The IVR (Interactive Voice Response) technology has brought automation and personalization into the telephone calling experiences. A successful IVR system helps bring down the expense and volumes of general sales, operation, collections, inquiries, and support calls‑—to and from the business. As bankers receive a significant number of calls each day, it can be highly exhaustible and time consuming to address them all with the precise details. No wonder, an IVR solution is seen as a highly valuable facility by the banking industry.
Advanced IVR solutions facilitate the collection of inputs and responses via spoken words with voice IVR solutions facilitate the collection of inputs and responses via spoken words with voice recognition. Competitive rivalry from the techno-savvy private foreign banks has forced banks in India, South Africa, and other developing nations to invest in innovative technologies to improve their delivery models. Many have implemented IVRS in all domains, such as small and medium-sized banks, cooperative banks, finance, nationalized banks, etc. to name a few.
More than 70 percent of the Voice Communications received by banks in a month related to customer support or lead generation are nowadays fulfilled solely through IVR.
While the complex matters get diverted to live agents for personalized support, the simple issues can easily be dealt with by using IVR solutions. Let's take a look at some of the use cases accomplished through them.
Outbound IVR can be used to alert clients about potential fraud that has been observed on their account. Although SMS notifications can accomplish the same, IVR will provide customers with an option for instant transfer of line to an appropriate agent for a quick resolution.
Customers may want to seek out the details regarding the standing of their loans, and IVR system automation through a text-to-speech message can offer them all the relevant information. It can also help clients by forwarding them to the right agent for any further inquiries or consultations they might require about the loan.
IVR can also be used by banks to inform their clients about the latest products and services. Instead of making agents repeat the same information over and over again, all the general details can be supplied to the customers via IVR. They may also be given a choice to obtain additional details from an agent if they so require.
In addition, IVR banking has enabled customers to pay their credit card bills and EMIs over the phone, within a matter of a few minutes.
Clients do not need to call the customer support number and frenziedly wait for an agent to come live if they misplaced their card and want to disable it. Instead, they can make use of the IVR system and get it handled right away. Even they may leave instructions for issuing a new card as a substitute.
All in all, automated IVR solutions can help banks save a considerable amount of time and resources. Not only do they generate value for banks, but, they also go a long way toward keeping the clients delighted.
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