Key Highlights

  • Whats is IVR Solution
  • IVR Solution and technology in Banking
  • Use Cases
  • A unique rural banking use case
  • Conclusion

Thank you for calling “ABC Bank”. Press “1” if you are an existing customer, or press “2” if you are a new customer. Everyone must have experienced this as part of the phone banking process. IVR (Interactive Voice Response), one of the most effective technologies that can help a bank to automate its interactions with its existing or potential customers. Simple, yet a powerful and efficient solution that can help banks to seamlessly communicate and manage the high volume of calls everyday that are for common sales enquiries, customer service, collections, support etc to list a few. IVR can smartly & easily automate the process, save time, reduce cost and save the customer agents from high volumes of calls.

According to recent research, the banking sector fulfills more than 70% of telephone calls received during the entire month over an IVR. Many small finance banks, private and public sector banks, and foreign banks have implemented IVR systems as it reduces the operating cost and creates more self-service opportunities for customers.

For telebanking facilities, customers need to register through IVR. They will be provided with a four-digit Telebanking Personal Identification Number (TPIN) which is similar to the PIN used for ATM transactions.

Here are some interesting use cases on how application of IVR solution is leveraging the banking sector:

Report lost/ stolen/ damaged/ reissue/ block card:

Should a card be lost, damaged or stolen, customers need not call customer care numbers and frantically wait to be connected to an agent.

They can report the same via an IVR as customers dial the helpline number and select the preferred language and follow simple steps to block their card. After the successful submission of the request, they can receive a confirmation on SMS or mail as well. They can also leave instructions to issue a new card as a replacement.

Send immediate fraud notifications:

Customers can be quickly notified, should a fraudulent transaction be detected in their accounts through an IVR. Though an SMS notification can also address this, IVR gives the customer the option of being transferred to a banking agent immediately.

Product information:

Banks need to constantly engage with their customers and educate them about their products and services. For e.g Demat accounts, insurance policies, personal loan details, loans against shares, and many more. IVR is a simple yet powerful solution as it can provide the desired information to the caller and can transfer the call to a banking agent instantly to avail the service.

Loan application and loan status:

Customers who have opted for bank loans can call IVR and seek the status of their approval and disbursement for the home loan, personal loan, or any other loan taken. IVR works on logic, it can easily redirect the calls to the concerned agents to discuss and understand the details of the loan process and repayments.

Easy login for service request:

Customers can now easily log new service requests such as request for an address change, name, mobile number, email id, registration of mobile alert services, new PINs, are queries for reward points, demat account, and many more. The days of waiting in long queues to speak with a customer service agent are passé, IVR aims to address the query instantly and promptly there by increasing the banks’ overall efficiency.

Account related information & updates:

The IVR system can assist customers instantly & in a secured manner regarding their account balance summary or recent transactions history. Furthermore, they can check reward points balance, their card usage limit, set payment reminders, dates and even check for a status of checkbook request.

Activation/ Deactivation of cards:

The bank can offer a choice to its customers to activate or deactivate their cards without going to the ATM or visiting the bank for the same using an IVR. To ensure a secured process, the bank gives a unique TPIN (telephone PIN) for critical transactions or requests over an IVR. This minimizes the fraudulent transaction and adds on the extra level of authentication to safeguard its customers

Surveys:

Banks can survey a recent customer interaction that has taken place in the physical bank, the IVR system will accordingly ask the customer about the last interaction with the bank employees. The questions can be tailored according to the answers given by customers. Thus with the help of surveys, banks can enhance their customer service and improve customer satisfaction.

Banking at the grassroot level with Rural Banking:

One of the leading banks has launched IVR for agriculturists and farmers with the aim to meet their financial needs right at their doorsteps. The main motive of this launch is that farmers will be able to reach the banks over the phone to enquire and avail of their digital banking products. They just need to dial the dedicated toll-free number and enter their unique PIN code number. The smart IVR then automatically maps the nearest branch to the farmer’s location to get the bank representative to reach out to them to address their needs. Rural banking initiatives are being taken by banks to ensure they can service them with multilingual IVR solutions to speak with the customers in the preferred language of their choice.

With the rise in competition from local and private banks, every bank is now aiming to have an efficient customer engagement & support system to address their customer needs instantly. A smart IVR is an efficient system and a right-fit for any bank’s customer-centric strategy. One of the biggest advantages is the 24*7 access to their service where an IVR system has an option to play a recorded message. This ensures that customer agents are also available during non-business hours by enhancing customer experience. This simple yet powerful tool can add immense value in their banking process, reduce cost, increase operational efficiency and benefit its customer with secured and safe instant banking needs.

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