Ways IVR Is Used By Modern Banks

Ways IVR Is Used By Modern Banks

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Any person who has been working in the financial sector for a long time would know how
technology has changed the way modern-day consumers interacts with services and products.
Right from the use of apps to SMS banking, there has been a sea change in how financial
solutions are availed by customers over the decades. Today, Interactive Voice Response (IVR)
has emerged as one of the most valuable ways to improve customer experiences and ensure
their satisfaction. IVR basically is a software platform that automates telephone interactions
through voice and the multi-frequency tones of a keypad.
There are many companies today that allow for robust cloud based Voice API integration with
existing systems, while providing banks full control over IVR setup and communications. It
enables flexible and intelligent routing, allowing banks to scale their support capabilities
effectively.
Here are some of the ways IVR can be used by banks:

• Product information: Banks provide a wide range of financial products like savings
accounts, fixed deposits, loans, and so on. IVR can be used to educate them about such
products, and if the customers show more interest, then the call can always be routed
to a representative.

• Account information: Customers quite often make calls to the banks to check their
account status. Queries about account balance, as well as the amount debited or
credited is extremely common. IVR makes it simple to provide this information to the
customers, without burdening the support staff.

• Investment updates: Similar to asking for account information, investors often make
calls to enquire details about their portfolio value. IVR menu can be easily programmed
to update them on the same.

• Credit card status security: Credit card balance check and outstanding amount are a few
other common queries that are taken care of by the IVR process. Certain aspects of
security can be carried out through it as well, such as cancelling or blocking a stolen or
lost card promptly.

• Status of loans: Customers to call up the bank to enquire about loan disbursements or
approvals can be informed by the IVR software about its current status.

• Feedback analytics: Subsequent to addressing a query, the IVR system for a bank
contact center can ask for feedback based on certain parameters. Analysis of the IVR
calls over time can help the bank to identify areas of customer support weakness and
strength.

Premium Voice API even allow for multilingual support through IVR. Details about them, as well
as Best VoIP for small business or SMS OTP services, can be found on the web.