Interactive Voice Response (IVR) systems have been a staple in the banking and finance industry for decades. They provide an efficient and cost-effective way for customers to access their accounts, check their balances, and perform various transactions.
However, setting up an IVR system can be a complex and time-consuming process Many banks have tried to add limited IVR capabilities to traditional systems which have not meaningfully changed customer experience in years, often adding to frustration at all ends. In many cases, there is a proverbial band aid holding the whole system together, leading to frequent outages and customer backlash.
Fortunately, cloud communication platforms that offer hosted voice APIs and media capabilities (CPaaS) offer a solution to these problems, making it easier than ever for banking companies to set up advanced IVR systems which provide a superior customer experience.
Common Pain Points Experienced While Setting Up IVRs
With existing IVR systems, banking companies often face several challenges. These include:
Limited capabilities: Traditional IVR systems are often limited in their capabilities, which can make it difficult for banks to predict and promise quick SLAs
Cost: Setting up an IVR system can be expensive, especially for smaller banks and financial institutions
Integration: Even as the overall banking system becomes more digital, IVR system are often nearly impossible to integrate. A customer could experience a 21st century app and a 20th century IVR in the same day!
Poor Customer Experience: Traditional IVR systems can be frustrating for customers, leading to poor customer experience
Traditional IVR Systems vs. Key Improvements Offered by Voice APIs
| Traditional IVR Systems | Key Improvements Offered by Voice APIs |
| Limited capabilities | Advanced speech recognition technology |
| Costly to set up, run and support | Cloud based, Low setup and maintenance costs |
| Complex integration | Easy integration and upgradation with existing systems through APIs |
| Poor customer experience | Improved customer experience |
By building IVR systems using CPaaS platforms & the Voice APIs offered by them, banking companies can provide a more scalable solution with more features and deliver a better customer experience. Advanced speech recognition technology allows customers to authenticate using Voice, interact with the system in a more natural way, making it easier to perform transactions and access information. And with setup costs being low & usage costs being on pay as you go models, it makes it easier for smaller banks and financial institutions to implement an IVR system. Finally, voice APIs allow for easy integration with existing systems, reducing the complexity and time required to set up an IVR.
How EnableX Voice APIs Can Help
EnableX offers a range of voice APIs, making it easy for banking companies to set up an IVR system that work seamlessly across their backend systems. These APIs offer advanced speech recognition technology, low setup and maintenance costs, and easy integration with existing systems. Additionally, EnableX provides a range of tools and resources that make it easy for companies to get started with their IVR system, ensuring that they can provide the best possible customer experience.
EnableX is a CPaaS platform that offers a range of advanced features, including ASR (Automatic Speech Recognition), STS (Speech-to-Text), and TTS (Text-to-Speech) capabilities. These features can be leveraged by banking companies to set up advanced IVR flows that provide customers with a superior experience. With ASR, customers can interact with the system in a more natural way, using their own words and phrases to perform transactions and access information. STS allows the system to transcribe customer speech into text, making it easier for banks to analyse customer interactions and gain insights into their behaviour. Finally, TTS allows the system to generate natural-sounding voices that can be used to provide information and guidance to customers.
What’s more, EnableX is a full-fledged CPaaS solution, helping banks enable AI-powered solutions across video, voice, SMS and WhatsApp APIs.
Together, these capabilities make it easier than ever for banking companies to set up advanced communication flows that provide a great customer experience.
In conclusion, IVR systems are an essential tool for banking companies, but they can be complex and costly to set up. Fortunately, voice APIs offer a solution to these problems, making it easier than ever for companies to provide a superior customer experience. By using EnableX voice APIs, banking companies can set up an IVR system that meets their needs and provides a great customer experience. You can try building a best-in-class IVR system using our APIs today, just sign for a trial account here!
More information:
Learn about our pricing for voice API here.
Access developer documentation for voice APIs here.
Learn about how banks can use our capabilities here.
The EnableX Voice Platform is built using the best-in-class technologies and infrastructure to deliver best possible customer experience. With the use of WebRTC and SIP as the underlying real-time communication frameworks, we ensure seamless communication across IP and PSTN networks, end points and mobile devices. We offer native APIs and SDK’s along with hybrid frameworks – both for web and mobile applications including ReactNative, Flutter and Cordova to enable quick integration by developers.
