A Smart Asterisk IVR Solution for Improved Banking Operations

Smart Asterisk IVR Solution: A Smart Solution for Improved Banking Operations

Technological advancement has brought a huge transformation in almost every sector. Even the banking and financial industry has undergone a massive transformation over a recent period of time. Almost every aspect of banking has been updated today with the latest technology. One such technological advancement in banking is the IVR solution. The IVR or Interactive Voice Response (IVR) system is a tool that helps to save a lot of time not only for the agents but also for the customers. It allows the customers to accomplish various banking activities or get a solution to their query with minimal to no involvement of an agent. This way, customers are not required to wait in queue for any kind of assistance. On the other hand, agents can focus on other important tasks related to banking instead of addressing each customer’s simple requirements. However, in the case of complex banking activities, agents play an important role to assist customers.

Brief About IVR System

The IVR system is a technology that automates telephonic interactions with callers. With the IVR system, the callers are usually presented with a recorded menu and they can respond by selecting a particular digit or sometimes by entering an extension number. The key idea behind using the IVR system is to automate a repetitive or routine task that would otherwise consume a lot of time, effort, and resources. The system also helps businesses to save a lot of their costs associated with inquiries, sales, support, collections, services, and more. Below mentioned are the 3 key benefits of implementing a smart IVR system for businesses:

  • Superior Customer Service: With a smart IVR system, businesses can attend their customers in a better manner. If customers have any kind of query, they can get a quick and informative response without having to wait for long as they are served with an automatic response system. This ultimately leads to a better customer service experience.
  • Personalized Experience: The best thing about the IVR system is that it can be configured easily to play personalized greeting messages for customers. It can also be programmed to deliver messages to the customers in their preferred language. This way the system helps businesses to provide a personalized touch to their customers and make them feel special while enhancing customer relationships.
  • Enhanced Business Image: The factors like 24/7 customer support service, personalized experience, prompt response to queries, and others contribute to an enhanced image of the business.

As the banking sector deals with a huge volume of calls on a daily basis, the use of an Asterisk IVR solution can automate the whole communication system to a great extent. The automation helps in reducing the agent’s role in attending each call and creates self-service opportunities for customers.

What Asterisk IVR Solution Can Do?

Asterisk comprises various smart features and functions that make it a popular IVR platform. Some of these features include:

  • Audio playback & recording
  • Digit collection
  • Database and web service access
  • Calendar integration
  • Optional speech recognition and synthesis

Developers can build various IVR applications with the help of the Dialplan language or via the Asterisk gateway interface. These applications can be incorporated with almost any external system. Besides, with the help of this IVR system, the banking and financial companies can smoothly deliver various functions, such as:

  • Providing account information
  • Updates on investment portfolios
  • Information about loan status
  • Providing facility for logging complaints
  • Delivering customer care information
  • Offering information about products
  • Providing telephone payment solutions

Benefits of Asterisk IVR System for Customers

Undoubtedly, the banking sector is experiencing a lot of benefits from implementing an IVR solution in terms of reduced costs, enhanced efficiency, and superior customer services. Even customers can reap the benefits of the IVR system in various ways, such as:

  • Perform safe and secure banking
  • Carry out transactions without having to speak to an agent, which saves them time and effort
  • Make payments using their preferred payment options
  • Check their account balance
  • Generate ATM Pin
  • Update contact information such as the mobile number and email id
  • Get transaction details
  • Get accurate loan status
  • Know details about credit card payment due
  • Report Fraudulent Activities
  • Provide feedbacks

The Asterisk IVR system can be utilized as both inbound and outbound IVR for handling inbound and outbound call volume. The inbound IVR can gather the data and route the call to an appropriate agent or department. Whereas, the outbound IVR can be used to communicate with customers via calls, messages, etc. without the interference of a live agent.


As the Interactive Voice Response (IVR) system eliminates the requirement of multiple live agents to attend to customer’s queries or issues, it helps to generate quick and better Return on Investment (ROI). Besides, the Asterisk IVR solution is an exceptional system that allows the banking sector to deliver the best possible customer experiences.

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