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7 IVR Use Cases for Banks

April 10, 2019

Telesign Team

It’s no secret that interactive voice response (IVR) systems can save banks time and money. An IVR is a system that allows a customer to choose from a menu of automated prompts in order to be routed to the best place to answer their questions (it could be an agent, or additional automation). You can save time by using IVR to swiftly guide customers to the right agent or automated script to solve their problem. And you can save money by automating as many simple, popular customer transactions as possible. Some of the most popular time and money saving transactions to automate for banks include:

Fraud Notifications

You can quickly and cheaply notify customers that fraud was detected on their account using outbound IVR. SMS notifications can also address this, but IVR adds the additional option of being immediately transferred to a live agent.

Overdraft notification

While never a fun notification to receive, an automated call notifying a customer that they are overdrawn helps your customer avoid any additional fees, or again, if things seem to be amiss they can be routed to an agent.

Deposit confirmation

Sometimes a customer makes a deposit and needs access to that money sooner rather than later. Your customer will appreciate a note alerting them when their funds are available.

Loan status and updates

Customers might want to call in to find out the status of their loan or any changes that may have occurred. An IVR system can help route them to the right agent or retrieve the data and play a text-to-speech message that tells them about their loan.

CD renewal

If a customer has a certificate of deposit, it might have an automatic rollover or renewal, meaning it will be deposited into a new CD. The customer may want to know this is happening. Alternatively, if the CD does not rollover or renew, the customer stops earning interest with their money. An alert is a nice customer service offering that helps your customer continue earning money.

Fee collections and notifications

If a customer is being charged a fee, owes a fee, or is about to be charged a fee, an alert using an IVR can give them the heads up they need to avoid the fee, or at least be aware it is happening so it isn’t a surprise later.


Customer feedback is important! It’s easiest if surveys are automated and occur at the end of a phone call, or if you arrange for a system to call customers to collect their thoughts, you can use this to make your customer service and engagement better over the entire customer lifecycle.

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