FinTech Businesses Need IVR Solution! Here’s Why
The majority of our daily activities have changed as a result of smartphones. In the most inventive way possible, mobile applications and portals expedite routine chores like finding a public bathroom or accessing online courses.
The way that consumers access different financial services has been revolutionised by fintech, which has played a comparable impact in banking.
What is FinTech?
Fintech (fin+tech) is an abbreviation for financial technology.
It relates to financial industry automation and technology innovation. Fintech fundamentally attempts to give clients control by offering alternatives to established banking processes.
Fintech includes crowdfunding platforms, cryptocurrencies, stock trading and budgeting apps, mobile banking, and payments.
Fintech has enabled people in locations without banking services to manage their money and apply for loans from the comfort of their own homes. It has given people the ability to be less reliant on the bureaucratic banking system and handle their own funds.
Our country, according to Invest India, is among the first to adopt fintech services. It goes without saying that fintech businesses are more important in India than elsewhere.
Why IVR in FinTech?
The IVR system's many uses and how it is transforming fintech companies for clients have been noticed. But we also need to talk about the many advantages and attributes that make the IVR system so appealing. How does technology help you with all these requirements?
1) Integration of CRM
CRM (Customer Relationship Management) can be integrated with an IVR solution, allowing your agents to obtain information from your customers before they connect. This improves customer relations by saving time and enabling the agents to be ready for the client's request.
2) Rerouting of Calls
True to the system's initial function, an IVR number can assist guide a consumer call to the chosen agent. This fosters first-point inquiry resolution, saving both parties time and effort. For example, agent X receives all approval calls, whereas agent B handles verification requests. As a result, agent A can divert the call to B for verification before moving on to the next caller in line.
3) No Need of Internet
In an economically split country like India, numerous parts are either without or have an intermittent Internet access. An IVR number only works with telephony services and requires only a phone call from the consumer, making it more accessible to a wide range of people.
4) Accessible Banking
Several places in the country, similar to the Internet issue, lack official banking infrastructures. People benefit from technology in these areas as well.
5) No Receptionist Required
An IVR number eliminates the need for a physical receptionist and outperforms a person. Furthermore, there are fewer chances of the machine making a mistake. Furthermore, it greets and accompanies your consumers through the procedures in the same way that any other attendant would.
How IVR Calling Systems Help FinTech Companies?
Know Account Balance and Verify the Credentials
It might be annoying to have to visit the bank every time you want to check your account balance, alter the PIN on your debit or credit card, or do other routine operations. By taking a few simple actions, IVR solutions assist clients in avoiding such a problem. Their personal details may be verified in a matter of seconds. They can then get or update their account details following identification authentication.
Loan and Other Services Information
Loans are a significant financial burden, and clients want to do their homework ahead of time. Contact centres are frequently their major source of information when seeking further information.
Clients who are interested in the various loans, interest rates, and other details call. To save time and guarantee thorough knowledge, it is critical that the caller be linked to the appropriate agent.
The IVR calling system directs the call based on the keyboard input and connects the call to the most appropriate person.
Card Deactivation
It is fairly normal to misplace a debit or credit card. It is vital to have your card disabled immediately to avoid theft. Your account remains vulnerable while you wait for a live professional to resolve the issue. You may just ask for the service to be deactivated using the IVR system's menu, and it will be done!
Answering Customer Issues
Customers frequently phone contact centres to complain about poor service. These criticisms make fintech companies aware of their flaws, allowing them to try to improve their operations. IVRs make this procedure more convenient for both parties.
For example, if you paid with a mobile wallet but did not receive a message, you may notify the contact centre and file your complaint using the IVR system, or even have it repaired immediately. This is how an IVR-powered contact centre may improve the customer experience.
Make Payments
Making payments used to entail standing in a big line and waiting for hours. However, payments may now be done through IVR. You may contact your bank, choose the payment option from the IVR menu, enter your information, and you're done! Payments are simple to process.
Send Reminders
Contact centres don't only take client calls. Reminders are also sent out by them. An IVR number can be used by fintech businesses to contact customers, particularly for payment-related delays.
Targeted calls can be made to customers to remind them that their instalments are due soon or that they missed a deadline. Additionally, businesses may pre-record these statements and plan for them to be sent to a consumer either after a missed payment or close to the due date.
Conclusion
IVR solutions have paved a new avenue for fintech companies much like fintech has for financial services. Its simplicity of use and audience inclusiveness make it a very attractive method.
It can manage a wide range of problems, including activations, deactivations, payments, the settlement of complaints, and reminders. A fintech business is prepared to assist its consumers in any situation thanks to its simple yet powerful technology.
An IVR number is also very simple to set up and doesn't need any elaborate infrastructure or technology. It serves as your one-stop shop for all customer service needs. Get one and raise your standards above those of your rivals!
If you are looking for reliable IVR service providers, then look no more. Office24by7 has been in this field for so long and we are completely aware of fintech industry pain points. Do not let your customers go because of mediocre customer service. Get in touch with us now.
