Call Center Software Used for Institutional Finance


Did you know that 54% of consumers today have higher expectations of customer service than a year ago?

Although financial services are experiencing the upsurge of digitalization, 88% of people prefer to talk to on-site customer agents over the phone. One of the possible reasons for this is that when it comes to money, people want to solve their problems as soon as possible.

Whether you provide banking services, mortgages, credit services, or insurance companies, call center software will help you attract customers and inspire brand loyalty.

How can call center services help financial institutions?

Whether you are a bank, mortgage company or insurance provider, you may play a vital role in helping people better manage their funds. There are almost no exceptions, and everything you can do for your customers can be simplified and streamlined through the call center.

The call center can help customers solve various problems, such as:

  • Deposit (how to operate)
  • Withdrawal (how to operate)
  • Check their balance
  • pay bills
  • Report stolen cards and stop them
  • Determine limits related to credit cards and pre-approved loans
  • Get an insurance quote
  • Provide investment information
  • Processing mortgages, loan applications, cheque book requests, etc.
  • Activate debit and credit cards

And more…

Banks, mortgage companies, lending institutions, and investment companies can use call center services to keep their customers up-to-date and ensure that their inquiries are resolved as soon as possible.

Why do financial institutions need call center software?

Use call center software in financial institutions

With the rise of fintech platforms, financial companies face more competition than ever before.

In order to maintain sustainable development and profitability, you need a call center to handle customer inquiries and make their experience worth remembering.

The call center performs various tasks for financial institutions: providing information, submitting inquiries, and approving/rejecting transactions. However, in order to effectively achieve their purpose, they need software.

At the most basic level, call center software allows you to provide customers with 24/7 self-service options (for basic tasks such as account information, complaints, etc.). This ensures safe and uninterrupted service even outside working hours.

This The best call center software With features that help enhance the customer experience, such as interactive voice response (IVR), call forwarding, call insertion, call recording, and third-party integration.

In addition, it will route the customer to the right department and the most suitable person based on the customer’s problem.

Banks even use call center software to verify transactions that exceed threshold amounts. The software will dial the customer’s registration number to ensure that the transaction is authorized and verify or block the activity based on their response.

The benefits of call center software for financial institutions

A kind Cloud-based virtual call center software Allows you to establish a remote support team without investing in expensive hardware.

This means setting up a call center in a specific location and hiring people who are familiar with regulations and compliance issues in that area.

wait. Call center software can bring more benefits to your financial business.

  • The IVR system allows you to provide customers with self-service options for basic inquiries, such as balance information, recent transactions, etc. It can also promote the latest products.
  • The automatic call routing function can redirect the call to the corresponding department to ensure that the problem is solved quickly.
  • For outgoing calls, Power dialer function Allows you to automatically call customers. It can even enable your representatives to obtain customer account information to better meet customer expectations.
  • Cloud-based call center software can prevent service interruptions even in the event of a disaster or pandemic (such as COVID-19). Your agent can continue to provide support at home.
  • It allows you to select multiple options. This means you can choose a local number (no matter where you are) and establish a reliable local status.
  • Virtual call center software allows you to choose different numbers for different departments, making it easier for customers to find the right person. You can even choose a toll-free number to let customers call you for free.
  • By providing self-service options, support agents can be prevented from exhausting. It also provides callback options for customers who cannot wait in the queue during peak hours.
  • You can access analytics to evaluate KPIs such as call volume, peak hours, customer satisfaction, average call time and productivity (including agents and teams).
  • It allows you to record calls and then use them to increase the efficiency of your agents and train new representatives.
  • A cloud-based VoIP phone system can reduce your dependence on the IT team because your call center software provider can manage it.

is it

No wait Did I mention that call center software allows you to send text messages to customers and prospects?

Use SMS to attract and retain customers

Send SMS using call center software

95% of text messages It will be read and replied within three minutes after receipt.

If you haven’t started using SMS to attract and retain customers, now is the time.Use outgoing call center software Provide SMS function to share updates and discounts with your customers.

Kodak Mahindra Bank uses SMS to cultivate potential customers. They send their USP (zero balance savings account, no maintenance fee) and a link to open the account. Isn’t that interesting?

Credit Mantri, a credit analysis company. They ask a direct question (Does your credit score exceed 750?). It also mentions “Banks look for a score of 750+ when approving loans and credit cards“To attract customers to check their credit scores.

With advanced call center software such as CallHippo, you can use SMS marketing to attract and retain customers and keep them updated about your services.

How to make full use of the financial call center telephone system?

Merely deploying call center software is not enough. You need to follow certain best practices to get the most out of your investment.

Let’s take a look at them.

  • Use cloud-based call center software to ensure that your service will not be interrupted due to uncontrollable circumstances (for example, lockout due to COVID-19).
  • Hire skilled employees for your call center. Make sure to train them so that they understand the strengths and weaknesses of your financial institution.
  • Create a call center script To ensure a seamless and consistent experience throughout the customer lifecycle.
  • Utilize the IVR system to provide self-service options and route customers to the correct departments and agents.
  • Use the mobile application of the software provider to keep up-to-date information about interaction with customers anytime, anywhere.
  • Use features such as call logging and call barge to ensure that your customers always get the best experience.
  • Use the real-time feed dashboard to monitor your call center activity and enhance your operations when needed.
  • Use call queue, callback and voice mail functions to ensure that your customers will not leave empty-handed even during peak hours.
  • Make sure all your agents follow Best Practices for Call Centers And comply with the financial laws and regulations in your area
  • Use the data collected from the analysis to perform routine proxy analysis to improve its efficiency.

Integrate existing tools with call center systems

Call center software integration

A kind 2018 research findings An average employee wastes up to 32 days a year to switch applications.

Do you want your employees to waste as much time as possible? I guess so!

This is where integration can help. The integration eliminates the need to switch between applications and improves the efficiency and productivity of agents.

For example, CallHippo integrates with more than 85 applications. This is how it helps.

  • Zapier integration: Automate the workflow of financial services.
  • HubSpot integration: This integration automates data entry from call center software to CRM.
  • Freshdesk integration: This allows you to make and receive calls directly from CRM.
  • Mailshake integration: Run email campaigns directly and manage all your activities (texts, call logs and voice mail).

These are just a few examples of how CallHippo integration can help your financial institution.Check out The complete integration list is here.

wrap up

Companies that make up the financial services sector (such as banks, mortgage companies, credit unions, etc.) need to find a good balance between providing quality services and ensuring customer satisfaction. Cloud-based call center software can help you without additional hardware, equipment and maintenance costs.

Have you started using call center software in financial companies? If not, what is stopping you? Let us know your concerns in the comments section!

Important points

  1. Call center software can help you provide most of the services over the phone (for example, account information, payment-related inquiries, reports, processing, and activation).
  2. Help ensure customer satisfaction even outside normal working hours.
  3. Apart from subscriptions, no other investment from you is required.
  4. The cloud-based call center software reduces your dependence on the IT team to maintain and upgrade the system.


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