Using call center software for financial services will improve customer experience.

The Benefits of Call Center Software for Financial Services

Nicholas PriceLast updated on January 2, 2024
6 min

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Financial services is an industry that depends on security, reliability, and trust. As such, it’s even more important to keep accurate records of customer interactions and provide a customer experience that fosters lasting, and stress-free, working relationships.

Call center software makes the relationships between your brand representatives and clients as seamless and productive as possible. Consumers want to work with people they know and trust. Your clients want to work with financial institutions that have a reputation for being strong, confidential, secure, and stable, especially during times of financial uncertainty or instability.

Call center software is your answer to navigating the challenges of meeting the higher standards of your financial services clients, bolstering efficiency, and accommodating a remote workforce.

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What Is Call Center Software?

Call center software for financial services is cloud-based software that connects your phone system to your CRM and other business tools to form a unified communications platform. Call center software gives you all the features of a traditional business phone system and much more. With a modern phone system and software integrations you get the greatest array of phone system features, along with the functions and capabilities you need to deliver the type of customer experience your clients expect.

Whether your financial service business has a national presence with numerous geographical locations, or it focuses on serving residents within your community, call center software gives out-of-the-box features so you can customize your solutions.

Call center software also gives you the advantage of helping your teams perform optimally whether they’re working on-site or off-site.

Call center software ensures efficiency for all types of financial service businesses including:

  • Banks

  • Credit unions

  • Lending institutions

  • Wealth management firms

  • Financial advisors

  • Brokerage firms

  • Insurance companies

Financial service companies are increasingly using cloud-based phone systems and solutions to reduce operational expenses and improve efficiency. These are the right tools to put them on pace to drive increased revenue.

Your clients have the same expectations for a great customer experience with financial service professionals as they have with any other type of business. Call center software for the financial service industry allows you to increase engagement, build trust, and ensure customer success.

Why Use Call Center Software for Financial Services

For the average consumer, financial services touch multiple facets of their lives. Competition for financial service companies is high, and when clients aren’t happy with a service, it’s easy enough to switch to a competitor. A large percentage of churn affects your reputation, impacting your bottom line even more.

Deloitte details the impact of the current economic climate on the many financial services to your clients including:

  • Personal banking

  • Commercial banking

  • Investments

  • Mortgages

  • Property and casualty insurance

  • Property management

  • Workers’ compensation

  • Life and health insurance

  • Commercial insurance

  • Personal loans

  • Credit cards

Clients rely heavily on financial service professionals to give them advice and ensure that they’re making the best possible choices to protect their income and lifestyles. They’re depending on the financial service industry to support them with issues like processing stimulus funds, offering emergency assistance, and providing relief through loan deferral and forbearance programs.

Ernst & Young Global Limited sums it up nicely, “If you want behaviors to stick, even in the current environment, it will be necessary to invest in marketing, to build awareness of the options open to customers, to share the successful experiences of new digital customers, as well as to support vulnerable customers or those that still do not feel at ease using digital channels.”

The Benefits of Call Center Software for Financial Services

With so much on the line, your financial service company can’t leave anything to chance. Call center analytics give the data to demonstrate whether your firm is running productively and efficiently so you can ensure customer success.

Call center software for financial services lets you take a customer-centric approach to accessing accounts. With the right cloud-based software and software integrations, the following 12 benefits should be available:

  1. 1. Company-wide access to caller information and call history.

  2. 2. An onsite or virtual workforce that’s capable of meeting client needs across different geographies and time zones 24/7/365.

  3. 3. Transferring calls seamlessly with a 360° view of your clients’ files.

  4. 4. Ensure communication compliance standards and regulatory standards while adjusting to the current economic climate.

  5. 5. Cost savings in equipment and ongoing costs as cloud-based services are subscription-based.

  6. 6. Providing unmatched personal service by matching clients quickly with their preferred financial advisor.

  7. 7. Delivering a consistent customer experience across all channels in every branch and location.

  8. 8. Flexibility to implement the exact software solutions you need at any given time.

  9. 9. The ability to scale your call teams to match call volumes on demand.

  10. 10. Providing an omnichannel communication experience as your representatives interact with customers on the channel their preferred channel.

  11. 11. Security is a major issue for financial clients and your call center software service provider takes care of that, so you don’t have to.

  12. 12. Ensure that your systems are reliable. Many service providers have uptimes as high as 99.99%.

Improving Call Performance for Financial Services

Exactly how does call center software work? Rather than signing into disparate software systems for CRM and financial services industry software, call center software uses pop-up bubbles so call center agents can access the exact data they need, at the exact time they need it. On the customer end, there’s little or no waiting for someone to answer their call or pull up their account.

Having a wealth of information at their fingertips allows financial service professionals to personalize every interaction with the right information using the phone, text, email, or chat at the customer’s request.

Call center software is a valuable tool for use in outbound and inbound calling. Here’s a sampling of how it can work for the benefit of your financial service business.

Outbound Calls

  • Use the power dialing or click-to-dial features to save time when making outbound calls.

  • Automate outbound calling campaigns.

  • Organize resources for sales calls.

  • Use outbound calling to upsell, cross-sell, and identify sales opportunities.

  • Use sales software to increase conversion rates.

  • Eliminates time-consuming data entry and duplicity.

  • Creates coaching opportunities (the call whispering feature is invaluable for sales training).

  • Use outbound calling to differentiate your products and services from the competition.

Inbound Calls

  • IVR systems and call routing serves your clients fast.

  • Never miss an incoming call with voicemail and call queueing.

  • Set up financial service representatives in every geographical location you represent.

  • Train call agents how to pull up customer data before they answer a call so they can personalize service.

A cloud phone system gives you all the right tools to leverage opportunities to achieve customer success for current clients and build your business, even as we’re faced with unprecedented and challenging times.

Leveraging a Cloud-Based Phone System for Financial Services

Aircall understands the needs and challenges of the financial service industry. That’s why Aircall offers a robust set of cloud-based phone system features to assist your financial service representatives in delivering personalized service that trumps the competition every time whether they’re making or receiving calls.

To mention a few phone system features available with Aircall:

  • Call routing

  • Predictive calling

  • Click-to-dial

  • IVR

  • Call queueing

  • Call transfer

  • International and toll-free numbers

  • Analytics

  • Call tagging and ticket creation

  • Call whispering

Aircall’s App Marketplace lists a host of software apps that work in tandem with your phone system features to provide a single-source platform for sales and service.

Check out these examples of software integrations to enhance your sales and customer service functions:

  • Payments – Voxpay for seamless, secure, and contactless payments.

  • Productivity – Callingly works with Aircall so agents can click-to-dial leads in record time.

  • Sales – Outreach automatically logs calls and updates prospect information on Aircall’s insight cards for instant access.

  • Syncing – PieSync automatically syncs your entire contact list with your other software tools.

  • Data & reporting – Plecto offers insights of call activity into real-time for the purposes of coaching and accountability.

  • CRM – FLG allows you to access call activity on your CRM.

  • Productivity and surveys – Typeform lets you respond to requests for calls immediately and send out surveys to assess customer satisfaction.

  • AI & transcription – Avoma to transcribe and analyze calls.

Why Aircall

Aircall provides the tools that help you turn challenges into opportunities for marketing, sales, and customer service by helping you make the most of your resources. With Aircall’s cloud-based phone system, you get an end-to-end contact center solution that provides the efficiency and transparency that’s so vital to ensuring consumer confidence in the financial services industry today.

It appears that we’ll be in the trenches of the pandemic for the foreseeable future. As Ernst & Young so aptly states, “It has never been more important to ensure the right processes are in place, and communication with customers and stakeholders including government and regulatory authorities are clear and consistent.”

Consumers are relying on their financial service partners to help them recover from their insecurities over the current economic climate. Aircall gives you the tools and flexibility to earn their trust and confidence at a cost you can afford.

Published on November 11, 2020.

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