Customer Satisfaction Is the Most Significant Competitive Advantage for Financial Services

The banking industry has become commoditized. Customers’ experiences with their banks are what give one bank a competitive advantage over another, with everyone offering nearly the same products and services and little room to compete on price.

Why Do Financial Services Firms Use Call Centers

Since the financial crisis of 2008, financial institutions have been working their way back to a healthier state. After serious incidents of fraud were reported in the media, many people lost faith in financial institutions. Financial institutions are going to great lengths to regain their customers’ trust by offering new features and improving the customer experience to attract new customers and retain existing ones.

Financial institution mergers and acquisitions are on the rise, which complicates things for finance firms. Neo banks, which are banks that only provide services over the internet or through mobile apps, are also disrupting the traditional banking industry by putting banks and credit unions in direct competition. 

The primary purpose of financial institutions is to assist consumers with their financial needs. Financial institutions must also make a profit to remain viable. With the financial services industry undergoing such significant changes, a call center is a cost-effective way for banks and other financial institutions to meet their customers’ needs while also achieving their own goals and objectives. 

Customers of financial services want to be able to access and manage their money whenever they want, which is often outside of business hours. Financial services firms can use automation and software to serve customers for longer periods. A call center also allows you to serve customers in any part of the world.

On that note, different states and countries have different laws. Call center software for financial services has the advantage of allowing you to quickly set up a call center in a specific location and staff it with call center agents who are familiar with the region’s regulatory and compliance issues.

Large financial services firms with multiple physical locations benefit from redundancy in the event of a natural disaster in one of those locations. All they have to do is forward the calls to one or more of their other call centers, and their customers will not experience any service disruptions.

The Role of the Financial Services Call Center

Financial services firms, to put it simply, assist people in managing their finances. With a few exceptions, anything your financial services firm can do for customers in person can be done just as easily through a call center.

Customers can use trained call center agents to assist them with a variety of common transactions, such as making deposits, withdrawing money, checking their balances, and paying their bills. Mortgage companies, lending institutions, and investment firms can all benefit from the features of a call center to better serve their customers. A certified financial service professional is required to assist or monitor certain types of transactions. When a customer has a genuine need to speak with someone, call center software can direct them to the most appropriate person to assist them in a single transfer. 

A financial services call center’s overall goal is to improve the customer experience while also assisting your company in running more efficiently. 

The Advantages of Using Call Center in Financial Services

A cloud-based phone system also includes voice calling features that alert you when a customer calls, ensuring that you don’t miss an opportunity to assist them. You can be sure to serve customers as efficiently as possible with features like voicemail, call queue, and queue callback.

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

Because cloud-based call center software allows you to set up toll-free and international phone numbers, you can give your company a global presence and serve customers from all over the world.

The power dialer feature makes it simple to dial phone numbers in rapid succession when making inbound or outbound calls. All customer account information is displayed in pop-up windows on the call center agent’s screen. When they’re speaking with a customer, they have access to all of the customer’s information.

Financial services call center software also provides many other advantages to your financial services firm.

Here’s what you can expect:

  • Assists you in achieving customer service demands.
  • Saves money on IT because your call center software provider handles the majority of it.
  • Customer calls are forwarded to other offices that provide various financial services.
  • Allows call center representatives to communicate with customers through a variety of channels.
  • Allows you to record phone calls for later review and context.
  • Provides you with the ability to establish a local presence by using your own toll-free and international numbers. 
  • Allows you to rely less on staff by providing customers with self-service options.
  • If a natural disaster strikes, your business will not be forced to close.
  • With features like the power dialer and click-to-dial, you can make more calls in a shorter amount of time.
  • Allows you to assess metrics such as call volume, average call times, productivity, and more using dashboard analytics.
  • Allows you to set up a virtual call center and work with remote or distributed teams.
  • Allows you to use a fully functional contact center.