Guide for Financial Services Call Center.

Financial Services Call Center Software: Complete Guide

Call centers are a critical component in providing customer support, building customer relationships, and generating (and converting) new leads in many industries – and the financial industry is no exception. With the right call center software for finance, all of that becomes much easier and more efficient. Credit unions, banks, brokerage firms, mortgage lenders, financial institutions, and other financial services companies – all can benefit from using a fintech call center software solution.

When it comes to call center software for financial services firms, certain features and functionalities are critical for the industry. In this blog, we’ll overview them in more detail, helping you select the right call center software solution for your financial business.

Call Center for Financial Services: Key Call Center Software Features for Financial Call Centers

Call routing and IVR

In the financial services industry, where the competition is extremely fierce, delivering excellent service experience to financial services customers is what can give your business a competitive edge and truly set you apart. Utilizing finance call center software with robust inbound call management features can help you do just that. With a call center solution that offers advanced call routing options (such as skill-based routing), you can ensure incoming customer calls will always be routed to the most appropriate department or call center agents.

Additionally, with an Interactive Voice Response (IVR) system, you can capture each caller’s intent to route inbound calls even more efficiently. That can ultimately help you reduce unnecessary call transfers, improve First Call Resolution rates, improve the experience for both callers and your representatives, and increase customer satisfaction.

Queue callback

Queue callback is a valuable feature to take advantage of, especially if you tend to get a high inbound call volume and your callers have to wait on hold for a considerably long time before reaching a live person. With a queue callback option, your incoming callers will be able to reserve their place in the call queue and opt for receiving a return call once an agent becomes available. And that can significantly improve their experience because long wait times often become a major source of frustration for callers.

A study by Software Advice found that waiting on hold even for one minute feels like too much for over 60% of consumers. At the same time, nearly two-thirds (63%) said they would prefer a callback instead of waiting on hold. Offering a queue callback option also helps you reduce the number of dropped calls.

Real-time call monitoring and call recording

Real-time call monitoring allows you to listen in on active calls as they are happening. As a manager, you may want to monitor live calls and hear first-hand how your team members interact with your customers or prospects for a variety of reasons, such as assessing agent performance or identifying additional training opportunities. Moreover, with call whispering features, you not only listen in on calls in real time but can also provide on-call guidance to agents without the customer or prospect hearing anything. That is an excellent way to speed up the onboarding process for newly hired agents.

Call recording is another must-have feature for finance call centers. Firstly, most businesses in the financial industry, such as banks, investment institutions, corporate finance firms, insurance brokers, and financial advisors are, in fact, required to record and securely store all conversations related to financial transactions to comply with regulations. Secondly, you can use recorded conversations for agent training purposes. With VoiceSpin, for example, you can automatically record and securely store all your call recordings in the cloud for as long as you need.

Reporting and analytics

Call center manager reviewing a dashboard filled with charts and graphs, emphasizing the importance of data in decision-making.

With call reporting and analytics features, you’ll be able to keep tabs on your team’s performance and the efficiency of your financial call center operations by monitoring various metrics and KPIs. These could be metrics like call volumes, wait times, average handle times, First Call Resolution (FCR) rates, missed calls, abandoned calls, call transfer rates, Customer Satisfaction Scores (CSAT), conversion rates, and more.

Armed with a wealth of data, you can assess your team’s performance, spot agent training and coaching opportunities, and make better-informed decisions that will allow you to improve your operations and overall finance call center performance. E.g., if you see a large number of missed and abandoned calls along with long wait times, that would mean you’d need to allocate more staff and implement queue callbacks.

Auto dialing

Many businesses in the finance industry rely on outbound calling to generate and convert leads or sell to existing customers. Naturally, the more calls your agents can make, the more deals they can potentially close. And this is where auto dialing solutions can actually make all the difference. Instead of dialing numbers manually and wasting time dialing disconnected numbers or waiting as calls go unanswered, the whole process can be optimized and streamlined with auto dialing software.

VoiceSpin’s AI auto dialer uses the power of AI and machine learning to predict which numbers should be dialed and when to optimize the chances of getting through to an actual person and minimize agent idle time between the calls. On top of that, the dialer’s lead-agent scoring and matching system intelligently connects leads to the best-suited agents based on the probability of closing a successful deal, maximizing your conversions and revenue.

Local presence dialing

Low call answer rate is one of the biggest challenges for finance call centers that are making large numbers of outbound calls. This is because when people get calls from unknown numbers, they aren’t likely to answer, often considering these as spam calls and making it harder for your reps to get through to your customers or prospects. Luckily, you can overcome this challenge and increase your call pick-up rates and the efficiency of your outbound calling efforts with local presence dialing.

Local presence dialing enables you to display a local caller ID, which is basically a number with a local area code, increasing trust with your call recipients and reducing the number of declined or ignored calls. A study by Software Advice actually revealed that people are nearly four times more likely to answer unknown calls if those are coming from local numbers.

Integrations with CRM systems

integration with different CRMs

Financial service providers, just like businesses in many other industries, are increasingly expected to deliver personalized experiences to their clients. When your call center software can seamlessly integrate with your CRM system, that can help your reps deliver more personalized experiences when interacting with prospects or customers. A CRM system serves as a single source of client data, and when your reps are able to instantly access that data right when they are making or receiving calls, they get all the context they need to personalize each interaction.

Another added advantage of such integration is that it helps your reps save much time and effort as they won’t have to constantly switch between the different systems or log calls manually into the CRM. In fact, they’ll be able to receive incoming calls and make outbound calls directly from your CRM, take notes, and add call details while on the calls without having to open a whole new platform for that.

Bulk SMS text messaging

Many call center software providers offer mass text messaging capabilities in addition to voice calling. Bulk SMS texting can truly be a valuable tool for a finance contact center, allowing you to send hundreds or even thousands of SMS messages to your recipients at once. You can use mass text messaging to send promo campaigns, time-sensitive alerts, appointment reminders, event invitations, or any other important messages to your prospects or clients quickly and easily.

Moreover, with an average open rate of 98% for SMS messages (which means you can expect that nearly 98 out of every 100 SMS messages you send will be opened), it’s an excellent way to get your messages delivered and read by your target audience, helping you drive better engagement and sales for your financial business.

Omnichannel messaging

Illustration of a contact center agent surrounded by multiple communication channel icons, all integrated into one platform.

Today’s consumers increasingly prefer to interact with businesses through digital communication channels. According to a Salesforce study, 55% of customers — including 68% of millennials/ Gen Zers — prefer digital channels over traditional ones. The same study also found that 69% of customers expect connected experiences, and 64% expect tailored engagement based on past interactions. It means that apart from providing your clients with multiple communication channels to connect with your business, it’s also critical to ensure you are able to deliver a seamless omnichannel experience across all touchpoints.

With omnichannel software for the finance sector, financial services providers can support their customers across different communication channels, such as live chat, social media, and instant messaging apps, and deliver a seamless experience regardless of the channel customers use. If you want to support omnichannel communications with your clients, look for a contact center software provider that offers omnichannel messaging capabilities.

Security and data protection

Data protection shield protecting credit cards and personal data, representing PCI DSS and GDPR compliance.

In the financial services sector, every interaction, every transaction, and every piece of data must be completely secure. That means it’s absolutely necessary for any contact center for banks and financial services to have the highest security measures implemented and ensure compliance with the relevant regulations. Your contact center software vendor must provide advanced data encryption, secure data storage, and other security measures so you can rest assured your customer interactions and your customers’ sensitive data will remain completely confidential and secure.

Leverage Financial Services Call Center Software from VoiceSpin

Financial Services Call Center Software from VoiceSpin

With VoiceSpin’s call center for financial services that is built for both client-facing and sales teams, you get all the features and capabilities you need to handle your inbound and outbound communications with clients and prospects across voice and digital communication channels:

  • Manage inbound calls effectively with call routing and IVR to ensure callers are routed to the right destination and improve the experience with queue callbacks.
  • Handle large volumes of outbound calls with an AI auto dialer that connects leads to the best-suited call center agents to maximize your sales conversions.
  • Stay on top of your team’s performance with real-time call monitoring, call recording, and advanced call reporting and analytics features.
  • Integrate your call center with 50+ CRM systems, including Salesforce, Pipedrive, and Zoho, to keep all data in sync and give agents more context in every interaction.
  • Support your clients across digital channels, including email, live chat, social media, WhatsApp, and Telegram, and deliver omnichannel experiences.

Book a demo call now and explore these and other features in more detail and see if VoiceSpin’s call center solution is a proper fit for your financial business.

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Share this article:

  • Financial Services Call Center Software: Complete Guide
    1. Call Center for Financial Services: Key Call Center Software Features for Financial Call Centers
    2. Call routing and IVR
    3. Queue callback
    4. Real-time call monitoring and call recording
    5. Reporting and analytics
    6. Auto dialing
    7. Local presence dialing
    8. Integrations with CRM systems
    9. Bulk SMS text messaging
    10. Omnichannel messaging
    11. Security and data protection
    12. Leverage Financial Services Call Center Software from VoiceSpin
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