Cloud telephony is steering banks into a modern age of banking. A series of important amalgamations has shaken the banking industry in the past few months. The government had declared the merger of several banks in the coming near future. 

This announcement was made to rescue and strengthen the banking sector and it will cut down the number of public sector banks to 12 from 27. To bring a balance to the diminishing economy of India, the government is making every effort to evaluate and rebuild the strategies that are underway. 

In the last few years, there was a wave of change in the banking sector and this made the industry to struggle in revamping its proceeding processes and reach the growing anticipations of the customers. This calls for streamlining the age-old methods of banking with the use of the latest technological methods such as cloud telephony. 

Why Cloud Telephony Is the Latest Technological Advancement In Everyday Banking 

The banking sector like the other sectors is constantly innovating and commencing new processes/products to energize the customer experience level. Notably, today there has been the digitization of all banking activities. This is due to the growth of Fintech startups such as Paytm, MobiKwik, and PolicyBazaar. All these startups have uncommonly altered the landscape of banking successfully. 

Moreover, digitization of all the banking activities was regarded as a significant touch point for customer experience ever since demonetization had taken place. Mundane processes in the banking sector and the daily life of the common man have been simplified and made easy by these Fintech startups. This is due to the feasibility of money transfer processes through a quick scan over a single platform.

Despite digitization being a revolution in the banking sector, there has been a rise in challenges with its use of it such as cybercrimes, card skimming, fund transfer fraud, data thefts, identity thefts, etc. So how can one address these challenges? The answer to this question is cloud telephony.  

Cloud telephony is now the solution for new-age banking sector challenges. Offering many smart and diverse solutions such as toll-free numbers, IVR, two-factor OTP verification, and missed call service, cloud telephony solutions have emerged as the comprehensive solution that is a quick fix to several of the new-age problems confronted by the BFSI industry.

Cloud telephony services engage in different areas of the banking sector to offer smooth and intelligent banking that is safe and secure at every touch point. The following are how cloud telephony services are providing this help. 

IVR Enabled Telephone Banking 

IVR for the banking industry is a lifesaver. Commonly known as telephone banking, IVR is very useful as a self-service telephone banking platform for callers. Through the self-service telephone banking platform, the callers are offered predefined menu options and numeric responses.

With the establishment of cloud telephony services, IVR capabilities were also burgeoned. Earlier the IVR capabilities were limited to inquiries related to account balance, reporting on debit/credit card theft, or inquiries related to any offers, or schemes launched by the banks.

However as of now, IVR, a solution of cloud telephony services, can provide callers with details regarding their bank transactions, callers can request checkbooks, know about the status of the loans, payments related to credit cards, also know the reports related to fraud transactions, etc. Additionally, IVR also provides security to the bank account holders by generating T-PIN that is unique to every telephone banking customer. 

Moreover, IVR can be used to conduct surveys amongst bank customers regarding the quality of service provided, and other feedback, the entire information of which is sent to the managers or decision-makers to help improve customer service. 

Missed Call Service-Led Authentication 

Cloud telephony solution, being missed call service has gained a lot of popularity over the last few years in the banking industry. This cloud telephony solution has become the most sought-after for the banking industry to provide bank account holders with a hassle-free banking experience.

For example, HDFC bank uses this cloud telephony solution, missed call service, to not only check the account balance but also help customers get mini statements, allow them to request a checkbook, and also enable them to enquire about their account statement. Missed call service utility does not end here as it can also be used for bank account verification purposes and other purposes. For example, cardholders on receiving a new ATM card can simply verify their card details by giving a missed call to the said number. They can also change their ATM PIN by giving a missed call to another number provided.

Automated Call Service to Detect Frauds 

As there is a high risk of online fraud these days in the banking sector, cloud telephony solutions such as an automated call service can help reduce these frauds. Automated calls are programmed and sent to the bank account holders in such a way that they are informed, notified, and alerted about any suspicious transactions that have taken place.

This service gets triggered when there has been a huge transaction amount, when there have been three failed login attempts, or when there has been a transaction from an unknown device.  

In addition to triggering an automated call service, SMS notifications, a part of the cloud telephony solution are also sent to the bank customers in the case of fraud being detected. Further, to detect fraud and provide account security, cloud telephony solutions offer a two-factor OTP notification service to bank customers, especially for their net banking login process.

 Conclusion 

All the different banking services can now be accessed by customers easily and quickly with the different cloud telephony solutions mentioned above. Bank customers no longer have to waste their precious time waiting in long queues just to get their bank account details, statements, checkbooks, and balance inquiries as before. 

Every cloud telephony services India is using be it IVR missed calls, toll-free numbers, or automated call service, can add huge value to banking processes and this is the reason why a many numbers of banks are utilizing the potential of cloud telephony solutions in the day to day banking activities.

If your bank needs a good cloud telephony service, you can drop us an email at sales@office24by7.com or simply call us at 91 7097171717. Office24by7 will be more than happy to help you with our different cloud telephony solutions.