Role of IVR Calling System in Fintech Businesses

Smartphones have changed how we accomplish most tasks. Mobile applications and websites have transformed basic duties like finding a public restroom and applying to college. A few mouse clicks bring you everything you desire. Fintech has replaced conventional banking, offering greater convenience and choice.

What is Fintech?

"Financial technology" is "fintech". The word describes advanced financial technology and automation. Fintech offers innovative services that give customers greater financial control. Payment processing systems, mobile banking applications, stock trading platforms, personal financial tools, and crowdfunding websites are fintech.

Fintech allows rural residents without convenient bank access to handle money and apply for loans online. It's made individuals financially independent and less reliant on delayed banks.

Invest India says India is a top fintech adopter. India's fast-growing economy is an ideal market for fintech businesses. In a $2.4 billion market, meeting consumer needs and streamlining customer service must be difficult. Cloud telephony is significant now. IVR calling systems simplify client access to financial services.

IVR Definition.

"Interactive Voice Response" (or "IVR") reroutes customer calls depending on the caller's difficulties and inputs. If a client calls to complain, they may hear a prerecorded voice and be offered options such as "Press 1 for product details, Press 2 to talk to an agent." The IVR transfers the call after the user's selection. As a virtual receptionist, IVR software improves first-contact problem-solving. It improves service and reduces wait times.

You May Ask How an IVR Improves Finance Services.

Procedures and Loan Information

Customers like to be well-informed before making such a substantial financial commitment as a loan. Contact centers are often relied upon as the go-to hub for information.

Customers who are interested in our services often contact us to learn more about our available loan options, current interest rates, and other terms and conditions. Connecting the caller with the most appropriate agent is crucial for maximizing efficiency and providing the most accurate information possible.

The call is then transferred to the most appropriate agent based on the user's input into the IVR calling system.

Put a halt to using your debit or credit card

It's easy to misplace a debit or credit card. The faster you have your card banned after discovering suspicious activity, the better. When waiting for a live representative, you may simply utilize the IVR software menu to request that the service be turned off, making your data unprotected the whole time. Concise, productive, and speedy.

Resolving Financial Obligations

Long lines and hours of waiting were formerly necessary when making a payment. Payments, however, may now be made through interactive voice response. You only need to dial your bank's toll-free number, navigate the automated voice response menu, and enter your account information. Dealing with payments is easy.

Repairing Dissatisfied Customers

Unhappy customers often make phone calls to contact centers. Fintech companies benefit from these concerns because it draws attention to where they fall short so they may enhance their services. Interactive voice response systems facilitate this for all parties involved.

If you paid using a mobile wallet but didn't get a confirmation, you may call the customer service number, leave a message using the interactive voice response system, and perhaps have your issue handled right away. Better service for customers is one of the many benefits of an IVR-enabled call center.

Verifying Financial Standing and Authorization

It might be inconvenient to have to visit one's bank for the most routine transactions, such as checking one's balance or updating one's debit or credit card PIN.

Users of IVR software need to do just a few simple actions. A verification of their identity and a recording of their request both take place in a fraction of a second. They may then see or modify their account details after passing the authentication process.

A Method of Informing Others of an Upcoming Event

Customers' calls aren't the only ones that come into contact centers. Reminders are also sent out by them. If a fintech company wants to contact its customers, particularly to inform them of payment delays, it may utilize an IVR number.

Phone calls may be made to specific customers whose payments are coming due or who have already missed a payment. These messages may be pre-recorded and sent out by businesses either before or after a client's payment is due, in case the consumer forgets or is late.