IVR Deconstructed

Interactive Voice Response telephone systems have many applications in the financial services sector. Banks, credit card issuers, credit unions, investment services, and other financial institutions often make use of IVR applications. Some productive financial IVR applications of IVR services are as follows:

INBOUND IVR APPLICATIONS

1. Some banks offer services that enable customers to monitor and manage their checking/savings accounts via IVR. For example, one medium-sized bank in Maine has an automated phone system which lets customers check their balances, listen to transaction lists, and transfer between accounts. It even permits them to report lost credit/debit cards.

2. Investment services with IVR can give clients the ability to set 401k options, listen to important updates, alter contact information, and monitor current stock quotes by telephone. These systems may also be used to provide frequently requested information, like office hours or mailing addresses.

OUTBOUND IVR APPLICATIONS

Financial services companies also use IVR applications to contact customers by telephone for various reasons.

1. Customers may be notified of fraudulent activities and financial security breaches via IVR, especially when such problems affect hundreds or thousands of individuals. This is faster and less expensive than providing notification by mail, and reaches more clients than a web-based notice.

2. When customers are late to pay loan or credit card bills, financial institutions can use IVR calls to contact them regarding payment. The system may also provide instructions to pay by check or automatically process a credit/debit card payment from the customer. A message is left on the customer’s answering machine if there is no response.

In these and other applications, IVR offers many advantages to the financial services industry. It reduces the cost of providing customer service and enables 24-hour access to account information. Unlike simple prerecorded messages, it can also be customized to individual clients in many ways.