The Role Of Conversational IVR In The Banking Industry
The customer experience is paramount in the banking industry. If customers aren’t satisfied with their interactions, they will switch banks—which could cost a company lots of money. One way to improve the customer experience is by offering banking services with a conversational IVR.
For example, the Nun Arabic Conversational IVR by IST will ensure your customer experience isn’t compromised by language barriers. The voice-based customer service solution makes it easier for non-Arabic-speaking customers to interact seamlessly with your bank. This blog post will discuss how conversational IVRs can help banks improve customer experience and retention.
Conversational IVR and its role in the Financial Industry
The role of conversational IVR in the banking industry is to provide customers with consistent and personalized service and experience. Some of these personalized services are:
- Provide quick and accurate customer service
- Account opening
- Management offers and promotions
- Billing and statement management
- Loan application and approval
- Service requests and inquiries
- Other transactions that require customer service and identity verification
Traditional vs. Conversational IVR
There are many ways to improve the customer experience, but knowing which method will work best for your organization is important.
Traditional IVR systems are designed to answer simple questions using a computer-generated voice that is often difficult to understand.
Customers get frustrated with this service call, and get often hang up before reaching a human representative. Therefore, Traditional IVR systems cannot always provide the customer service needed in today’s competitive world. They often have problems with call abandonment and cannot handle multiple requests from a single call.
They are designed to present customers with menus and options by pressing phone buttons. The traditional IVR systems are often criticized for being impersonal and for not providing a human touch.
However, the new conversational IVR calls for a paradigm shift in how organizations interact with their customers. It is no more about automated voice systems; instead, it focuses on having an actual conversation.
Conversational IVR is a key tool for improving customer experience and retention. It allows banks to address all of their customers’ needs through one channel.
For instance, the Nun Arabic Conversational IVR differs from a traditional IVR because it allows callers to interact with the menu in their own words. They use their Arabic dialect and voice commands in the way they prefer.
This technology replaces push-button menus and empowers customers to navigate through the IVR tree using only voice commands. The commands combine with artificial intelligence to understand human speech and route calls.
They can even complete tasks without needing a live agent. Conversation can be about anything from opening an account or asking for a balance inquiry to configuring their personal preferences.
The conversational IVR system provides an attractive and intuitive user interface for customers. It also helps improve their overall experience by providing answers to common questions or requests through automation.
Benefits of Nun Arabic Conversational IVR
It’s no secret that conversational IVR technology will also be important in Fintech. The industry is a growing segment of our economy that relies on digital services to deliver innovation at lightning speed and scale.
Nun Arabic Conversational IVR can provide key benefits like reducing costs while improving customer satisfaction through:
IVR allows customers to state their needs in their own words, including complex queries. Our software understands the meaning behind customer queries. The technology will ask additional questions to understand if a query is ambiguous. This results in a human-like dialog between customers and software.
Nun Conversation IVR comes with a wide range of services and intents. It is carefully designed for the Banking industry to comply with your organization’s compliance and security requirements.
AI-Powered Arabic Speech Generation
Conversational IVR can be used as a virtual bank teller. It can accurately interpret currencies, formats, names, and numbers using interactive voice response systems built with artificial intelligence (AI). The system can automatically convert Arabic speech into text and generate an appropriate response. It is built using a neural network to recognize and classify sounds in spoken Arabic.
Conversational IVR As a Virtual Banker
For banking customers, the most important factor in determining loyalty is accessibility. If customers can’t get help when needed, they are likely to leave and go elsewhere.
For example, suppose a customer wanted to apply for a mortgage today using an interactive voice response system. In that case, they’d have trouble navigating through all the options available without human interaction.
However, imagine if there was an AI-driven virtual banker who could guide customers through each step of the application process? This solution would save time and reduce frustration among applicants who require assistance from time to time during complex processes.
Conversational IVR is a cost-effective solution to solve customer service problems at an affordable price in any financial company. There are many benefits of using this technology. It saves time and money, improves accuracy in handling calls, provides precise data about every call made through the system, etc. Most importantly, it helps you connect with your customers better by giving them more options to choose what works best for them!