IVR in Banking and the Financial Sector

By: Nicole Reid, Marketing Communications Specialist, Pronexus

IVR technology is becoming increasingly popular in the banking and financial industries. Nowadays most people are comfortable using the telephone to carry out daily banking functions like checking their balance and transferring funds. IVR technology has made this possible for most banks, while allowing them to decrease operational costs and improve efficiencies.

VBVoice IVR software has been used by numerous banks and financial institutions to build and deploy banking solutions including branch locator auto attendants and debt collection outbound IVR applications.

Typical phone banking services include

• Balance enquiry
• New cheque book request
• Last 10 transactions
• Mini statement by fax
• Request for full statement via fax/post
• Funds transfer
• Bill payment
• Interest rate quotes
• Foreign exchange rate quotes
• Branch location and opening hours
• New product announcements and product information
• Feedback and suggestions

Benefits of phone banking IVR:

• Provide 24/7 customer service
• Reduce operational overheads by providing customers with self service facilities
• Increase productivity
• Increase profitability
• Promote customer growth
• Improve bank’s competitiveness

Pronexus offers the tools for any bank to develop their own IVR application at a very low cost and without a lot of infrastructure. With VBVoice, you can develop a cutting-edge banking application with ease. Take a look at our Global Solutions Locator to see the list of partners who have already used VBVoice to build their banking and financial IVR solutions.