5 IVR Use Cases For Banking Industry

2021-12-28 04:06:19

In today’s technological era, it is difficult to envisage services without Internet automation. The banking sector is not an exception, with the advent of technology, this sector has gone online and made use of IVR for banking. An interactive voice response system offers a lot of advantages, including smoother workflows among employees. Primarily, the banking sector receives high call volume daily and agents spend a huge part of their day resolving queries of customers. An IVR also implements FAQs that can help customers and agents at the same time. 

Five use cases of IVR to assist the Banking Industry: 

1) Fraud Detection 

One of the most common issues faced by account holders worldwide is the likeliness of fraud. An IVR for banking can assist with staying away from such deception. For instance, with an outbound voice response, banks can create awareness on probable frauds or any doubtful transactions in accounts. These systems can not only put off monetary fraud but also infuse self-confidence in your clients. It makes them sure that you are going the extra mile to keep their money and assets secure. 

2) Overdraft and deposit case 

It is not at all appreciable to tell your customers that they have overdrawn from their accounts. Neither your agent nor the customer looks forward to this communication. An IVR for banking can take this load and commence automatic calls to customers to update them about their transactions. An automated call eliminates the clumsiness and simply states the details of the account. A simple call with relevant updates can also help customers avoid overhead charges that they did not know even. In case of any discrepancies, the customer can instantaneously connect with a live agent.

3) Loan status as well as approvals 

Queries of customers are never-ending when it comes to loan applications. Customers bother about right from the application process till the approval time, EMI dates, interest rates, and much more. Instead of having your agents answer all these questions, you can depend upon IVR for banking.  For instance, if you want more information on the new loan policy changes you can combine it with your text-to-speech technology and can deliver real-time updates to your customers.  

4) Extensive sustain during peak hours and opening time

All banks face high call volume situations in certain times like when a strategy is revised, new guidelines are put in place or if an aspect on the website is not working. In such situations number of incoming calls is higher than the number of hands working on the help desk. Having an IVR for banking can solve this problem. Firstly, if there are simple queries, they can always be answered by the IVR’s feature. Secondly, for more complicated queries, customers can simply be routed to the concerned expert who may give details of their queries. 

5) Information of service and feedback of customers 

In case you have a new service to proffer to your customers, then there is no better way than an interactive voice response system to inform them about it. Instead of repeating the same aspects to numerous customers, and IVR for banking can contact your entire client base at once. This will also abolish the threat of your agent missing some remarkable information. Another imperative aspect of providing any service is the feedback of the customer that is important to evaluate your employees’ performance.

To sum up, IVR systems have a plethora of advantages that you do not know you require until you try them. 

< Back