Enhancing Financial Services with IVR Services

IVR services are cloud-based communication technology that allows users to automatically interact with the customer using pre-recorded voice messages and text-to-speech technology. It operates based on the DTMF input inserted by the customers. IVR services use self-service mode and also automated call routing as requested by the customers.

IVR service providers are constantly in competition with each other to offer the best services to the customers. Each IVR service provider comes up with innovative strategies and packages to bring in more businesses.  Different industries of various business sizes are relying on IVR service providers to grow their business.  IVR services are used by industries like education, entertainment, healthcare, finance, banking etc. 

The uses of IVR service for financial services are as follows:

1. Easy transactions and updates: A business with an IVR number can offer an easy mode of monetary transaction to the customer. It masks the important details of the transaction parties while offering a secure space for engagement. With an IVR menu, customers can easily check their balance, transaction history, status of transaction, transfer history etc. It helps a business to keep track of all the transactions and get overall insights. It does not require any hard-core mechanism or technical knowledge. Only by clicking a few tabs or options, all the details are made available to the customers. 

2. Reduces communication barriers: IVR service providers offer various language options that can be used to communicate. It reduces language barriers to interact and makes services accessible and available for customers across age, educational status, gender etc. It also reduces miscommunication and makes interaction more comfortable as the customers can choose any language of their choice. An IVR service provider can assist a business in choosing the language options to offer accurate services. 

3. Easy reminders:  IVR service providers offer easy reminders and notifications. IVR number is used by the finance services to remind the customer of loans or EMI payments. The reminder is an easy and convenient way of communicating without irritating the customers. Reminders help to remain connected with the customers, maintain the records and also offer notifications of important cases. This helps the customers to timely pay their dues, loans etc without any fines or additional charges.  It helps both the financial service providers and customers to avoid payment relapse. 

4. IVR menu and automated service: Financial services can benefit from the IVR menu by offering service at the tip of the fingers for the customers. A business can easily communicate and provide a seamless service experience with the IVR menu. The IVR menu can be customized to answer any question or address any issue. IVR menu helps financial service providers for providing information on loans, account registration, renewal, etc. As per the request of the customer, it can also automatically route calls to the experts. 

5. Unlimited support: Financial service providers can use IVR solutions to offer unlimited 24x7 support to the customers.  It is always present for the customers to assist in and for any form of crisis. IVR solution is equipped to solve queries, answer questions and also offer services. Customers can contact the business at their convenience which increases customer engagement rate and thus satisfaction level.

6. Language options: A financial service provider with an IVR solution can communicate using different language options to the customers. A business can be more accessible and reduce all language barriers. It helps a business to communicate with the customers in the language of their choice. 

Financial services can choose from any two types of IVR solutions:

1. Single-level IVR: This type of IVR allows the calls to be answered through pre-recorded greetings or messages. It operates on one level that allows a business to operate without any agent. It functions at the initial level that initiates communication and interaction. 

2.Multi-level IVR: It offers a hierarchical structure that expands the capability of resolving customer’s queries instantly. It works at multiple levels and helps a business to ease communication at each level. 

IVR systems offer privacy and security for any kind of economic transaction. This is an efficient mode of communication that helps to build rapport among customers while building a market value for the business.