7 IVR Use Cases for the Banking Industry

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Fretty Francis

Senior editor

Parul Saxena

Chief editor

Last updated: May 21, 2021

One can barely imagine a time when there was no internet banking, mobile app banking, and even phone banking. The financial industry, banking, in particular, has undergone massive changes over the last couple of years. Technology has updated almost every aspect of banking today. One such example is IVR banking. Interactive Voice Response (IVR) systems help customers complete various banking activities with minimal to no involvement of an agent for assistance. IVR banking has automated different banking processes, allowing agents more time to focus on more complicated tasks related to banking.

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IVR Solutions And Technology In Banking

Financial institutions receive a massive volume of calls daily. Agents spend a considerable amount of time attending these calls as they assist customers with their various requests. IVR solutions can automate these telephone interactions to a large extent, limiting the role of the agent and creating self-service opportunities for customers.

IVR service providers have flooded the market with so many options. Earlier, it was more common to find IVR capabilities in call center software and various other CRM software. However, over time, banking institutions have found much value in IVR technology which has made IVR banking a reality. Not only does it save time as various banking processes are automated, but IVR solutions also minimize human intervention. This, in turn, reduces cost and also makes banking processes far more swift, accurate, and error-free.

IVR technology in banking is not a recent phenomenon. Traditionally, IVR systems used pre-recorded voice menus and prompt. Customers were required to use touch-tone telephone keypads to record their responses. These responses would lead the caller to an appropriate agent. Nowadays, IVR banking has gone several steps further and made it possible for customers to complete banking activities over the phone entirely without the help of an agent. Agents are still required to assist customers with complex banking activities. However, IVR systems are now fully capable of completing the simpler tasks related to banking. Let’s take a look at what some of them are.

IVR Use Cases in Banking

1. Fraud Notifications

Outbound IVR can be used to alert customers to possible fraud detected on their account. While SMS alerts can achieve the same, IVR can give customers an option to be transferred to an appropriate agent immediately.

2. Overdraft Notification

Calling customers to tell them that they are overdrawn can be quite unpleasant. It may also embarrass customers. IVR systems can place automated calls to such customers. They can eliminate any such awkwardness and simply state facts. They can also give them an option to speak to an agent to address any discrepancies.

3. Loan Status and Updates

Customers might want to find out the status of their loans, and IVR systems can give them all the information they need in a text-to-speech message. They may help customers by routing them to the right agent for any further queries or discussions regarding the loan.

4. Customer Feedback Surveys

Feedback is essential but very difficult to collect. Not all customers are inclined to have conversations about their experience or fill feedback forms. IVR systems can arrange for a survey to be conducted at the end of the call, where they can rate their experience immediately and offer their freshest perspective. IVR solutions can also place calls to customers to collect their ratings at an appropriate time.

5. Product Information

IVR banking can also be used to educate customers about various products and services. Instead of having agents repeat the same thing over and over again, customers can be given all the general information through IVR. They can also be given an option to obtain further information from an agent should they require it.

6. Investment Portfolio Status and Updates

IVR systems can help customers keep track of their Demat accounts by handling ISIN query and providing information regarding holding statements and transaction history. IVR banking also allows customers to provide delivery instructions.

7. Payment Processing

IVR banking has also made it possible for customers to pay their credit card bills and EMIs over the phone in just a few minutes.

8. Account Summary and Transaction Statuses

IVR systems can also give customers a real-time summary of their account and inform them of the status of various transactions. Customers can get information about their account balance, upcoming credit card payments, and due dates and check whether a transaction is reflecting in the account.

9. Loss of Card/ Card Blocking

Customers need not call customer care numbers and frantically wait to be connected to an agent if they lose their card and want to block it. They can simply make use of the IVR system to have it done immediately. They can also leave instructions to be issued a new card as a replacement.  

10. Service Requests

IVR banking allows customers to log service requests. Customers can request for new checkbooks or update their contact information such as changes in name, address, telephone number, email ID, etc.

Conclusion

IVR solutions can save banks a lot of time and money. However, they do not just create value for banks, they also go a long way in securing customer satisfaction. Customers are routed to the right agents. They are not required to wait in queues endlessly to speak to an agent. Most importantly, it presents customers with self-service opportunities, which is perfect for the millennial customer.

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Fretty Francis is a digital marketing and content strategist at SoftwareSuggest, a software recommendation platform. She's passionate about analytics, conversion rate optimization and ice-cream.

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