Streamlining Banking Services: IVR For Customer Interactions and Efficiency

Recent studies have shown that over 70% of calls received by the banking industry throughout a given month are answered by an IVR system. These systems are commonly utilised by small finance banks, public and private sector banks, and foreign banks as they provide cost-saving benefits and increased opportunities for self-service by consumers.

In this blog, let us understand the meaning of IVR in banking and use cases of how it is utilised in this industry.

What is IVR in the banking industry?

In the banking industry, an Interactive Voice Response (IVR) system is a computer-based system that enables consumers to communicate with the bank's phone system using their phone's keypad or voice commands.

Banks often use a designated phone number to access a system that automatically handles consumer calls and inquiries.

For example,

After a customer calls a bank’s toll free number, they often come across the following reply by the IVR.

“Thank you for calling XYZ bank

For customer service, please press 1.

For sales, please press 2.

For branch locations, or other general information, please press 3.

To speak to an agent, please press 0”

IVR (Interactive Voice Response) is one of the best technologies for automating interactions between a bank and its current or potential customers.

IVR systems are a clear, effective and strong solution that can assist banks in:

• Managing the daily high volume of calls for routine sales inquiries
• Customer care
• Collections
• Customer support

IVR can intelligently and easily automate the process, save time, cut costs, and save customer service representatives from heavy call volumes.

Importance of IVR in Banking

Banking has always been the sector that depends the most heavily on encryption and protecting information.

It is crucial to have the appropriate security solutions because of how quickly technology and solutions, particularly in the banking industry, are developing.

With the amazing advancement of technology, it has become necessary for businesses to adopt the best practices to make the business successful.

Let's now examine some of the most intriguing and significant use cases for IVR solutions and technology in the banking sector.

Inform Clients of Fraud Right Away

Banks can now use AI-driven monitoring technologies to continuously monitor consumer transactions for potential fraud, instead of waiting for customers to report it. With these systems in place, even the slightest indication of possible fraud can trigger an auto-generated message to be sent to the consumer through the IVR system.

Account-related updates and information

Customers can receive fast, secure assistance from the IVR system regarding their account balance summary or recent transaction history.

They can also check the status of a cheque book request, their card usage limit, the balance of their reward points, dates, and payment reminders.

Report a card as lost, stolen, damaged, reissued, or blocked

If a card is lost, damaged, or stolen, customers no longer need to call customer service and wait to speak with an agent. Instead, clients can call the helpline number, select their preferred language, and follow a few simple steps to block their card.

They can also report it through an IVR and receive a confirmation via email or SMS once the request is successfully submitted. Additionally, customers can request a replacement card to be issued.

Simple login for service requests

Customers can now quickly submit new service requests, including those for name changes, address changes, mobile alert service registrations, new PINs, reward point inquiries, demat account requests, and many more.

The days of standing in long lines to speak with a customer service representative are over. IVR attempts to resolve the issue quickly and immediately, improving the efficiency of the bank as a whole.

Product information

Banks must continually interact with their clients and inform them about the goods and services they offer. For example, Demat accounts, insurance coverage, information about personal loans, loans secured by shares, and many more.

IVR is an effective option since it can connect callers to the right banking representative right away and provide them the information they need to use the service.

Surveys

Banks can conduct surveys to gather feedback on customers' recent in-person interactions. The IVR system prompts customers to answer a question about their experience with bank staff, and the questions can be adjusted based on their responses. 

By utilizing surveys, banks can improve customer satisfaction and service.

Loan applications and loan status inquiries

If you have selected a bank loan, you can use IVR to check the status of your approval and disbursement for personal, home, or student loans. IVR uses logical routing to direct your call to the right agent who can provide information about your loan application and repayment plan.

IVR features for banking solutions 

Minimal human involvement

IVR improves customer service levels by decreasing phone times, queue times, and departmental call volumes.

Cost-efficient

Enhanced efficiencies lead to lower operational expenses.

IVRs used for call monitoring are recorded on both ends for a variety of purposes and are afterwards useful for a number of reasons.

Click to Call

The click-to-call feature, also known as number masking, is a special feature that protects the customer's identity by keeping their phone number private and secure.

Multi-level IVR

IVR systems have numerous levels that have their own configuration and call flow.

Unlimited call recording 

Automated unlimited call recording to keep track of every customer interaction.

Automated Call Routing

By effectively routing each caller to the appropriate department and agent, large call waiting times can be eliminated.

Webhooks

Webhook and other third-party application integration will let you innovate your company solutions.

Real-time Updates

Receive immediate updates on the dashboard whenever your agent misses a call, was unable to connect through the call or has resolved clients' issues.

Instant Setup

Get your IVR systems installed in minutes and start calling your customers immediately.

Every bank is striving to develop an effective customer engagement and support system to immediately answer their customers' needs due to the increase in competition from local and private banks.

Conclusion

An effective solution, a smart IVR fits perfectly with any bank's customer-centric strategy. One of the main benefits is the availability of their service around-the-clock, where a recorded message can be played via an IVR system.

This concise yet effective technology can significantly improve banking operations, lower costs, boost operational effectiveness and provide customers with instant banking needs that are secure and safe.

Expand your banking company without setting up a brand-new physical telephony infrastructure for each additional branch or office. Inquire with Alohaa and book your free demo today!