IVR Phone Banking: Your First Step Towards Improved Customer Experience

14 September , 2023 by Rashida Saeed
IVR in Phone Banking

Mobile banking has gained significant traction in recent times. Many people prefer to conduct their banking transactions using their phones while standing outside the bank rather than stepping inside.

Reducing the number of physical branches comes with the advantage of cutting down on various operating costs. The decline in physical banking spaces also brings about a counter effect. The shift towards the digital landscape poses a challenge for banks: how to recreate the in-person customer experience in a virtual setting. And the IVR is definitely at the forefront of this change! 

Undoubtedly, this is a substantial endeavour, as it necessitates a transition from a single-channel service model, exemplified by brick-and-mortar storefronts where possibilities abound, to a multi- or omnichannel approach. 

The prevalence of mobile banking is a clear indication that this transition is already in progress.

Best IVR System

What You’ll Need

Mobile banking necessitates the integration of web interfaces, mobile apps, and voice channels across all channels, which is challenging for banks. These institutions often need to adapt to new technology due to their size and risk-averse nature. Due to the significant financial implications, their technology updates require meticulous planning and implementation.

Banks prioritise reliability, as downtime can erode customer trust. Conservative approaches to technology upgrades are driven by concerns about both reliability and cost. With a growing demand for digital services, banks must allocate more resources to meet customer expectations, a process that is slower for larger banks.

Security also plays a vital role. Acquiring necessary PCI compliance for financial operations is both expensive and time-intensive for financial institutions.

A Place for Voice in the Way We Do Our Business

We’re not implying that the voice channel will supersede the internet channels as the primary mobile banking avenue. However, given the fierce competition among mobile finance apps for user attention, banks must not disregard any channel, particularly voice.

The objective of an IVR solution should mirror users’ web experiences via phone. When banks adopt omnichannel customer service, seamless channel coordination becomes pivotal. Aligning the voice channel with digital counterparts is feasible with appropriate technology and planning.

While telephony can be intricate, cloud IVR’s evolution has shifted much of the complexity to experts—the cloud IVR vendor.

The voice also plays a significant role in two-factor authentication (2FA). Banks can select voice biometrics or SMS messages for verification. These methods, relying on inherent traits or physical possessions, offer enhanced security compared to knowledge-based questions, especially when layered.

Real-time voice communication is often taken for granted, yet it underlies several digital channels in banking. For instance, every mobile banking app should include a one-click customer service call option. Hence, voice integration should be a forefront consideration, not an afterthought, in banking IT development—an initiating point in the ongoing digital transformation.

Voice contributes a distinct dimension to the customer feedback loop. Improvement areas or bottlenecks are discernible more effectively in certain channels, including voice. With robust IVR analytics and reporting tools, identifying these aspects has become more convenient.

For banks committed to exceptional customer experiences, maintaining an updated, user-friendly, and efficient voice channel is indispensable.

Banking IVR

What IVR Gets You

IVR opens a pathway to establish a personal connection with each customer, and its perks extend across multiple areas of your business!

Enhanced Customer Service 

A flourishing customer base forms the bedrock of success for any business. The ongoing task of nurturing content and satisfied clients holds immense significance. In this context, adopting Interactive Voice Response (IVR) technology plays a pivotal role by providing a sophisticated avenue for efficient issue resolution. 

IVR is a testament to a company’s dedication to promptly addressing customer concerns and with genuine care. By streamlining the process of resolving customer problems, IVR not only expedites solutions but also contributes to the overall perception of the business’s commitment to customer satisfaction. 

This technology bridges customers seeking assistance and the company’s commitment to ensuring that their needs are met swiftly and effectively.

24/7 Customer Access 

This transformative feature enables customers to engage with a business’s services and support system at any hour, be it the tranquillity of 2 AM or the bustling activity of regular work hours. 

The essence of IVR lies in its unwavering accessibility, ensuring that customers are met with prompt responses and the assurance of timely callbacks regardless of the time zone or the traditional constraints of business hours. 

This constant availability brings a new dimension to customer service, redefining the boundaries of engagement and underscoring the commitment of a business to be there for its customers whenever they are in need.

Exceptional Personalisation

Customers appreciate personalised experiences. Advanced IVR technology integrates caller ID with databases, enabling caller name inclusion in pre-recorded messages. Multilingual interactions are an added advantage.

Explore More into: Managing fraud and friction with IVR systems

Elevated Brand Image 

As customers engage with an IVR system that seamlessly guides them through their inquiries or concerns, they develop a sense of trust in the business’s capabilities and commitment to providing efficient solutions. This trust, in turn, forms the foundation for their confidence in their choices – whether it’s purchasing a product, subscribing to a service, or seeking assistance.

The ripple effect of these positive experiences is the emergence of customer recommendations. Satisfied customers who have navigated a user-friendly IVR and received effective assistance are more inclined to share their positive interactions with others. The word-of-mouth endorsements that result from these interactions carry significant weight as they emerge from a place of genuine satisfaction and trust.

Increased Profits and Efficiency 

Phone interactions remain significant for business. IVR boosts call resolutions, acting as both a front desk and a deal-closing operator. This streamlines operations, saving time and expenses.

Reduced Errors 

In a bustling call centre environment, agents often handle a myriad of customer inquiries, issues, and concerns. This multifaceted role demands a high degree of attention, patience, and expertise to handle each customer interaction with precision and care.

Herein lies the value of IVR in minimising this intricate burden on call centre agents. By implementing IVR systems that efficiently direct customers towards self-service options or resolve straightforward queries, the workload on agents is significantly reduced. This recalibration of responsibilities enables agents to dedicate their time and energy to tasks that truly necessitate their expertise and human touch. Complex issues, nuanced concerns, and interactions requiring empathy and personalised assistance now receive the full attention they deserve.

The realignment of responsibilities facilitated by IVR contributes to a holistic enhancement of the entire call centre environment. Agents can focus on the strategic and high-value aspects of their role, such as building rapport with customers, providing tailored solutions, and nurturing customer relationships.

How we can help

Customers have varied preferences, with some preferring agent interactions for issue resolution. Nonetheless, implementing an IVR doesn’t discount customer care. On the contrary, it streamlines customer experience efficiently. 

This creates a mutually beneficial system, guaranteeing exceptional company CX and goes a long way to establish a loyal customer base. The decision to adopt it depends on your business and call volume. 

At Studio 52, we’ve created and helped our valuable clients implement IVR into their businesses! Our experience spanning decades in audio production makes us a top choice for your initiating IVR Phone Banking for your brand in the Middle East.

Planning to incorporate IVR in your business strategy? We’re delighted to assist! Reach out to us today!

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IVR Phone Banking: Your First Step Towards Improved Customer Experience

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