It is difficult to envision services today without Internet access or automation. The same is true for banking services. With the advancement of technology, many operations in this area are now available online or by phone.
The banking industry has updated numerous customer support features with contemporary technology, including a gradual transition to Interactive Voice Response (IVR).
An IVR may easily fix this problem by incorporating FAQs or a step-by-step approach that can assist both clients and free agents. You can also do all of this with the correct IVR design approach and at a shockingly low cost.
However, this is only one example of how an IVR might help the banking industry. Given the demanding nature of the sector, it is best to transition to a more simple, more automated, and dependable system.
Here are five IVR use cases in the banking industry:
1) Detection of Fraud
The possibility of fraud is one of the most challenging issues that account holders confront around the world. Nothing beats having a plan in place to put such concerns at bay for a customer.
Using an IVR service can help with this. Banks, for example, can use an outbound IVR to raise awareness of potential fraud or unusual activities in accounts. Swift notifications like these might not only prevent financial theft but also create trust in your clients. It assures that you're going above and above to protect their assets and funds.
Furthermore, unlike SMS, IVR technology can promptly connect the call to a live person in the event of a financial crunch.
2) Deposits and Overdrafts
It is never pleasant to inform a consumer that they have overdrawn their account. Neither your representative nor the customer is looking ahead to the conversation. An IVR may easily take on this duty and begin automated calls to consumers to keep them updated on their transactions.
A robotic call removes the awkwardness by simply stating the account information. A simple call containing important information might also assist your clients to avoid unnecessary overhead prices. In the event of any problems or questions, the customer can quickly contact a live agent.
Similarly, when your consumers pay a deposit, they want to know that it has been credited to their account. Aside from an ongoing SMS service, it's always a great idea to inform customers of the status of their accounts via an IVR call.
3) Loan Approvals and Status
Customer inquiries about loan applications are never-ending. From the application procedure through the approvals time, EMI date, interest rates, and everything in between. Another of the most pressing questions? The status of getting approved.
Use an IVR solution rather than having your operators answer each of these queries. An IVR can deal with a variety of inquiries. Assume that clients desire more information about the new lending policy modifications. Text-to-speech technology, when integrated with your IVR, can provide clients with real-time updates in this situation.
4) Extended help in peak times and longer periods of operation
All banks deal with an excessive number of calls. When a policy is amended, new guidelines are implemented, or functionality on the site is not working, calls will stream in. As a result, there are times when the quantity of incoming calls exceeds the total of employees on the deck.
This difficulty can be solved by implementing an automatic response system. To begin, simple questions are always addressed or handled using the IVR's self-service option. Second, for more difficult questions, consumers can be readily directed or forwarded to the appropriate expert, who can address all of their questions in depth.
With an IVR, your bank's business hours and service availability are greatly expanded. Certain difficulties necessitate around-the-clock help, such as disabling cards after a consumer has misplaced them. They can be resolved in a series of simple stages. Your IVR system can easily direct customers to the appropriate alternative and enable customers to block their cards. In this manner, seasonal holidays and vacations will not have an impact on your business.
5) Service Data and Customer Feedback
If you have a brand-new service or item to offer your clients, there's no better method to notify them than through an IVR.
An IVR call can reach your complete client base and provide the same information rather than your banking agents repeating the same things to different clients. This also eliminates the possibility of your agent overlooking important information.
Customer feedback is another critical part of offering any service. Evaluating your staff' performance is not only vital, but it's also a terrific approach to enhance your services.
However, gathering this information is not always simple. Not every customer is eager to fill out lengthy forms or speak with a representative. IVR response at the end of the conversation which eliminates so many stages is a quick approach to obtaining your clients' responses. The simplest and quickest way to register consumer feedback only requires them to touch one button.
IVR systems are one of those technologies that, despite their wealth of benefits, you may not realize you need since you use them.
One such IVR existing system provides quick and efficient operation. Job simplification, time, money, and energy savings for your agents. An IVR system not only saves money and enormous amounts of labor but also conserves resources that could be used better elsewhere.
Additionally, it uses skill-based routing to guarantee customer satisfaction, shortens wait times, and provides a variety of ways to answer questions. Additionally, all customers have quick and easy access to all of their bank-related data.