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What Banking Institutions Need to Know for Tax Season

When tax time rolls around, customers tend to have a lot of inquiries about interest and mortgage statements. How do they affect my taxes? Can I deduct anything? How much is this going to cost? It is important that banking institutions are prepared for this influx in customer demand.


IVR Optimization

Many banks utilize effective and existing strategies to organize their incoming customer calls. Interactive Voice Response (IVR), for example, is an important tool for your organization; IVR can reroute your incoming calls so they are accurately directed to the proper extension. This will clear up any traffic that may be blocking the flow of communication. Every call is going where it needs to be and every customer is being heard in a timely manner. Make sure your IVR is up to date and functioning properly.


Call Back Options

During the busy tax season, banks can experience high call abandonment rates – if left on hold customers will sometimes hang up. Help to eliminate hold times and reduce customer irritation by allowing them to leave their information for a callback. This also will reduce the likelihood of repeat calls, which can result in losing contact with an agent. The longer it takes for the customer to get in contact with the agent, the longer you’ll have to wait to regain that customer’s trust.


Stay Prepared

At the end of the day, any preliminary work you can do will only serve to benefit you. The peak of the season begins in February and ends in April and any preparation you can do will help mitigate this influx. Reach out to particular businesses and customers that typically work with you. The earlier your banking institution can get started on taxes, the better.

Be sure to stay prepared and use all the resources at your disposal. IVR and call-back options are great ways to help curb customer demand. For more information check out our guide on how to make this tax season a success.


Author Hiya Team