Innovation Counts – IVRS takes leap into the banking sector
Banking is an integral part of our lives characterized by paperwork, formalities, lengthy cues, doubts and advisories. These uniformities have transformed banking into an endless maze. No matter, how hard you try to look for solutions; banking functions leave you with unlimited complications and confusion. The million-dollar question that will arise from this situation is- when will banking become easier?
The billion-dollar answer to this million-dollar question is IVRS (Interactive Voice Response System). IVRS or IVR system works just like a genie from the magical lamp, which simply means your wish is its command. IVRS is an automatic voice responsive system, which enables a person to extract, A to Z information of his account by simply dialing a toll-free number. IVR system here gives you the access to these details with the help of your own telephone. So sit back and relax on a couch while IVRS processes your account details.
Banks in America and other foreign countries have been utilizing IVRS in personal banking, mortgage banking, credit card offers and operations, portfolio management, etc. In India multinational banks, private banks and some of national and state banks have endeavored this service. Prominent employers of this service are Citibank, ICICI, HDFC, and Standard Chartered bank. Despite its slow progress in some countries, IVRS is trying to achieve the required pace, so that the banks in these countries could compete with foreign banks in terms of customer service and satisfaction. IVRS is a customer-friendly service available 24x7 to guide through an easy procedure. It is the perfect concoction of assurance and security as it comes with a telephone information number and a customer ID provided by the bank so that no body else than you could use this information inappropriately.
Loans are like chests of hidden formalities. One formality takes you to another while you wait in long queue to seek an appointment with different people, just to get simple information on the process of loan. Well, it’s time to bury your worry, as IVRS has come to rescue. IVRS guides you like a financial partner through the formalities and eligibility criteria required to apply for a loan scheme. If a person is found eligible for a scheme, then the IVRS informs him about the amount, interest, time period and other procedures to get a loan sanctioned. In addition to this, the caller also gets details on the person to be approached and his designation. The IVRS/IVR is no less than an official employee for the bank as it fixes appointments for loan applicants and gives updates on new developments to those who have already applied for a loan. India and other developing countries, where demands are escalating along with the improving standards of life, can borrow significant assistance from this system in order to provide day-to-day loans to the people for various purposes. These provisions will certainly add to the credibility of the services provided by the bank.
IVRS has certainly registered several milestones in its history of accomplishments. The increasing use of Interactive Voice Response System has standardized the rate of efficiency in the banking sector. In 1983, around 20% banks throughout the world used this technology, which has ascended to 70-75% these days. Today, US and European countries are widely utilizing IVRS in the financial sector. This success is attributed to the spectacular world class services provided by the 21st century IVR systems like mini-bank statement, stock quotes, sensex trends, investment and loan schemes, bank policy, credit and debit offering, cheque book request, mobile banking registration, cheque status - stop payment, Internet banking user ID and utility payment. Customization has completely changed the face of prospects of this system. The new day IVR systems are programmed to accept voice command, which means a caller can speak his responses. This signifies that to upgrade the level of customer satisfaction IVR system has directed itself to aim the bull’s eye of contemporary technology.
An integral part of functioning in the banking sector is centered on customer care service executives. This has increased the burden of work and responsibility on such employees. The IVRS provides an instant solution to this problem. Today, out of the 75 million calls received by a bank, 2 million get terminated over the IVR system. A caller can also reach the operator in cases where IVRS has limited functions to perform. Due to its easy accessibility, complaints and grievances can be recorded and registered at any point of time and if these are found to be genuine, then they are addressed by the senior executives of the bank. The banks also generate records of conversations on the IVRS, which helps them to identify errors and rectify them as soon as possible. These operations prevent exasperation and promote the spirit of excellency in developed as well as upcoming financial projects and enhance the services to the level of proficiency.
IVRS/IVR System is the mark of totality and its progress throughout the world does not require further expatiation. It is the ultimate product of artificial intelligence, which acts as a communicator and manages to expunge the complications involved in the process banking. IVRS/IVR has extended the benefits of banking to the masses by bringing banks to their homes. In reality, your very own phone is your personal bank, open to you with its multi-lingual and authentic facilities. As for the banks, it is no less than a regular employee, available even on Sundays.
