In today’s technology-driven world, many financial institutions are implementing the latest technology to keep up with the ever-evolving needs of their accountholders. While this is critically important, proven technology is also relevant and serves an important purpose in providing an outstanding experience for consumers.
As the shift to digital – and the increased consumer inquiries that accompany this shift – continues to expand, Interactive Voice Response (IVR) is a system that maintains an important role in the financial services industry. An automated phone system technology that allows callers to access information or complete tasks via a pre-recorded voice response system without having to actually speak with an agent, IVR typically provides a caller with a menu of prompts that they can then utilize to perform different types of actions. The caller can then interact with a software platform in order to self-service actions or tasks. Some IVR systems even incorporate advanced technologies such as natural language processing, AI and dual-tone technology to maximize their effectiveness.
In the financial services industry, IVRs can enable accountholders to pay bills, dispute transactions, report lost/stolen cards, place rewards orders, complete surveys, receive appointment reminders, make basic account changes, access account balance and transfer information and more. For credit unions, IVRs can also be utilized to facilitate outbound calls for follow-up, send collection notices via outbound calls, initiate fraud claims, provide helpdesk routing and facilitate no object certificate (NOC) assistance and routing.
Why are IVRs important?
With the rise in cloud infrastructure, the increasing adoption of advanced technology and the ever-increasing volume of calls, IVRs remain an important tool. Amid the COVID-19 pandemic, the global market for Interactive Voice Response (IVR) Systems was estimated at $4.2 billion in 2020 and is projected to reach a revised size of $6.7 billion by 2026.
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