How Fintech Startups Can Scale Customer Support with Cloud-Based Phone Systems

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A fintech, short for “financial technology,” refers to a business that uses digital tools and platforms to deliver financial services to customers. Unlike traditional financial institutions that usually have physical branches, fintechs primarily rely on digital technologies to serve their clients, often with little or no in-person interaction.

Needless to say, this digital-first model demands a high level of customer trust. One of the best ways to build this trust is by offering high-quality, responsive customer support. When customers know they can rely on your company for quick, efficient, and knowledgeable assistance, they are more likely to trust you with their financial needs. 

But in order to offer top-tier customer support, you need to have the right tools in place—especially when you’re in the startup phase. As your company grows, these tools must be scalable to keep up with your evolving needs.

This is where cloud call centre systems come in. Unlike traditional phone-based systems, which tend to be rigid and costly to expand, cloud-based solutions offer flexibility and scalability. With them, your fintech startup can continue to deliver a high standard of support that builds customer trust, no matter how big your company becomes. 

In this article, we’ll look at how cloud-based phone systems can help fintech startups both seamlessly scale and enhance the efficiency and effectiveness of their customer support operations.

Challenges Fintech Startups Face with Traditional Phone Systems

Traditional phone systems, such PBX (Private Branch Exchange), systems have been a fundamental part of business communications for a long time. But many are increasingly ill-suited to the demands of modern, fast-paced industries like fintech.

Here are some of the specific challenges that growing fintechs face with traditional phone systems.  

High Costs

Traditional systems, such as PBX require substantial initial investment in hardware, cabling, and installation. On top of the initial costs, there are ongoing maintenance expenses including regular servicing, repairs, and updates. For growing fintechs, these costs can be a major financial burden.

Limited Scalability 

Scaling traditional systems typically means purchasing additional hardware, reconfiguring infrastructure, and possibly bringing in external professionals to manage the changes. This process is not only costly but also time-consuming, making traditional systems poorly suited to fintech startups experiencing rapid growth. Fintechs need agile solutions that can expand with them effortlessly and without significant delays.

Inefficiency and Lack of Integration

Traditional phone systems typically operate in isolation. They don’t integrate with other critical business tools like customer relationship management (CRM) software, helpdesk platforms, or analytics tools. 

This disconnect can prevent customer support teams from delivering the best possible experience. For example, without quick access to customer data during a call, agents can struggle to provide timely, personalised solutions.  

Inflexible to Customer Needs

Traditional phone systems often lack the flexibility to manage customer interactions across multiple channels. If customers decide to switch channels — say, from a phone call to email or chat — there’s no continuity in their experience. This can frustrate customers, who expect a seamless transition between communication methods without having to repeat themselves or start over every time they interact with your support team.

Vulnerability to Physical Disruptions

Traditional phone systems rely on on-site hardware, which is susceptible to various risks like power outages and natural disasters. In the event of such disruptions, service can be lost until repairs or replacements are made. This downtime can be costly for fintech startups financially and reputation-wise.  

Limited Feature Set

Traditional phone systems also often have a more limited set of features compared to cloud-based solutions. They may lack advanced functionalities like call analytics, interactive voice response (IVR), and as we saw earlier, the ability to integrate smoothly with other business tools and systems. These limitations can reduce operational efficiency.

What are cloud-based phone systems?

Cloud-based phone systems, which are sometimes known as Voice over IP (VoIP), are basically phone systems that use the internet and cloud technology to receive and make calls.

They function by converting voice data into digital packets that are then transmitted over the internet.  The primary infrastructure that enables this technology is often located at an offsite data centre managed by the provider. 

Benefits of Cloud-Based Systems 

Cloud-based phone systems offer a flexible, scalable, and cost-effective solution for fintech startups looking to enhance their customer support operations. Here are some of the key benefits.

Cost Efficiency

As mentioned, the primary infrastructure of cloud-based systems is hosted offsite by a third party at an offsite facility. This means businesses don’t have to invest in costly on-site infrastructure therefore. They also don’t have to worry about maintenance, repairs as well as upgrades — the provider typically takes care of that. 

Additionally, most providers also operate on a subscription model allowing startups to pay only for the services they need. This pay-as-you-grow model helps fintechs scale their support operations efficiently, adjusting costs in line with their growth rather than committing to substantial upfront investments.

Scalability 

Cloud-based systems offer unparalleled scalability. As your fintech start-up grows, the system can quickly expand to accommodate more users and handle higher call volumes without the need for expensive infrastructure upgrades or major disruptions to your workflow. Essentially, your customer support can evolve alongside your business, adapting seamlessly to meet increasing demand.

Seamless Integration with Business Tools

Cloud-based phone systems integrate effortlessly with other essential business tools, such as customer relationship management (CRM) platforms, helpdesk and marketing software.

For example, CRM integrations allow customer support agents to instantly access customer data, transaction histories, and past interactions. This access enables faster call resolution and ensures that customers receive personalised support, which is vital for maintaining trust in the fintech space.

Advanced Tools for Enhanced Customer Experience

Cloud-based systems come with various features that significantly enhance the customer experience.  Features like IVR (Interactive Voice Response) and intelligent call routing, for example, help direct customers to the right agent or department quickly, reducing wait times and improving first-call resolution rates. 

Here are some additional advanced features offered by cloud-based systems that are unavailable with traditional phone systems. 

• Voicemail-to email

• Call whispering and barging

• Call monitoring

• Call recording

• Call analytics

Omnichannel Support

62% of customers want to be able to interact with companies across a variety of channels, according to research. In addition, 77% of consumers want firms' internal teams to interact and collaborate so they don't have to repeat themselves when seeking assistance.¹ 

Cloud-based systems provide a unified platform that integrates multiple communication channels phone, email, chat, and SMS. This allows customers to switch between them without losing continuity. For example, a customer can start a conversation via live chat, then follow up with a phone call. 

Thanks to omnichannel set up, the customer experience remains consistent and seamless every time, as the agent has access to the entire conversation history. 

Flexibility and Mobility

Cloud-based phone systems are accessible from any device and from anywhere with an internet connection. This flexibility and mobility is important for supporting remote and hybrid work environments — which are quite common in fintech. This means your customer support staff can provide vital services from anywhere, whether they’re in the office, working remotely, or traveling.

Quick Implementation

Cloud-based systems are typically much quicker to implement than traditional phone systems. There’s no need for complicated on-site installations or configuring physical hardware. This allows fintech startups to get up and running almost immediately, without prolonged delays. 

How Aircall Helps Fintech Startups Scale with Cloud-Based Support

Good customer support is key to building customer trust in the fintech space. Cloud-based phone systems offer the flexibility, cost efficiency, and advanced features that startups need to provide responsive, high-quality support at any scale. 

Aircall offers a cutting edge, cloud-based customer communication platform that’s designed to meet the dynamic needs of modern businesses, including fast-growing fintech startups.

With features like seamless CRM and helpdesk integration, intelligent IVR and call routing, call queuing, call coaching, call analytics, and many more, Aircall helps streamline your customer support operations and empowers you to deliver world-class support experiences to your customers in and out of your dedicated fintech call centre.

Additionally, Aircall's easy scalability ensures you can maintain consistent, high-quality support, no matter how large your company becomes. 

Start a free demo with Aircall today. 

Khoros. Must Know Customer Service Statistics of 2024. https://khoros.com/blog/must-know-customer-service-statistics

Published on December 10, 2024.