Smartphones have transformed the way we perform most of our tasks. Mobile applications and portals fast-track mundane tasks in the most innovative way\u2013\u2013from something as basic as looking for a public restroom to availing online education. Everything is just a click away.<\/p>\n
Fintech has played a similar role for banking; it has revolutionized the way people access various financial services.<\/p>\n
The word fintech (fin+tech) literally means financial technology.<\/p>\n
It refers to automation and technological innovation in the finance sector. Fintech essentially seeks to transfer control to the customers by providing alternatives to traditional financial practices.<\/p>\n
Crowdfunding sites, cryptocurrency, stock-trading and budgeting applications, mobile banking, and payments are all examples of fintech.<\/p>\n
Owing to fintech, areas without banking provisions can now handle their funds and apply for loans from the comfort of their homes. It has empowered users to be less dependent on the bureaucratic banking system and manage their own finances.<\/p>\n
According to Invest India<\/a>, our country is among the fastest to adopt fintech services. It goes without saying, then, that fintech companies are more relevant in India than in other places.<\/p>\n However, with an industry size of 2.4 billion dollars, there is no doubt that dealing with client requests and streamlining customer service operations must be quite a feat.<\/p>\n This is where cloud telephony comes into the picture. IVR systems<\/a> make fintech solutions convenient for consumers.<\/p>\n You may wonder how. Let\u2019s start with the basics.<\/p>\n IVR, or Interactive Voice Response, refers to a service that reroutes customer calls to relevant agents, on the basis of their concerns and keyboard inputs.<\/p>\n For example, if a consumer calls to register a complaint, they will first be greeted with a prerecorded message and then presented with a list of options\u2014 \u201cPress 1 for product information, press 2 to talk to an agent.<\/em>\u201d<\/em> Once they make a choice, the IVR redirects the call to the assigned agent.<\/p>\n Acting as a receptionist, an IVR system facilitates higher first contact conflict resolution. It also reduces wait times and enhances customer experience.<\/p>\n While all of this is impressive, you might wonder how an IVR number helps improve fintech services. Let\u2019s look at the various applications possible:<\/strong><\/p>\n Loans are a big fiscal responsibility and customers like doing their research in advance. To gain more information, contact centers are often their primary source of information.<\/p>\n Interested clients call to inquire about the various loans, interest rates, and other specifics. It is imperative that the caller is connected to the right agent to save time and ensure that comprehensive knowledge is delivered.<\/p>\n IVR system routes the call according to the keyboard input and connects to the best-suited representative.<\/p>\n Going to the bank every time one wishes to check their account balance, change their debit\/credit card pinks, or for any other basic tasks can be bothersome.<\/p>\n With an IVR, customers need only follow very few steps. Within a matter of seconds, their personal information gets verified and their request is registered simultaneously. Post identity authentication, they\u2019re able to access or update their account information. Identity verification<\/a> processes facilitated by IVR systems ensure secure and efficient handling of customer data, reducing the risk of unauthorized access.<\/p>\n Consumers often call contact centers to complain about unsatisfactory services. These complaints make fintech businesses aware of their shortcomings and can strive to improve their operations. IVRs make this process easier for both parties.<\/p>\n For example, if you paid through a mobile wallet but didn\u2019t get a notification, you could inform the contact center and register your complaint over the IVR system or even get it resolved then and there. This is how an IVR-powered contact center can provide consumers with a better experience.<\/p>\n Contact centers don\u2019t just receive calls from customers. They also send out reminders. Fintech companies that wish to reach out to consumers, especially about payment-related delays, can make use of an IVR number.<\/p>\n Customers that have instalments due soon or have missed a due date can be reminded via targeted calls. Companies can also pre-record these statements and schedule them to be sent to a customer near the due date, or after in case of a missed payment.<\/p>\n There was a time when making payments involved standing in a long queue and hours of waiting. However, now, payments can be made through IVR<\/a>. You can call your bank, select the payment option from the IVR menu, provide your credentials and voila! Payments can be handled simply.<\/p>\n Losing a debit or credit card is not a hard thing to do. To avoid theft, it is crucial to get your card blocked immediately. All the while you wait in the queue for the live agent, your data remains vulnerable\u2014you can simply use an IVR menu to ask for the deactivation of the service. Simple, efficient and quick.<\/p>\nWhat is an Interactive Voice Response?<\/strong><\/h2>\n
1. Information About Loans and Other Procedures<\/strong><\/h3>\n
2. Checking Up on Account Balances and Verifying Credentials<\/strong><\/h3>\n
3. Redressing Customers<\/strong>\u2019\u00a0Complaints <\/strong><\/h3>\n
4. Sending Reminders to People <\/strong><\/h3>\n
5. Making Payments<\/strong><\/h3>\n
6. Deactivate Debit\/Credit Card Operations<\/strong><\/h3>\n
Why Use an IVR Number?<\/strong><\/h2>\n