Bank workers now have significantly less work to do because of automation technologies.
Customer service representatives, much like bank tellers, can now benefit from IVR automation.
In this article, we’ll define IVR, explain its significance in banking, and explore its varied applications.
What Is Interactive Voice Response in the Banking Industry?
Customers of a bank can use their phone’s keypad or voice commands to communicate with the bank using an Interactive Voice Response (IVR) system, which is a computer-based system.
Banks frequently employ this technology, accessible via a special phone number, to field consumer calls and inquiries in an automated fashion.
Customers in the banking industry can use IVR systems to perform a wide range of self-service banking transactions, including account balance and transaction history inquiries, bill payments, money transfers, application status inquiries, and lost or stolen card reporting.
Customers can save time and effort using an IVR system to do various banking transactions over the phone rather than in person.
The Applications of Interactive Voice Response Banking Systems
Report card lost, stolen, damaged, reissued, or blocked
Customers will not have to phone customer service numbers in a panic if their card is lost, damaged, or stolen.
When clients call the support hotline, an IVR number prompts them to choose their language before guiding them through a few simple steps to suspend their card. A confirmation might be sent through SMS or mail when the request has been submitted successfully. They can also specify how to get a replacement card issued.
Warn people right away about a potential scam
If a fraudulent transaction is identified in a customer’s account, the IVR system can notify them immediately. IVR allows the customer to be switched to a banking agent instantly, while an SMS notice can also solve this.
Data on Products
To keep their customers happy, banks must consistently interact with them and inform them about their offerings. Examples include Demat accounts, insurance policies, personal loan information, share-secured loans, and more. IVR is a simple yet powerful option to offer the customer the needed information and to transfer the call to a banking agent immediately to access the service.
Loan application and loan status
- Customers who have applied for a loan from a bank can check the approval and disbursement status of their mortgage, personal, or other loans by dialing an IVR number. Using logic, IVR can route calls to the appropriate representatives so that customers may get answers to their questions about their loans and how to make their monthly payments.
Easy login for service requests
Customers can now submit requests for new services, including changing their address, name, phone number, and email address, registering for mobile alert services, requesting new personal identification numbers (PINs), inquiring about reward points, opening a demat account, and many more. IVR strives to address the inquiry swiftly and promptly, enhancing the overall efficiency of the banks and making the days of waiting in large queues to speak to customer care staff a thing of the past.
Details and updates concerning your account
The ivr system provides customers with fast, safe access to account balance summaries and transaction histories. They can also view their chequebook request status, reward point balance, and card usage limit and establish payment reminders and dates.
Card activation and deactivation
Using an interactive voice response (IVR), a bank can give its customers the option of activating or deactivating their cards without using an ATM or physically visiting the bank. To guarantee security, the bank provides a one-of-a-kind telephone PIN (TPIN) for essential transactions or requests made via interactive voice response (IVR). In addition to protecting its customers, this also lowers the possibility of fraudulent transactions.
Customers who have recently visited a bank branch and interacted with a teller can be surveyed using the institution’s interactive voice response (IVR) system. Based on the responses, the questions can be modified. Therefore, banks can use surveys to serve their customers better and boost satisfaction.
The use of IVR in the banking industry can save time previously spent on customer service Providing customized responses to clients is one way an AI-powered IVR may increase loyalty. Ensure your phone system includes an integrated IVR and plenty of room for personalization.