What Is IVR Banking?

The financial industry has been going through a period of rapid change over the last decade. There has been a range of technological innovations put in place. These innovations have made an enormous difference. One difference is the introduction of IVR banking. IVR banking software helps customers by dealing with their questions without taking up the time of an agent. Since the system is fully automated, agents are free to work on more complex tasks.

What Is IVR Technology?

Interactive Voice Response technology automates telephone interactions with callers. With an efficient and effective IVR system in place, a company can reduce its costs. A company will see reductions in the costs associated with collections, service, sales, inquiries, and support. It is no wonder that the financial sector has seized on IVR banking technology as a useful service.

Since financial institutions regularly receive large volumes of calls, IVR systems can be invaluable. They can reduce the time associated with individually handling each call. Traditionally, IVR systems use prerecorded voice menus and prompts to offer options and present information to callers. Touch-tone telephone keypads are then used to gather a response. IVR solutions are now being implemented by many institutions. These include nationalized and small banks and credit unions.

IVR fulfills more than 70 percent of the thousands of telephone calls financial institutions receive monthly. While operators still receive calls for complex issues, the IVR software can easily deal with the simple ones.

What Can an IVR System Achieve?

IVR systems for financial institutions can offer a number of functions. These include:

  • Provision of account information
  • Offering updates on investment portfolios
  • Reporting on loan statuses
  • Allowing for logging of complaints
  • Offering customer care information
  • Offering information about products
  • Offering telephone payment solutions

The Benefits for Consumers

While financial institutions can reap the benefits of reduced costs and improved efficiency, consumers can also receive benefits. Consumers can benefit from safe and secure banking. They can also carry out transactions without having to speak to an operator. This saves them time and effort. They can also make payments using their preferred payment options at a time and place to suit them. While this is good news for consumers, it is great news for financial institutions as well. It means that they’re more likely to receive payments on time. The easier it is for consumers to make payments, the faster the money comes in.

How Can BillingTree’s IVR Solutions Help?

Finding the right payment solutions for financial institutions isn’t always easy. However, BillingTree offers a cutting-edge and fully comprehensive selection of payment processing options to suit all financial institutions. With customizable and unique solutions paired with advanced technology, BillingTree can help financial institutions to gain greater efficiency. Meanwhile, customers and members can receive a more satisfying experience. When your institution chooses BillingTree to be a payment partner, the number of accepted payments will increase. Also, customer and member relationships will be vitally strengthened.

BillingTree’s secure IVR payment option is effective and user-friendly. There is no easier way for financial organizations to receive payments in full and on time. Our IVR solution is an agentless, hosted payment system that customers can access 24/7. This makes it flexible and convenient – an easy way to make payments. While BillingTree’s system is suitable for all organizations to use, it is especially beneficial for financial institutions. Credit unions and small financial organizations can really reap the benefits. With BillingTree’s highly secure IVR system on board, companies can facilitate payments and collect more money more rapidly.

Accessing BillingTree’s IVR System

It is possible to access BillingTree’s IVR gateway through a toll-free telephone number. Alternatively, it’s possible to route it from an existing phone system. When callers arrive at the gateway, they hear a prerecorded script and call flow. Institutions can choose between a custom-recorded option or a prebuilt system. This ensures that each organization can offer its callers the desired experience. Then, it is possible to capture IVR payments via a touch-tone prompt and validation of account data.

BillingTree improves efficiency and increases automation. It also lowers the overall costs of providing customer service. Even better, thanks to the complete compliance that BillingTree offers, all sensitive data will be well-protected. The IVR system can accept both credit cards and ACH payments. This makes life simpler for callers. It also reduces the expense of providing support services after hours. The IVR system is also entirely integrated with BillingTree’s own payment processing platform. This means that customers can enjoy a wealth of payment channels.

When you adopt BillingTree’s IVR banking systems for your small financial institution or credit union, you can experience many benefits. Reliability, cost-effectiveness, and complete compliance are at your fingertips. There’s no better way to improve the experiences of your members or customers.