How an IVR software can save the day in Banking

Any person who has been working in the financial sector for a long time would know how technology has changed the way modern-day consumers interacts with services and products. Right from the use of apps to SMS banking, there has been a sea change in how financial solutions are availed by customers over the decades. Today, Interactive Voice Response (IVR) has emerged as one of the most valuable ways to improve customer experiences and ensure their satisfaction. IVR basically is a software platform that automates telephone interactions through voice and the multi-frequency tones of a keypad.

There are many companies today that allow for robust cloud based Voice API integration with existing systems, while providing banks full control over IVR setup and communications. It enables flexible and intelligent routing, allowing banks to scale their support capabilities effectively.

Here are some of the ways IVR can be used by banks:

• Product information: Banks provide a wide range of financial products like savings accounts, fixed deposits, loans, and so on. IVR can be used to educate them about such products, and if the customers show more interest, then the call can always be routed to a representative.
• Account information: Customers quite often make calls to the banks to check their account status. Queries about account balance, as well as the amount debited or credited is extremely common. IVR makes it simple to provide this information to the customers, without burdening the support staff.
• Investment updates: Similar to asking for account information, investors often make calls to enquire details about their portfolio value. IVR menu can be easily programmed to update them on the same.
• Credit card status security: Credit card balance check and outstanding amount are a few other common queries that are taken care of by the IVR process. Certain aspects of security can be carried out through it as well, such as cancelling or blocking a stolen or lost card promptly.
• Status of loans: Customers to call up the bank to enquire about loan disbursements or approvals can be informed by the IVR software about its current status.
• Feedback analytics: Subsequent to addressing a query, the IVR system for a bank contact center can ask for feedback based on certain parameters. Analysis of the IVR calls over time can help the bank to identify areas of customer support weakness and strength.

Premium Voice API even allow for multilingual support through IVR. Details about them, as well as Best voIP for small business or SMS OTP services, can be found on the web.