Aaron Tech-Pro Private Limited

Phone Banking- IVR usage in Banking Transactions

IVR systems are widely used in US and Europe with the most popular usage in the field of financial transactions.

US banks have adopted IVRs’ in Personal Banking, Personal/401k Portfolio Management, Credit Card Operations and Mortgage Banking

In India except a few major banks (such as HDFC, Citibank) which provide their clients with a modest set of banking operations through IVRs’ rest of the banks do not have any IVRs. However, customers, specially the NRIs’ are clamoring for automated phone banking since they are accustomed to this abroad.

Customers see the following advantages in phone banking

IVRs are more convenient than going over to ATM and much more convenient than Internet Banking since they can be accessed anywhere, anytime using any phone. A caller gets all the information he wants in just a phone call along with a confirmation copy sent by fax/email. A caller can complete most on-cash transactions over the phone, without having to wait in lines at the ATM or at the branch.

Still most Indian banks are lagging behind in IVR implementation because of the Issues in adaptation of IVR system. TeleCanor resolves all these through state of art of technology.

Concerns on transactional security due to risk of identity theft. TeleCanor phone banking is triply secured

	1.	The system identifies the caller by his voice.
	2.	The system checks the password before the caller can transact.
	3.	It continuously checks the voice throughout the conversation and raises an alarm when there is a change in the voice.

In addition, a customer can opt to transact only from pre-registered phone numbers. In such a case, the system rejects transactions initiated from unknown phone numbers.

Concerns on network security while bringing in new systems into the IT networks. TeleCanor system does not require a place in your enterprise LAN,if you have an Internet banking website. Web Communication Engine (Web2Phone™) directly connects to the banks internet banking website extracts the information required by the caller and reads it out to him while awaiting further instructions which again are passed on to the website.

Concerns on satisfying Multilingual clientele TeleCanor system enables synthesis and recognition of many Indian languages.

Concerns on maintaining a duplicate customer self-service system. It is cumbersome to banks to redesign a clone of the existing Internet banking system in order to install an IVR system. TeleCanor eliminates the need to design logic and the need to establish data connections to secure servers since it operates from the already existing Internet banking website of the bank.

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