How IVR Software Can Save the Day in Banking

2021-12-28 04:07:59

IVR is an automated phone system with routing call abilities. It allows customers to interact with a computer before being connected to an agent. Various IVR software features work in a cycle with automatic call allocation that is typically set up in a call center. It also helps to deal with minor queries of customers keeping the agents free to handle complex queries. Interactive Voice Response is a technology that automates communications with telephone callers. A resourceful IVR system reduces the cost of sales, service, collections, inquiry, and support calls to and from the organization. The banking sector gets a huge number of calls every day, It sometimes becomes a daunting and time-consuming task to answer all of them with precise information. That is why banks take IVR software as a highly useful service. The system has plentiful benefits to assist the companies. 

  • Self-service for customers
  • Enhance the credibility of the company
  • Eliminate the cost incurred
  • Learn more and save more from the software

Conventionally an IVR System uses pre-recorded voice prompts and menus to present information and selections to callers, and touch-tone phone keypad entrance to gather reactions. On the other side, modern IVR solutions facilitate input and responses to be gathered via spoken words with the recognition of voice. Increased competition from techno-savvy private foreign banks has driven banks in India; developing countries invest in IVR software features for enhancing their delivery channels. All banks like small and medium, cooperative, financial sectors, and nationalized banks have implemented IVRS.

Normally banks get more than hundreds and thousands of calls every month get that are now fulfilled over IVR. While a few complicated calls are to be transferred to the representative while the simple issues can easily be dealt with by using IVR software. Complex IVR systems integrate biometric capabilities that identify the phone number of customers and answer the calls accordingly. Anything from preparing an engagement to acknowledging the caller’s birthday can be consummated without the assistance of a representative. The following achievements can be attained through an IVR:

  • Complete information of the bank account
  • Status and updates of the investment portfolio
  • Loan status and loan applications
  • Emergency and status of complaints
  • Customer care and any other kind of request
  • Comprehensive information of any newly launched service

Banks use the security measure of setting a telephone information number to keep the confidentiality of customers and except their details and information to be accessed by anyone. Thus IVR software features become a state-of-the-art system to offer a higher level of secret banking by phone to the customers. The software also makes them unable to carry bank transactions on their own. An automatic phone banking system significantly saves customers’ time up to great extent. In addition to the benefits that customers enjoy, a vigorous IVR software solution also allows banks to save extensively as technology gets rid of the use of costly proprietary hardware, lowering the network infrastructure as well as hardware costs up to 70%. All of these facilities enable agents to spend quality time making successful business interactions and generate leads and customers for the bank. 

Overall, IVR software features enable the call centers to accommodate their customers efficiently even at the time of high call volume. 

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