Interactive Voice Response - IVR - is a technology that automates interactions with telephone callers. An effective IVR System reduces the cost of conventional sales, service, inquiry, collections, and support calls to and from the company. The banking sector sees this service as a highly useful service. As banks receive a large number of calls every day, answering all of them with the exact information is time-consuming and highly exhaustible.

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An effective IVR System reduces the cost of conventional sales, service, inquiry, collections, and support calls to and from the company. The banking sector sees this service as a highly useful service.

Some of the most popular time saving and cost effective transactions to automate for banks include:


Fraud Notifications- You can quickly and cheaply notify customers about the detected fraud on their account using outbound IVR. SMS notifications can also be used to address this, but IVR adds the additional option of being immediately transferred to a live agent.


Fee collections and notifications- If a customer is being charged a fee, is about to be charged a fee, or owe a fee an alert using an IVR can give him/her the heads up needed to avoid the fee, or at least be aware it is happening.


Loan status and updates-Customers might want to call in to find out the status of their loan application or any changes that might have occurred. An IVR system can help route the customers to the right agent, retrieve the data, and play a text-to-speech message updating them about their loan.


Surveys- Customer feedback is important, and It’s easiest if surveys are automated and occur at the end of a phone call. You can also arrange for a system to call customers to collect the feedback; you can use this to improve your customer service and customer engagement over the entire customer lifecycle.

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Tags: bulk SMS, IVR, toll free, interactive voice response system, feedback system, customer engagement