What is IVR in Banking?

Hi Shristi, I can help you with your query regarding what does IVR mean in banking. IVR is the short form of Interactive Voice Response. As explained by Puja, it is a technology that allows customers to interact with a bank’s services through voice commands or keyboard inputs. Basically, you call the customer service number of the bank and are greeted by the IVR system. You can browse through the menu through the mobile keypad or voice commands. 

NoBroker InstaCash Loan

Get upto Rs. 10 Lakhs Instantly in your Bank Account with hassle free auto repayment.

Instant approval and disbursement

Interest rate starting 12.99%

Withdraw now

What does IVR Stand for in Banking?

As I mentioned above, IVR is an automated technology that banks use to allow their customers to interact with the services of the bank through the mobile keypad or by voice commands. IVR has quite a lot of benefits, such as.

1. Cost Efficiency: IVR is highly cost-effective as it saves the bank a lot of money, reducing the need for customer service executives. 

2. Increased Transaction Volume: These systems can handle multiple calls at once. This is very helpful during peak times and no one has to wait in line.

3.  Faster Service: As I mentioned above, no one has to wait and can complete transactions significantly faster, reducing call handling times.

4. 24/7 Availability: As IVR is an automated technology, it can run 24/7, and customers don’t have to wait until business hours to manage their finances.

5. Error Reduction: Humans are prone to errors, but since IVR is a technology, the chances of making mistakes are quite low. 

This is all I know about the meaning of IVR in banking. I hope this helps. 

Get Up to 10 Lakhs Instantly through NoBroker InstaCash at Less Documentation

Read More

What is CFT in banking?

Wondering what is IVR in banking? IVR stands for Interactive Voice Response, and it's a technology used by banks and other organizations to interact with customers through automated phone systems. In the context of banking in India, IVR systems provide a range of services and functionalities to customers over the phone without the need for human intervention. 

What does IVR Mean in Banking?

Here's how IVR works in banking in India:

• Customers call the bank's customer service number. The IVR system greets the caller and provides a menu of options through recorded voice prompts. Customers navigate through the menu by selecting options using their phone's keypad or by speaking voice commands.

• IVR systems allow customers to check their account balances, recent transactions, and other account-related information. Customers can inquire about specific transactions, such as checking if a particular cheque has been cleared or verifying the status of a fund transfer.

• Customers can initiate fund transfers between their own accounts or to third-party accounts within the same bank. Utility bill payments, credit card payments, and other financial transactions can also be initiated through the IVR system.

• IVR systems provide information about the bank's products and services, including interest rates, loan offerings, and investment options. Customers can inquire about the status of loan applications, request loan statements, or get details about new product offerings.

• Customers can raise service requests, such as blocking a lost or stolen debit card, requesting a new cheque book, or updating contact information. Complaints regarding banking services, transactions, or account discrepancies can be registered through the IVR system.

• IVR systems typically offer language options to cater to customers from diverse linguistic backgrounds. Some IVR systems use caller ID or account numbers to personalize the interaction and provide relevant information based on the customer's account profile.

• IVR systems often include security measures such as PIN or password authentication to verify the caller's identity before providing access to sensitive information or processing transactions. Biometric authentication methods such as voice recognition may also be used for enhanced security.

Benefits of IVR in Banking

Customers can access banking services anytime, anywhere, without the need to visit a branch or use internet banking. IVR systems offer self-service options, allowing customers to perform transactions and inquiries quickly and conveniently.

IVR systems help reduce the workload on customer service representatives, leading to cost savings for the bank. IVR systems can handle a large volume of calls simultaneously, making them scalable to meet the needs of a growing customer base.

This is all about what is IVR in banking.

Read more