When it comes to any query or resolution with regards to a financial transaction people expect a quick response and query resolution. A delightful customer service and experience are like the icing on the cake. But how do banks and financial institutions achieve this? By investing in communication technology such as contact center software that makes communication easy.
A whopping 80% of customers expressed their inclination to use customer service and digital channels rather than visiting a branch physically. Therefore, it is essential for every finance company to focus on improving the contact center for financial services with the right tech aid. Contact center software is an effective technological tool for finance companies looking for enhancing customer service experience. It allows for streamlined communication and efficient resolution of customer queries and complaints.
The finance contact center enables finance companies to track and analyze customer interactions to tailor their service and provide a more personalized experience. By improving customer service, finance companies can increase satisfaction, loyalty, and revenue. In this blog, we look at the key drivers behind the rising adoption of this resource followed by the ways contact center software acts as a value-add for finance companies.
5 Reasons why finance companies need a contact center software
The success of any finance business significantly rely on customer awareness and retention to drive revenue and business growth. Contact center software can help finance companies achieve these goals by providing a range of benefits:
1. Enhances accessibility
A finance contact center system makes 24×7 assistance easily accessible. Customers get the choice of either requesting a callback or using self-service options outside of business hours. This allows customers to have their questions about financial services and products answered at a time that is convenient for them. It also shows that your business values customer convenience adding to the positive customer service experience.
2. Boosts sales through personalization
Finance can be confusing for many people. When a financial institution tries to sell every product or service to a client, it can damage customer trust. A contact center software that integrates a customer relationship management (CRM) system allows agents to provide personalized recommendations to customers who are unsure what to do. For example, a contact center for financial services may provide agents with past conversation history so that they may pick up the dialogue from where the customer left earlier.The agent may further recommend complimentary services/products by knowing customers’ previous purchases. Therefore, it significantly uplifts cross-selling and up-selling financial services/ products.
3. Implements self-service capabilities
81%) prefer to use self-service options before contacting a live agent. Financial businesses should improve their self-service options to meet customer expectations and level up their customer service. Some ways to do this are using interactive voice response (IVR) systems and chatbots as well as creating online resources such as blogs, FAQs, etc. for addressing common customer issues. Contact center software often includes multi-level IVR systems and chatbot features, and may also offer speech analytics to identify customer pain points through the detection of frequently used terms. These terms can be used as keywords to plan a content strategy that adds value for customers.
4. Offers peace of mind through enhanced security
Finance companies handle sensitive customer information and need to ensure that it is protected. Contact center technology provides an additional layer of security by enabling secure communication and data protection. It provides security compliances backed by features like end-to-end encryption and fraud prevention.
5. Saves costs for businesses
Contact center software can help finance companies save on operational costs by reducing the need for a large in-house IT and customer service team. It also enables finance companies to handle a higher volume of customer interactions, leading to increased efficiency and productivity.
How does contact center software optimize CX in the finance industry?
Contact center for financial services aims at improving customer experience by providing efficient and personalized communication channels. Using the software, businesses can avail effortless tracking and analysis of customer interactions and feedback. This helps finance companies identify and address customer needs and preferences through the following functionalities.
1. Implementing workflow automation
Contact center automation reduces the amount of manual work that agents need to do, allowing them to focus on serving customers. It enables contact centers to handle high volume of calls with few agents. For example, an auto-dialer and call routing system can help agents handle calls more efficiently and provide quicker resolutions to customer concerns. Additionally, automation using IVR and chatbots can handle simple problems, freeing up agents to deal with more complex tasks.
2. Delivering truly omnichannel experience
Providing customer support through multiple channels can be difficult for agents if they have to use multiple software or devices to respond. An omnichannel contact center software integrates all channels into a single platform, allowing customers to receive a consistent service experience across all channels. Customers may become frustrated if they have to repeat their issue when switching between channels. With omnichannel software, all conversations are integrated, so customers do not need to repeat themselves every time they speak with a customer service agent or use a different communication channel.
3. Speeding up resolution
Contact center software helps financial companies speed up resolution through call routing by directing calls to the most appropriate agent or self-service option. Using skill-based routing, calls are handled more efficiently as they are directed to the most-equipped agents. As a result, customers receive timely and accurate assistance.
It also helps financial companies manage their resources more effectively. For example, if a company has a high volume of calls, it can use call routing to distribute the calls evenly among its agents, rather than having some agents handle a disproportionate number of calls. This can help prevent burnout and improve overall agent satisfaction.
In addition, to call routing, the software may also include other features that help financial companies resolve customer inquiries more quickly. For example, it may include an automatic call distributor (ACD) that queues calls and routes them to the next available agent. Similarly, an integrated knowledge base allows agents to find answers to common questions while a self-service option allows customers to resolve their own issues. Evidently, call center software comes with multiple advanced features that help financial companies improve the speed and efficiency of their customer service operations.
4. Improving response with CRM integration
Integrating customer relationship management (CRM) software into the contact center system can help financial companies improve their response to customers. It provides agents with valuable information about the customer and their interactions with the company. For example, a financial company might use a CRM system to track a customer’s account history, including any past interactions with the company’s customer service department. When the customer calls the contact center, the agent can use such insights to provide a more personalized and informed response.
CRM integration can also help financial companies identify and resolve customer issues more effectively. For instance, if a customer is experiencing problems with their account, the agent can use the CRM integration to view the customer’s account history and identify any previous issues that may be related to the current problem. This can help the agent provide a faster and more accurate resolution.
5. Leveraging data analytics
Finance companies can use data analytics and reporting features to boost agent productivity and improve the customer service experience. These features allow companies to track and analyze various aspects of their customer service operations, such as call volume, average handle time, and customer satisfaction.
It also helps finance companies identify areas where their agents may need additional training or support.
For instance, if the data shows that certain types of calls are taking longer to resolve, the company can use this information to target training and resources in those specific areas. Moreover, it helps finance businesses enhance customer service by gaining a deeper understanding of their target audience based on specific metrics. Sentiment analytics and predictive analytics provide actionable insights into customer preferences, dislikes, and customer behavior trends. Such information helps marketing and sales teams to build campaigns that effectively boost conversion rates. Businesses can further utilize data analytics to identify and address bottlenecks in their customer service process to implement data-driven strategies to raise their bottom line.
Invest in contact center software to transform your customer relationships
Financial institutions need to ensure that they provide excellent products and services while also effectively communicating with their customers. A finance contact center software can assist with this by promoting awareness of financial services and facilitating clear communication. It optimizes the operations of the contact center to ensure that customers have a positive experience every time they contact your business.
Consequently, your customers feel encouraged to interact with your business more frequently, building brand loyalty. When customers engage with a brand, it can lead to more referrals and improved customer retention rates. If you are a financial institution looking to improve your customer experience, you may want to consider investing in HoduCC. It is a leading omnichannel contact center software that can help financial institutions increase profits through exceptional customer service. To learn more about HoduCC, visit the website.