A Guide for Banks to use IVR

IVR or Interactive Voice Response is a technology that automates the calling systems of a bank or any business for its customers. IVR takes input from the customer either in the form of voice commands or dial pad numbers. Based on this, it can be used to provide multiple banking and promotional facilities to the customer.

Personalized greetings, account actions, card block/unblock, the status of loan applications are just a few of the facilities that banks can automate using IVR. If set up well, IVR can be hugely beneficial for banks, not just to retain but gain new customers as well.

Many studies conducted in recent years have suggested that most of the calls that banks receive are handled by the IVR. This makes the customer experience smoother and also saves resources for the bank. Additionally, it allows the customer care executives to manage customers efficiently and answer their queries with more expertise.

There are various benefits of Interactive Voice Response in banks. Let’s look at some of them:

Benefits of Interactive Voice Response (IVR)

  1. Efficiency of call management

It helps in managing the huge number of calls that a bank receives at a time. As an IVR can attend to multiple customers at the same time, it releases the load from the customer care executives.

  1. Better problem solving for customers

IVR can solve basic problems based on the bank’s settings and customers’ inputs. If a problem is complex, it can use those inputs to transfer the customer to the expert of the problem sector. This makes sure that the customer gets expert help on the matter.

  1. Personalized Experience

Banks can set up their IVR to provide a personalized experience to the customer. This includes using the name of the customer in the interaction, checking their account status based on their phone number, recommending services based on their account, and much more.

  1. Cost-Effective

An effective IVR setup makes sure that banks have to use fewer resources in terms of manpower and other resources for customer service. They can easily manage heavy incoming calls while having experts talk to the customers about complex issues or offers.

Features of IVR

With all the benefits mentioned above, and more, it is important to know the features that an IVR provides you with. These features are variable, depending upon the IVR Service Provider that the bank chooses.

Some of the most important ones are:

  • Multi-lingual support

Interact with the customers in different languages based on their comfort.

  • 24X7 customer support

Be there for your customers 24X7 providing a great customer experience at their comfort.

  • Customizable menu

Add more features, steps, or messages based on your business needs and purpose.

  • Call monitoring

Monitor the calls to understand the engagement and success of the calls.

  • Blacklisting

Focus on current or potential customers by blocking spam or other unwanted numbers.

There are many other features that a bank can use depending upon their purpose of use.

Besides the ones mentioned above, VIP IVR numbers, automatic routing, and programmable extensions are some other features that can make a basic IVR solution more optimized and helpful for a bank. 

Businesses looking for all these features, and more, can find it in the Knowlarity IVR Solution.

Things to keep in mind while setting up an IVR

Even though IVR has a lot of benefits, it is important to consider a few things while setting it up for best use. A randomly set up IVR can, in fact, be detrimental to your cause. Let’s look at some things to keep in mind:

  1. Ease of usage

IVR is meant to ease out the calling process for both the bank and the customer.

Basic things like account balance, report lost/stolen card, etc., should be easily accessible to the customers after verification. Even complex problems should be readily resolved or transferred quickly to the experts. This enhances the customer experience and makes sure that the IVR isn’t slowing things down.

  1. Choice of the IVR Service Provider

Once a bank decides to get an IVR solution, it is important to choose the right provider. It is vital because your customer experience depends upon it.

Knowlarity is an IVR service provider that brings a lot of features with your IVR setup. It is easy to set up with your CRM, provides great use cases, and is trusted by over 6000+ businesses worldwide.

With IVR becoming an essential part of a bank’s customer experience, lagging behind is not an option. Get a free trial of the Knowlarity IVR solution here.

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