IVR (Interactive Voice Response) is a technology that automates interactions with telephone callers. An efficient IVR System reduces the cost of common sales, service, collections, inquiry, and support calls to and from the company. The banking sector sees it as a highly useful service. As banks receive a large number of calls every day, answering all of them with the exact information is highly exhaustible and time consuming.
An IVR System, traditionally, uses pre-recorded voice prompts and menus to present information and options to callers, and touch-tone telephone keypad entry to gather responses. Modern IVR solutions enable input and responses to be gathered via spoken words with voice recognition. Increased competition from techno-savvy private foreign banks has driven banks in India, South Africa and other developing countries to invest in technologies for enhancing their delivery channels. Many have implemented IVRS in all domains like Small and medium banks, Cooperative banks, Financial Sector, Nationalized banks etc.
More than 70% of the hundreds and thousands of calls banks gets every month get fulfilled over IVR. While the complicated problem calls to be diverted to operator, the simple issues can easily be dealt by using IVR software. The following can be achieved through an IVR:
- For account information
- Investment portfolio updates and status
- Loan application and loan status
- Emergency and complains
- Request and customer care
- Product information
Banks use the security measure of setting a Telephone Information Number (TIN or T-PIN) to keep the privacy of customer and barring their details and information to be accessed by anyone. IVR thus, becomes a state-of-the-art system to offer customers a higher level of confidential banking by phone and enables them to carry bank transactions on their own.
Automatic phone banking system significantly saves clients’ time to a great extent. In addition to the benefits that customers enjoy, a robust IVR software solution also allows banks to save significantly as technology eliminates the use of expensive proprietary hardware, lowering the network infrastructure and hardware costs up to 70%. All of this enables agents to spend quality time on making successful business interactions and generate leads and customers for the bank.
So, is your bank using the latest and most reliable remote contact center solution for handling business operations?