IVRS FULL FORM IN BANKING

In this article you get to know about IVRS full from and other different abbreviations of IVRS in various fields. IVRS full form refers to Interactive Voice Response System.

An Interactive Voice Response System is a technology that allows callers to interact with a phone system through the use of voice and touch-tone keypad inputs. It is an automated system that provides callers with pre-recorded messages and prompts that guide them through a series of menu options to reach the information or department they need.

Components of an IVR System

Telephony Platform: The telephony platform is the backbone of the IVR system. It includes the hardware and software that allow the system to communicate with the telephone network. The telephony platform is responsible for answering and routing calls, playing audio prompts and messages, and collecting user input.

Audio Prompts and Messages: Audio prompts and messages are pre-recorded voice prompts that guide callers through the IVR system. They provide information on available options and help callers make selections by pressing the appropriate keys on their phone keypad.

Call Routing: Call routing is the process of directing incoming calls to the appropriate department or agent. The IVR system can use various call routing strategies, such as round-robin, skill-based, or priority-based routing.

Database Integration: IVR systems can integrate with databases to provide callers with personalized information based on their account details. For example, a caller may be able to check their account balance or payment history by entering their account number.

Speech Recognition: Speech recognition is an optional feature that allows callers to interact with the IVR system using voice commands instead of touch-tone keypad inputs.

Text-to-Speech: Text-to-speech technology is used to convert written text into spoken words. It is used in IVR systems to provide callers with dynamic information, such as current stock prices or weather forecasts.

How an IVR System Works

Callers dial a phone number and are greeted with a pre-recorded message that identifies the company or organization and provides a brief overview of the available options. Callers are then presented with a series of menu options that they can select by pressing the corresponding keys on their phone keypad or by speaking a voice command. Depending on the selected option, callers may be presented with additional menu options or be routed to a live agent or department. During the call, the IVR system may collect information from the caller, such as their account number, to provide personalized information. After the call is completed, the IVR system may follow up with the caller via text message or email to provide additional information or to request feedback.

Advantages of an IVR System

Improved Customer Experience: IVR systems provide customers with a quick and easy way to access the information they need without the need to speak to a live agent. This can reduce wait times and improve overall customer satisfaction.

Increased Efficiency: IVR systems can handle a large volume of calls simultaneously, reducing the workload on live agents and improving overall efficiency.

24/7 Availability: IVR systems are available 24/7, allowing customers to access information and services outside of normal business hours.

Cost Savings: IVR systems can reduce the cost of customer service by automating repetitive tasks and reducing the need for live agents.

Personalization: IVR systems can integrate with databases to provide personalized information to callers based on their account details.

Disadvantages of an IVR System

Complexity: IVR systems can be complex to set up and maintain, requiring specialized knowledge and expertise.

Lack of Personal Interaction: IVR systems lack the personal interaction of live agents, which can be a disadvantage for customers who prefer to speak to a person.

Limited Options: IVR systems may have limited menu options, which can be frustrating for callers who cannot find the information they need. This can lead to high call abandonment rates and lower customer satisfaction.

Technical Issues: IVR systems may experience technical issues, such as dropped calls, delays, or malfunctioning prompts, which can frustrate callers and reduce the overall effectiveness of the system.

Language Barriers: IVR systems may not be equipped to handle callers who speak languages other than the default language of the system, which can limit the accessibility of the system for non-native speakers.

Impersonal: IVR systems can feel impersonal, as callers are interacting with a machine rather than a person. This can lead to lower levels of customer engagement and satisfaction.

Use Cases of an IVR System

Customer Service: IVR systems are commonly used in customer service to provide customers with quick and easy access to information, such as account balances, payment history, or service status.

Sales: IVR systems can be used in sales to provide customers with information about products and services, and to route calls to sales agents for more detailed discussions.

Surveys: IVR systems can be used to conduct automated surveys, allowing businesses to collect customer feedback and improve their products and services.

Appointment Reminders: IVR systems can be used to remind customers of upcoming appointments or service appointments, reducing no-show rates and improving overall efficiency.

Emergency Services: IVR systems can be used in emergency services to provide callers with pre-recorded instructions on how to handle emergency situations, such as medical emergencies or natural disasters.

An IVR system is a powerful tool for businesses and organizations that need to handle a large volume of incoming calls. While there are advantages and disadvantages to using an IVR system, it can be an effective way to improve customer service, increase efficiency, and reduce costs. By understanding the components, workings, advantages, disadvantages, and use cases of an IVR system, businesses can make informed decisions about whether to implement an IVR system in their operations.

Different abbreviations of IVRS in various fields are as follows

CONCLUSION:

Dear reader in this article you get to know about IVRS full from and IVRS term used in various other fields, If you have any query regarding this article kindly comment below.