Today, banking business landscape has changed owing to fierce competition from existing banks and entrance of non-traditional firms. As customers demand more control and convenience over banking services, satisfying their needs has become much more challenging and complex for banks. At the same time, enhanced regulation has increased government intervention and supervision in banks.
Taking into consideration the above mentioned challenges, banks need to adopt smart IT solutions and make way for business model transformation to drive growth and innovation. Banks must create a flexible and agile banking environment that can quickly respond to new business needs by modernizing and transforming their systems and processes. And to do this, there is no better way than adopting cloud telephony system. It helps banks develop new customer experiences, enable effective collaboration and improve speed to market.
Investing in cloud telephony systems not just helps in upgrading customer service but it also enhances customer satisfaction. As banking commodities offered by all firms are more or less same, the level of customer experience delivered is the only differentiating factor for customers to choose or stick to a particular bank. So, delivering superior customer service has become utmost important for banks to survive in this highly competitive market. Also, it helps in retaining customers and we all know that keeping happy customers is less expensive than adding new ones.
Let’s have a glance how implementing cloud telephony improves customer experience in banks:
Provide Remarkable Service on Call to Earn Enhanced Customer Satisfaction
Large banks with huge IT budgets generally have full-fledged call centers with a huge number of agents working day and night to attend customer calls and offer a class apart customer service. However, same is not the case with smaller firms who can’t afford multiple agents to handle the pool of customers calling in. But with the availability of cloud telephony, even small businesses can ensure that they never miss any customer call. By integrating their phone system with an IVR system will allow them to interact with every caller without requiring any human intervention.
An IVR system greets and opens the front door for clients. Callers are offered a menu to choose from, wherein they can select their preferred option for self-service or choose to speak to an agent for resolving complex problems. In case, none of the representatives is available to speak to the caller at that point in time, the caller is taken to a voicemail where he can leave his number and a preferred time to receive a call back from the bank. This will save your customer’s time and ensure higher customer satisfaction as they get the desired information with ease.
In addition to this, implement a toll-free number for customers to call in will keep them from paying expensive phone bills. When a caller is not being charged for his call, it will give you a better opportunity to present your sales pitch and also give you a more professional appearance.
Personalized Customer Interactions
By integrating your existing CRM (Customer Relationship Management) system with your IVR, you can offer a more personalized experience to callers as all the customer details and past interactions are visible on one place. Addressing the customers by their names and not letting them repeat their personal details will create a good impression on them. Personalized communication helps in building deeper relationships with customers, thereby increasing sales. For example- if the customer has earlier called in to inquire about a product but did not purchase it, you can intelligently bring up the product or mention about the current offer running on the product in the next call. This might push the customer to take a decision in your favour.
Use Mobile Phone Verification to Prevent Fraud
It is possible that some of the customers mention a wrong contact number and this can lead to severe problems going forward. If a customer chooses to take a credit card and fraudulently list an incorrect number, it will not be easy for banks to trace the person in case of absconding. Automatic call back feature can help in dealing with situations like these. While authenticating a customer’s phone number, banks can arrange for an automatic call back to the listed number which will play a voice-recorded message with a unique code which the customer will have to enter when signing up for registration.
If the number entered by the customer is wrong, banks will be able to catch the error and prevent fraud. This will also ensure privacy and better security for genuine customers.
Allow Customers to Reach Out to You Instantly
Suppose a customer is seeking to take car loan and reaches your website to look for the same. Though you have mentioned every detail about the process such as current interest rates, loan calculator and related information on the website, the customer can still like to connect with one of your representatives to have any additional questions answered. Implementing a “Click o Call” widget in your website will easily enable this to take place. When clicked by a visitor, this widget initiates a call to bank’s agent or allows him to enter a phone number to get a call back. This will ensure that interested customers don’t navigate away due to lack of information and thus improves sales conversion rates for the banks.
Use SMS to Send Payment Reminders and Other Promotional Stuff
Cloud telephony supports sending of bulk SMSs to a big list of prospects and customers. With one click, banks can easily communicate important information and current offers and promos to the prospective clients. Also, when a customer’s payment is due such as monthly credit card bill payment, you can send them timely reminders to prevent him from paying interests. Sending relevant information to customers on timely manner will help in increasing their loyalty towards your brand.