, the BFSI sector takes help from the IVR system. IVR system promotes customers to keep a hold of the customers' Demat accounts by offering various services. Some of the services are: handling ISIN queries, providing information regarding holding statements, and sending prompt updates on the transaction history.

  5. Payment Processing

    When customers stand in a long queue to get their payment process streamlined or completed. Now, the banking sector adopted IVR banking services to offer better support to customers in terms of payment processing. It has helped customers pay their loan bills, credit card bills, and EMIs over the internet or via application within a blink of an eye!

  6. Product Information

    Apart from delivering multiple services to the customer, the IVR can also educate them on various products and services offered by the bank. IVR has replaced the live agents and divided the workload amongst the bank employees to promote bank offers or launch a new service or product.

Cloud Telephony, Interactive Voice Response or IVR solutions can save a lot of time and money in the BFSI sector. However, they do not just add value for private to government banks. They help them to improve their customer experience feature.

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