IVRS is highly useful when it comes to banking sector. Banks receive number of calls everyday. To answer all of them and that too with exact information is highly exhaustible and time consuming.
Increased competition from techno-savvy private foreign banks is driving Indian banks to invest in technologies for enhancing their delivery channels. IVRS in banking sector can be implemented in all domains like Small and medium banks, Co-operative banks, Financial Sector, Nationalized bank etc
A customer calling to a bank can have diversified motive. He may want simply his account details or may have some complicated problem. These simple issues can easily be dealt by using IVRS technology and leaving the complicated problem calls to be diverted to operator. 75% of the 2 million calls the bank gets every month get terminated over the IVRS system.
IVRS in banks is implemented to simplify following work process
- IVRS for account information
- Investment portfolio updates and status using IVRS
- Loan application and loan status using IVRS
- Emergency and complains
- Request and customer care on IVRS
- Product information using IVRS
What all banks have to do is to provide their customers with unique TIN (Telephone Information number) and customer id. Every time they place a call in bank for information they are supposed to provide their tin number and customer id. Once they enter these codes they can access information related to their accounts. These measures are implemented so as to hold the privacy of customer and barring their details and information to be accessed by anyone.