6 Ways Banking Industry Can Cater Better Service to Millennial Customers

by Emily on May 18, 2019

in Articles

Technological innovations make things easier for people and new innovations keep replacing the old as well. Telephony has been used for decades by various types of businesses to offer service to the customers. However, telephony itself has evolved a lot. The traditional wired telephony has been largely replaced by mobile telephony and VoIP solutions- in business setups across the world. IVR integration with telephony is a trend seen in many sectors, as it is. Even banks of various sizes use IVR systems to cater to diverse customer needs.

Usefulness of IVR system in banking and financial services sector

Since its inception, the IVR system has matured a lot. They are being deployed it almost all types of businesses, including those into banking and financial services. The banking sector typically prefers using cloud-based and visual IVR systems. This is natural given the rise of the millennial- customers who prefer using smartphones and mobile devices for all their needs.

It is not without reasons that the banking and financial services providers are resorting to offering IVR systems to the customers. With time, more customers, especially the younger lot is opting for technological means than traditional ways to meet banking needs. They hardly have time to visit bank branches and prefer getting things done using the web and apps. These means enable them to get things done even when they are on the move.

Listed below are the ways IVR systems can be of use to the banking sector:

  • The reduced workload of customer care staffs – The customer care staffs of a bank have to deal with a huge number of incoming calls every day. These calls may be related to queries on banking services, grievances of customers and queries on loan etc. When an IVR system is deployed, it helps in diminishing workload on the agents. A section of calls is handled directly by the IVR.  So, in a day the agents have to deal with fewer numbers of calls- which means reduced workload.
  • Enhanced efficiency of staffs – When the customer care agents of a bank have to handle fewer calls every day, they can focus on resolving complex customer queries and grievances. They get more time to deal with each case which enhances their efficiency level. The staffs no longer have to spend time answering the basic simple queries several times a day.
  • Makes operations automated – Deploying an IVR system helps a bank in making a majority of the operations automated, as it is. When these operations are automated, they need to keep fewer staffs to execute such tasks. In fact, when the tasks are automated and the customers can get the information through Smartphone or PC, they do not even need to visit the bank branches much. The IVR system can be used to offer the customers accurate instant information on the following aspects.
  • Account balance and statement
  • Debit card pin change and card blocking
  • Password regeneration and change
  • Online grievance generation
  • Loan and financial product related information
  • Money withdrawal and deposit notifications
  • It helps instant issuer resolution – A section of bank customers prefers using IVR for instant nature. They can find information within a few seconds of using the app. This is way better than emails where they may have to wait for a day or more for getting a response. This can be more assured when they are coping with a serious issue and faster resolution and response is required.
  • It is suited for privacy – With time the systems have also become more secure and unobtrusive and that has made them well suited for deployment in the banking sector. Nowadays, many banks resort to using visual IVR system. These IVR systems are more sophisticated and offer the users more privacy while using the setup. It is especially suited for the privacy-conscious users.
  • It helps the banks reduce operational cost – With an IVR system deployed, the operational cost in banks goes down. The banks can accomplish the targets with fewer staffs and they also need to spend less in maintaining infrastructure.

What the banks can do the extract more out of the IVR system

While using an IVR can be advantageous for a bank, the system needs to be tweaked in the right ways. A top-notch IVR system can be tweaked in a number of ways and that can be helpful for the banks and their customers, as it is. This can be done in the following ways:

  • The IVR menu should have the right length. An IVR menu that is too lengthy and has several submenus within it, can frustrate the callers/ customers. It should have the option to choose the language first and the menu options for different departments or tasks.
  • The IVR menu should have the flexibility to let the customers talk to a human agent at any time. Sometimes, the callers may not find what they are looking for using the menu options in an IVR. Then they may want to talk with an agent right away. The IVR needs to be altered accordingly.
  • The banks should also take feedback from the customers to enhance the efficacy of the IVR system. While they can tweak it- the feedback of customers still goes a long way in making it work better. The feedback can be collected in many ways, including social media sites, email or online surveys etc.

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