An IVR system is highly advantageous for the banking industry because it offers an excess of benefits in terms of huge incoming call volume management, smoother workflows, increased agents performance, and greater resolution of customer queries. 

In today’s world of digitization, no industry can survive without harnessing the power of the internet. Almost every industry has its products or services to offer to customers or other businesses.  

An IVR system is one such technology that makes banking easier. Many banks have adopted IVR systems to make customer service easier and also to create a good customer experience. 

5 Use Cases of IVR Systems That Show it makes Banking Easier

An IVR system has the power to solve simple, common queries in a step-by-step systematic manner through IVR menu options that not only save customers' time but also the agent's. Surprising results can be achieved when you implement the right IVR system and the banking industry is one such industry that can gain many benefits.

This is because IVR systems make banking much easier, and quicker at the cost of being safe and secure. Below is a dropdown of five use cases of IVR systems for the BFSI sector.       

1. Keeps Frauds, Cybercrimes at Bay

These days the banking industry gets attacked by several online frauds. Several cybercrimes in the banking industry such as hacking of bank accounts, viruses or malware-based attacks, phishing, pharming, ATM skimming and Point of Sale crimes, DNS cache poisoning, etc are being reported. IVR systems can help the banking industry to keep frauds, and cybercrimes at bay, and in turn, the banks can help their customers with safe banking.

For example, an outbound IVR message can immediately alert bank customers if there has been any suspicious transaction in their accounts. Such quick alerts and notifications through IVR systems not only keep the bank accounts secure and safe but also instill confidence in your clients. IVR systems act as a defense system, a protective shield. In financial emergencies, the IVR calling system can let bank customers speak to live agents and get their issues solved quickly.  

2. Keeps Customers Updated

IVR systems make sure that bank customers are kept updated about their account details. IVR systems remove the unpleasant experience of informing customers in situations like over withdrawal by merely stating the account details. All the customers have to do is make a simple call to the bank and they would be updated with the relevant details about their bank transactions through an active SMS service. Additionally, customers can speak to a live agent in case of any disparity. 

3. Loan Approval Status

Concerning loan approvals and applications, queries from customers are limitless. IVR systems are very useful in providing information regarding the loan application process, the approval time, EMI dates, interest rates, and finally the loan approval status. Banks no longer need many agents to answer every customer query when they employ IVR systems. IVR systems can get information regarding the new loan policy changes. Further, a text-to-speech technology combined with an IVR system can provide bank customers with real-time updates.

4. Round the Clock Self-Service 

IVR service can help banks handle huge call volumes, particularly when there is a revision of a bank policy, introduction of new guidelines, etc. Agents cannot handle a heavy volume of calls at some point in time. It is during situations like this an IVR system can support and provide round-the-clock service at the same time. Easy self-service IVR menu options can help customers resolve issues like loss of bank card, etc in a jiffy. Moreover, easy self-service IVR systems can help banks during seasonal breaks and holidays.

5. Swift Feedbacks Gathered

IVR systems can help gather swift feedback about a product or service being offered by banks. Notably, IVR systems also remove the need for human resources for the monotonous repetition of information to the same customers, without missing out on any important information.  

Conclusion

IVR systems are magical systems with many benefits that you would not even know existed until you give them a try. Not only do IVR systems ensure swift and smooth functioning of banking activities but they also save time, money, resources, efforts, and agents' energy. 

If you run a bank and are looking out for the best IVR service provider in India, it's time you contacted an IVR service provider like Office24by7 Technologies.  Make a quick call to us at 91 7097171717 or drop an email at sales@office24by7.com soon today and we will assist you.