Streamlining Operations: A Guide to Implementing Call Center Software in Banking, Financial Services & Insurance

Modern call center software for banking is equipped with features such as IVR, real-time analytics, automated call routing, integration capabilities, and more that can improve the customer experience in theBFSI sector.

According to a McKinsey report, financial institutions that focused on improving customer experience could attain a 15-20% increase in sales conversion rates, a 20-50% decline in service costs, and a 10-20% improvement in customer satisfaction. This research establishes that customer experience is a crucial determinant of success in the BFSI industry.

But how can BFSI companies improve upon this determinant considering the rising customer expectations and competitive environment? Though there may be different approaches to achieving this objective, there is one area that companies can’t afford to ignore, i.e., the call center.

Call centers or contact centers are the primary point of contact between businesses and customers and thus influence customers’ perceptions. This article will explore the role of these centers and how their operations can be streamlined with the help of advanced call center software for banking. 

The Role of Call Centers in the BFSI Sector

When it comes to the BFSI sector, there are two important points to remember. Firstly, financial awareness may be low in a developing country like India leading to confusion about financial jargon and processes. Secondly, as customers’ money is involved in the business transactions, increased efforts may be required to gain customers’ trust. This is where call centers come into the picture. They can facilitate consistent and immediate business-customer interactions which can allow customers to reach out in case of any queries as well as assure them that their money is safe.

Listed below are the key use cases of call centers in the BFSI sector:

» Handling a Wide Range of Inquiries

Call centers in the BFSI sector handle a variety of inquiries, from account information and transaction details to loan applications and insurance claims. The diversity of these inquiries necessitates a system that can manage them efficiently.

» Primary Touchpoint for Customer Support

For many customers, the call center is the first point of contact with their financial institution. A seamless and positive experience here can significantly influence their overall perception of the organization.

» Impact on Service Quality

The quality of service provided by call centers directly impacts customer satisfaction and loyalty. Efficient call center operations can enhance service quality, ensuring customers’ needs are met promptly and effectively.

The Need for Call Center Software

A call center is an essential component of the customer experience strategy because of the above-mentioned functions. Now the question arises: why do businesses need to integrate their call center operations with advanced software solutions? 

The need for call center software for banking arises due to the fact that customer expectations are rising and traditional call centers are facing various challenges:

• High Call Volumes
• Long Wait Times
• Inefficient Call Routing
• Limited Access to Customer Information
• Lack of Integration with Other Banking Systems

These challenges can hinder the effectiveness of customer support and overall operational efficiency. The next section will explore the different features of call center software for banking that can solve these challenges.

Features of Call Center Software for Banking

Call center software solutions are constantly evolving and new improvements are coming up. Most modern software like the one offered by Exotel offers the following features:

» Automated Call Distribution (ACD)

Automated Call Distribution (ACD) and routing systems are designed to handle incoming calls and route them to the most suitable agents based on predefined criteria such as agent skills, availability, and customer needs.

Distributing calls to the agent who is best equipped to handle the specific inquiry leads to faster resolution times and minimizes the time customers spend waiting to speak to an agent.

» Interactive Voice Response (IVR)

Interactive Voice Response (IVR) systems use pre-recorded voice prompts and menus to interact with callers and collect information. This allows routine inquiries to be handled without human intervention.

IVR facilitates self-service and helps handle a larger number of queries with the same number of agents. This leads to lower operational costs and frees up agents to focus on more complex and value-added tasks. Moreover, IVR systems can operate around the clock, providing customers with access to information and services even outside of regular business hours.

» Real-time Analytics and Monitoring

Real-time analytics and monitoring tools provide insights into call center performance metrics such as call volume, wait times, and agent performance.

With real-time analytics, managers can make on-the-fly adjustments to reduce wait times and improve service levels. They can identify trends and patterns in call center operations, enabling better decision-making and strategic planning. Immediate feedback also facilitates continuous improvement.

» Unified Communications

Unified communications integrate various communication channels, including voice calls, emails, chats, and social media, into a single platform.

Agents can switch between different communication channels without losing context, ensuring a smooth customer experience. It also supports better internal communication and collaboration among team members. Moreover, a holistic view of all customer interactions leads to more informed and effective responses.

» CRM Integration and Knowledge Management Systems

Integrating call center software with Customer Relationship Management (CRM) systems gives agents immediate access to relevant customer information. Knowledge management systems provide a repository of information and resources to assist agents.

As a result, agents can quickly access customer history and preferences, allowing for more personalized and effective interactions. Further, knowledge management systems enable agents to find answers and solutions quickly, reducing resolution times.

Benefits of Call Center Software for Banking

Consider that a BFSI company has automated its call center operations with Exotel’s call center software. As mentioned already, it will help overcome challenges such as long wait times, high call volumes, inefficient call routing, limited access to customer information, and lack of integration. But, what does this translate into?

The following points highlight the final outcomes that a BFSI unit can expect from the integration of call center software in their business:

» Enhanced Customer Experience

Call center software improves customer experience by reducing wait times, providing personalized service, and ensuring that inquiries are handled efficiently and accurately.

» Improved Operational Efficiency

Automation and intelligent routing streamline call center operations, reducing the workload on agents and allowing them to focus on more complex tasks. As a result, costs are reduced and productivity is raised.

» Better Compliance and Security

Modern call center software includes features to ensure compliance with industry regulations and protect sensitive customer information, enhancing overall security.

Providing Customers with Best-in-Class Experience: How Can Exotel Help?

Implementing call center software for Banking, Financial Services, and Insurance (BFSI), is essential for managing diverse inquiries, improving customer support, and enhancing operational efficiency. By addressing the challenges faced by traditional call centers, this software ensures a seamless and positive customer experience, ultimately fostering trust and loyalty in financial institutions.

Exotel’s Gen-AI-powered omnichannel cloud contact center software is the most advanced offering in the market. It is equipped with features like smart IVR, advanced dialer, live monitoring, automated call distributor, seamless integrations, etc., that can significantly transform business operations. Leading companies like Zerodha, HDFC Bank, and ICICI Bank have experienced the power of Exotel’s contact center solution to provide best-in-class service to customers.