How are the IVR Calling System Helping Fintech Businesses?

What Does Fintech Mean?

When you put the two words together, you get fintech, which means “financial technology.”

It alludes to the use of cutting-edge technology and automation in the banking industry. By offering new and innovative alternatives to conventional banking services, fintech ultimately aims to put the power in the hands of the consumers.

Fintech includes platforms for crowdfunding, digital currencies, stock trading and budgeting apps, mobile banking and payments, and more.

Thanks to financial technology, people in places without convenient access to banks may manage their money and ask for loans online. Users are now able to handle their money with less help from the cumbersome banking system.

Invest India claims that our nation is one of the most rapidly embracing fintech services. Therefore, it is no surprise that fintech firms have a larger impact in India than elsewhere.

To manage customer needs and streamline customer care operations in an industry worth $2.4 billion is no small task.

Cloud telephony is the solution to this problem. IVR calling systems simplify access to financial services for customers.

What precisely is IVR?

Interactive Voice Response (IVR) is a call-forwarding service that directs customers to the most qualified agents based on their inquiries and keystrokes.

If a customer rings in to complain, they will hear a prerecorded voice and then be given a series of alternatives, such as “Press 1 for product information, Press 2 to speak to an agent.” Following the user’s selection, the IVR transfers the call to the appropriate representative.

Because it acts as a virtual receptionist, an IVR calling system helps resolve conflicts more effectively from the outset. The wait times are cut down and the customer service is improved.

While this is certainly amazing, you may be wondering how an IVR service contributes to better financial services. Consider some of the potential uses:

Fixing Customer Grievances

Customers often voice dissatisfaction with a company’s service by dialing the contact center’s phone number. The financial industry benefits from these concerns because it becomes more self-aware. Interactive voice response systems facilitate this for those involved.

If you paid with a mobile wallet but didn’t get a confirmation, you may call the customer service line and file a complaint using the interactive voice response system (IVR), or even have the issue repaired immediately. An IVR-enabled call center may do this for its customers.

Verifying Credentials and Checking Account Balances

It may be a hassle to have to visit one’s bank for the most routine of errands, such as checking one’s account balance or updating one’s debit or credit card PIN.

When using an IVR service, users need to take almost any action at all. Both the verification of their identity and the logging of their request happen concurrently, taking just a few seconds in total. After passing the security checks, users will be allowed to see or modify their account details

To remind people by sending them reminders

When consumers call, contact centers do more than simply answer the phone. Likewise, they will send out reminders. If a fintech company has to contact its customers, particularly to inform them of payment delays, it may do so by providing an IVR service.

Targeted calls may be made to customers whose payments are coming late or who have already missed a payment deadline. This kind of statement may be pre-recorded and sent out by businesses either before the due date or later if a payment is late.

Financial Aid and Associated Methods

Customers like to be well-informed before taking on the substantial financial commitment that is a loan. Contact centers are often relied upon as the first point of contact for those seeking further information.

Clients who are interested in our services often contact us to learn more about our available loan options, interest rates, and other terms and conditions. The caller must be routed to the appropriate agencies so that time is not wasted and thorough information is provided.

The call is transferred to the most competent agent based on the information provided by the caller into the IVR calling system.

Put a halt to using debit and credit cards

It’s not difficult to lose a debit or credit card. Get the card stopped right now to protect yourself from identity theft. While waiting for a live person, your information is at risk, however, you may easily have the service disabled by using an interactive voice response (IVR) option. Very easy and fast to do.

Disbursing Funds

There was a time when paying for anything required hours of waiting in line. However, you may now pay using the IVR service. Simply dial your bank’s toll-free number, follow the prompts for making a payment, and then provide your account number and PIN. Processing payments is easy.

Wrapping It Up

If you are looking for an IVR service provider, then there is no better option than Office24by7. For more details, contact us on +91 7097171717.

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