Customer service

Why Do Financial Services Companies Use Contact Centers?

Product User 22/11/2022
Clock icon 3 min
Why Do Financial Services Companies Use Contact Centers?

Consumers have many options to access digital banking and other financial services. However, a call center streamlines sales and customer service operations.

In many ways, customer experience (CX) is driving transformation within the financial services industry and with a contact center they have a greater ability to collect information about their customers and get to know them better. In this way, you can personalize your services and offer good advice.

Why Do Financial Services Companies Use Contact Centers?

In an effort to regain the trust of their customers after the 2008 crisis, financial institutions are doing their best to offer new features and improve CX to acquire new customers and retain existing ones.

Mergers and acquisitions of banking companies are on the rise, and that makes things even more complicated for finance companies. In addition, neobanks, which are banks that provide services only on the Internet or through mobile applications, are disrupting the traditional banking industry, as they increase competition.

With such significant changes in the industry, a contact center is a cost-effective way for banks and other financial institutions to meet the needs of their customers and achieve their own goals and objectives at the same time.

Financial services customers want to be able to access and manage their money whenever they want, often outside of normal business hours. Financial services companies can reap the benefits of automation and software to serve customers during extended hours. In addition, a contact center in the cloud also allows you to serve customers in any geographical location in the world.

What Is the Role of the Financial Services Call Center?

Trained agents at these types of contact centers can help your customers with a wide variety of common transactions, such as making deposits, withdrawing money, checking balances, or paying bills. Mortgage companies, lending institutions, and investment firms can also take advantage of call center features to help their customers efficiently. Certain types of transactions require assistance or supervision by certified financial services professional. In times when a customer really needs to speak to a person, the call center software can route them to the most appropriate person to help them in a single call.

What Are the Benefits Provided by a Financial Services Call Center?

A cloud-based phone system offers features like voicemail, call queue, and queue callback, serving customers as efficiently as possible.

With the right call center software, digital banks and other financial institutions can also use interactive voice response (IVR) systems and automated call routing features to automatically direct customers to self-service options.

Because the call center software is cloud-based, it allows you to set up international and toll-free phone numbers to give you a global presence and serve customers anywhere in the world.

Also, in order to make incoming or outgoing calls, the automatic dialing function makes it easy to dial phone numbers in quick succession. Pop-ups bring all user account information directly to the contact center agent’s screen. When they talk to a customer, all their data is at their fingertips.

What Additional Advantages Does it Bring?

  • Stay up to date with customer service demands.
  • Save on IT costs – your call center software provider takes care of most of them.
  • Route customer calls to the appropriate agents or appropriate departments.
  • Allow agents to communicate with customers using multiple communication channels.
  • Record calls for further context and review.
  • Establish a local presence using your own toll-free and international numbers to give you a local presence.
  • Rely less on staff by offering self-service options for customers.
  • Make more calls in a shorter period of time with features like auto dialer.
  • Access analytics to assess metrics such as call volume, average service time, productivity, and more.
  • Improve agent performance and training.

Companies in the financial services industry play a very important role, since when they are successful; it improves the economy in general.

Banks, mortgage companies and other companies that make up the financial services industry have to find a balance between offering a good customer experience and doing what is best for the business. With a cloud-based phone system and VoIP integrations, you get the added benefits of flexibility, scalability, and reliability.

These tools will help your financial services business remain competitive and lay the foundation for a profitable future and sustainability.

Bell icon Subscribe Hearth icon Ask for a demo