Interactive Voice Response System

In general, the term 'bank' means an institution, which holds a banking license. Bank, a subset of the financial services industry, is a financial institution that provides banking and other financial services. Usually, bank regulatory authorities grant banking licenses and provide the rights to conduct the most fundamental banking services such as accepting deposits and disbursing loans.

Nowadays, due to heavy competition in the field, banks provide a variety of money, investment and related financial services mainly to attract the general public to their banks. The primary operations of banks include accepting deposits, keeping money safe, allowing withdrawals when needed, issue of cheque books, provision of loans and mortgages, issue of credit cards, anywhere banking, ATM facilities, etc.

Banking from home, otherwise called Virtual Banking, allows the customer to do transactions bypassing the bank's branches and ATMs. In the case of Internet banking, the customer can transact without any need to contact the bank staff. For this facility, only thing is that the customer should have the sufficient IT infrastructure.

One main reason for the heavy competition in the banking sector is that virtual banking has changed the way people bank in many ways. In the past, people used to open a bank account when they first started work and sticked-on with that bank for the whole of their lives. Now, it is much easier to move an account, a mortgage or a loan from one bank to another. So, the number of loyal customers of a bank has come down drastically because many customers look at what other banks are offering and change their account if they find a better deal. So, the financial institutions especially banks are coming up with more and more attractive offers and value added services mainly for two reasons - to keep their customers intact and to attract other banks' customers.

IVR based automated information system is the latest addition in the list of a bank's value added services. This system not only provides the latest accurate information to the customers at their fingertips but also eases the job of bank's personnel resulting in enhanced productivity, reduced paper environment and streamlined staffing. Some value added services that any bank can offer its customers using Xtend IVR are given below:
Account Balance Enquiry | Cheque Book Request | Mini Statement Enquiry