The Significance of a Contact Center for Financial Services

The financial industry has its essential features, such as the necessity for excellent customer service, customer success, availability for clients, high satisfaction rate, and perfect data security. These factors make call center software for financial institutions, such as banks, lending institutions, or credit unions, a must-have option.

Where is the connection between call center software for financial services and the traits of the industry? The answer is simple: all essential features of a financial business are about customer service and its quality. Customers of any financial institution want to get the perfect service provided by skilled and trained professionals - because this service is about their money. 

For a client of a bank or any financial institution, it’s vital to have an opportunity to call the agent and get up-to-minute information about his finances, no matter the circumstances. Customers of such institutions are self-sufficient individuals, so they can easily switch from one company to another if the service won’t fit their expectations. 

Your goal as a top manager is to create all the conditions to provide brilliant, ideal personalized service to be confident that the clients are fully satisfied and are ready to continue the cooperation with you and the business. 

Why does a financial call center for an insurance company or bank have no alternative? What are the main benefits of a financial services contact center? How to improve your call center in the banking sector? Which essential options should be included in call center software for financial services? 

So many questions, but so few answers? That could be so if we wouldn’t write this guide for you. Scroll further to learn all about the financial services contact center!

The financial call center is a must. But why? 

As we have written above, there is a strong link between the financial industry’s requirements and the options offered by the financial services contact center. When we say that perfect customer service is necessary, we mean that it has to be fast, problem-solving, personalized, adaptable, and cover all aspects of customers’ needs and wishes. 

The financial industry operates with a very touchy resource - people’s money or valuable property(if it is an insurance niche), so a client expects an exceptional attitude for his values and himself as an individual. You can’t provide financial service without live communication, because the essence of the deal is too complex and has many various nuances to be discussed without the participation of an experienced, and what is even more adored, trusted professional. 

Despite the live conversations, a call center in the banking sector has no alternative cause for some other reasons. We’ll describe each of them in detail to provide you with all the required knowledge about the importance of customer service and customer success in the call center. 

Client service quality is the priority

Service standards in the fintech industry are more demanding and complex, as well as customer demands are growing from time to time. Contact center agents are permanently trained not only to provide great service through phone or email, but to comply with regulatory requirements, navigate changes in the market, and know the product perfectly. Clients also want to have access to all operations even during non-working hours, because the management of their values is their absolute right. One little mistake can cost one client - for a sample, McKinsey research states that more than 30% of high-net-worth clients changed their bank because of poor financial advice. 

What about contact lines, 71% of clients want to have a variety of available communication channels. 51% of clients rated social network communication channels as an excellent choice, while 48% of people gave the same score to online messaging. Chatbots are also highly adored. 

What is in summary? Customers want more communication channels, especially digital and self-service ones to be able to get information on their own and solve routine problems without the agent’s participation. Digital transformation is also expected, but here the question of data security appears. 

What can you as a manager consider? Contact center software for financial institutions is a complex solution that opens new digital channels for the customers, includes self-service options, provides a high data security level, and in addition creates new opportunities for phone call assistance. This is the answer to why the financial call center can’t be replaced by any other solution in the fintech niche. 

24/7/365 service

People want to have access to their values, no matter when and where. Financial services depend on customer expectations and wishes, so a business needs to provide the service expected by a client - or such service will be proposed by a competitor. It’s unreal to keep operators online for 24 hours and 7 days a week…or it’s real? 

Cloud-based call center solution is the key to providing round-clock service. There are two paths to it: either you hire employees from different time zones or night shift workers, or you use digital channels to provide service while living employees are not online. 

The first approach is costly but more pleasant and effective. Imagine that a customer has to do a big payment at night because of force majeure? He will need verification through an agent, or even changes in his payment limit. You can make these functions work both through IVR or chatbot, but if the call will be processed by a living agent, the interaction will be finished faster and with no client’s nerves lost. 

Cross-selling and upselling options

Almost every valuable deal in the fintech industry is finished during the live conversation. The specifics of this business make the customer come for a discussion with an agent to discover all aspects and details of the deal, no matter what it is - a loan, deposit, credit cards issuing, or insurance. 

This feature opens numerous opportunities for cross-selling and upselling. Let’s imagine - a customer comes for car insurance, but his car is premium-class and he’s going to use it for riding offroad in mountains. Here is a great chance to offer him upgraded CDW (CASCO in EU) insurance that covers such problems as damage to the car body even if they have been caused by the driver’s fault. Think of it - how possible is it that he agrees to pay more but be sure that his car will be repaired no matter what can happen?

For cross-selling financial call center also works great. For example, a banker is asked to make an early closing of a business loan, so he can conclude that a client has some free funds and offer him a profitable auto leasing or a loan, maybe even wrapped in a personal offer wrapper. 

Contact center software for financial institutions can greatly assist in these sales methods because it is integrated with CRM and provides agents with relevant information about past clients’ purchases, orders, or customer interactions, so they can easily construct a suitable proposition for them.

Capitalize on the opportunities

It can be a little surprising that we’re talking about business growth opportunities in the context of call center software. Nonetheless, it has what to offer for this goal. Let’s determine, what should you do first for capitalizing on the opportunities? Research the market trends? Look for industry giants? Copy tactics from bigger or more influential markets? 

These approaches have a right to exist, but they are not a good starting point. The first thing to focus on is customer feedback - their expectations, complaints, wishes, thoughts, recommendations, and even critics. This information is fundamental to understanding where you have to move the business forward. Do the customers complain that there is no interactive map on the website? Develop it. Do clients say that your competitor offers the annual insurance markdown? Sit down and calculate if it is profitable and how it can boost customer retention to prolong the customer lifecycle. Do buyers wish for some new contact center services provided by you? Create a plan for the development of these offers. 

Target dissimilar audiences

In financial industries, services provided differ widely. As a result, targeted audiences also vary by their social status, purchasing power, wishes, and needs. How can a financial services call center help target them?

There are two ways for it: outbound sales and inbound sales. The first method is often criticized, but no one can doubt its effectiveness. When we talk about outbound sales, we don’t mean calls only - use email, SMS, messengers, and other digital channels to warm the leads. The efficiency of outbound sales depends on the quality of the leads and tactics of communication with them, not on the method essence. 

Inbound marketing is also actual for the fintech niche, it can be organized as a blog or segmentation of the website’s pages by the services offered. In this way, chatbots can perform - ask the customer about his needs when he enters the website, and offer him relevant links to the products he can be interested in. 

The banking call center importance is clear. But what real benefits does it offer? 

The list of benefits is really wide, so stay prepared for a long story. To clear the case, we are talking about cloud-based call center software for financial institutions, so the first benefit you need to comprehend is that you don’t need any hardware to set it up - and we can assure you that the hardware price is as huge as scary.

The next benefit is the ability to cover all time zones and provide 24/7/365 service that is highly expected and adored by any customer. This can be organized by hiring night shift employees or hires from other countries. As follows from this point, the business isn’t limited in choosing a workforce management model - no matter if it is office-based, remote or hybrid. Another advantage of hiring people from various countries is that they can be acknowledged with local laws and regulations, so you will be sure that the service is provided in compliance with the law. 

To make the benefits description easier for you to read and understand, we’ll put the rest benefits in a numbered list:

  1. IVR system - self-service option to do routine operations line change PIN, get the current balance, find out the status of the previous request, etc. Can be also a great option if you use a proactive approach - then during the IVR interaction, a client can hear the announcement that his issue is being resolved;
  2. Automated call routing to connect with the most relevant agent or department in a few seconds;
  3. Auto dialer for outbound sales that also ignores busy calls, invalid numbers or can be set up for redialing;
  4. Local Caller ID to make clients trust you as the numbers used for outbound calls will be shown with local codes;
  5. Higher agent productivity and satisfaction because of fewer routine tasks (thanks to self-service tools and automated options like IVR or IVA), remote work opportunities, and other useful functions, such as call scripts or CRM calling;
  6. More data to collect and analyze thanks to call recording and monitoring tools;
  7. Automated surveys on every phase of an entire customer journey can assist to discover customers’ needs, wishes, and preferences;
  8. The multichannel or omnichannel approach includes different contact lines to segment and covers more audiences - no matter the age or social status, or even geolocation;
  9. Pay-for-use model - you don’t need to pay for options you don’t need in the software plan;
  10. Third-party software integration to perform faster and better;
  11. Ability to do outbound marketing through email, SMS, or calls.

Aren’t you stunned with such a number of benefits in one complex software package? Add here an all-in-one interface, that is intuitive for both agents and managers, and easy scale-up option by ordering more accounts from vendors (it is done in a few clicks), and other features which can boost overall performance, and customer satisfaction rate, and experience. This is more than enough to think of choosing a cloud-based call center software for financial services. If you want to find out all features of such a complex solution, go through this link and request a demo version.

Secrets of how to boost the financial call center performance

Even though call center software for financial services is the most complex, well-designed, and multi-option solution, you have to know some tips on how to use it in the right way to achieve the highest results and get as much impact as possible. These tips can boost the overall performance, increase agents’ productivity, heighten the customer experience and satisfaction scores, improve customer self-service providing and just bring more deals or help to retent existing customers. 

The financial call center is not only about customer support - it can be the greatest assistant in outbound sales. To perform outbound calls with high efficiency and without unnecessary routine tasks, follow these rules which are put into a list:

Outbound marketing:

  1.  Use the Power dialing mode or the Predictive dialing mode to process as many leads as possible and furnish agents with high unload up to 80% of the working time; 
  2. Try auto-dialing without workers' participation, just based on the AI to test the ground for further actions;
  3.  Use predictive dialing intelligent algorithm to call the debtors, not only the Power dialing mode; 
  4. Start different test cold calling campaigns to measure effectiveness and try your hypotheses;
  5.  Use outbound calling to upsell and cross-selling.

Inbound marketing:

  1. Use and put more effort to design unique, easy-in-use, complex, and fast-to-pass IVR menu; 
  2. Look closely to avoid abandoned calls;
  3. Make time for agents’ training and coaching;
  4. Cover as many time zones as possible.

Other recommendations:

  1. Create more opportunities for self-servicing, such as IVA, chatbots, well-constructed knowledge bases, and FAQs;
  2. Integrate third-party software like CRM or billing applications;
  3. Provide customer surveys on the website and by phone or IVR;
  4. Create and maintain as many preferred channels as possible;
  5. Hear the customer feedback and meet their expectations;
  6. Look closely for a First Resolution Rate and don’t let it be lower than 85%;
  7. Test the agents to make sure they know the products and services well;
  8. Invest in operators’ soft skills improvement;
  9. Use call scripts and CRM data;
  10. Improve voicemail, email, and SMS options to be confident that every customer has received the info he needs.

There are numeral examples and tricks to improve overall financial call center performance. The key to success is to use all features you have and find a balance between different methods and tactics. Even if you are not a fan of outbound telemarketing, it is a great option to find new sales opportunities or to discover the needs and wishes of the target audience. You can doubt your actuality for young people, but there is nothing difficult about creating and maintaining social networks which cover a big part of the younger audience. There can be a discussion about the necessity to train agents’ soft skills, but the reality is that without them the customer service is quite poor. Try to come to this issue from every side and choose the contact center solutions which suit your business the best. Every company is unique, but there is a long list of tips that may be used to improve the financial call center performance, so it is not that problematic to find those which fit the most. 

Integrate third-party digital tools with your financial call center

The workers waste more than a month per year while they are swapping between various apps, tabs, or software interfaces. Could you imagine that your staff has an additional vacation annually - because what is another name for useless surfing between dozens of tabs? But there is no employee’s fault, only the fault of bad technological equipment. Years have passed since the all-in-one call center solutions entered the market, but some managers still avoid them without any reason. Yes, it is still the most popular situation when you use a call center solution from one contact center software provider and CRM from another company. But have you known that there is no problem to integrate them? 

The well-crafted contact center software for financial institutions has an option to integrate third-party software using API. This concerns to CRMs, helpdesk systems, billing, and so on. This ability eliminates the need to spend days (and now you know it’s not a joke) swapping the tabs or apps, so more time is free for constructive call center activity.

It is problematic to downplay the benefits of integrating a CRM system, for a sample. It allows agents to see all the data about the exact customer when he comes with a call, call leads directly from the CRM interface if such a need appears, etc. Imagine how will the performance of the financial call center be boosted if the operator will see the last purchases or interactions of a customer or his survey answers and evaluations of past customer service? It is way more willingly that he will provide better client service or even convince the customer to make a new deal.

Billing integration is also significant to ease the customer life and make his operations process faster and without any issues. 

API integration isn’t limited to only CRM or billing tickets but works for dozens of different apps like HubSpot, Freshdesk, Hootsuite, and so on. The limits are set only by the call center software developers. 

In conclusion

A call center in the banking sector is a must-have option that has no alternatives and competitors. It allows providing round-the-clock service, boosts CX, Average Call Times, and CSAT rates, creates opportunities for upselling and cross-selling, and can be used both as an outbound and inbound marketing platform. Customers expect the call center to have various channels of communication, such as social media, chatbots, IVR system, IVA, living agents, and email. Fitting clients’ wishes is essential in the banking industry because high-net-worth clients can easily change their service providers. 

A banking call center has many benefits, which are mentioned above in detail. Tips and tricks to boost overall performance and main scores are also put in a separate paragraph. The essential solution is to integrate the financial services contact center with other apps, like CRM or billing tickets. 

Finally, the performance of the banking call center depends on the quality of call center software for financial services. You should choose a vendor attentively. And to dispel your heavy thoughts, we offer to get to know our solution better by using this link. You can be sure that people who know that much about financial services can’t offer you a bad deal!

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