According to the recent studies conducted by the topmost bankers, there are 91 commercial banks and more than 9650 small & micro-financing institutions currently operating in India. Out of which, there are 20 Public Sector banks, and 19 of them are nationalized banks. Both banking and non-banking sectors are equally important to the growth of this country. You might be surprised to know that together they are serving the financial needs of 1.3 billion people. Their customers belong to every walk of life, be it normal netizens, educational institutes, healthcare sector, investors, builders, farmers, to name a few. They are doing a fabulous job, by fulfilling the financial and borrowing needs of a large chunk of the population in India. But when it comes to providing a great customer experience 24/7, they are facing many challenges? With 1.3 billion people to handle with a work hour limit, it is definitely a difficult task to handle. Isn’t it? The question arises here, what’s the solution for this? Thanks to Cloud Telephony. With its amazing features & support options, banking & non-banking institutions can provide 24/4 support to their customers. How Cloud Telephony can help overcome challenges faced by customers?
Customers having queries is common because not everyone is habituated with the banking system. An organization’s ability to listen to its customers’ queries and provide solutions holds the key to banking & non-banking success. However, most of the banking and financial institutions are still operating with the age-old traditional phone systems that are not meant for today’s fast-paced marketing landscape, where the issues are more complex than yesterday. Support teams of these organizations, in general, have to face a lot of turmoil in solving constantly coming queries and handling such a huge volume of calls. Luckily, cloud telephony has the technical capability to meet these challenges and make customer support more pleasant & fruitful.
What are the challenges faced & how does cloud telephony help solve them? Let’s have a look:
- The banking sector having a lack of operational visibility and accountability structures: One of the main challenges faced by these institutions is, lack of clarity & accountability of calls made by field agents. In general, what happens is field agents make calls from their mobile, so there is no trace of clarity of the calls that being made, duration, attempts to reach individuals, to name a few. It all happens due to the unavailability of a tracking & monitoring system. Monitoring agents’ performance becomes difficult.
By integrating cloud-based telephony solutions into your existing system, you can assign virtual numbers to each individual and keep track of all the incoming & outgoing calls. When an individual makes a call using his/her mobile phone, it is routed via this number and the calls are being tracked successfully and recorded automatically. It empowers your quality & control team with the authority to review the performance and outcome of calls. It also helps maintain 100% adherence to SLA compliance, quality checks, areas that need to improve, and effective management of remote agents.
- Ensuring 100% Data Security: Individuals getting access to vital customer info can possess a real threat to data privacy. When it comes to nationalized banks, security even on the tighter side. As most of the NBFC agents’ job responsibility lies on the field, the chances of data theft are high
By introducing cloud-based telephony in your system, you can deny unauthorized access to customer data. Your field agents can use the virtual number given by your VoIP service provider to request a call to any customer that the system permits and connects automatically. Isn’t that great?
- Inability to Adapt to The Remote Support: With remote working has become the new norm in the wake of Covid-19, the majority of the organizations are forced to from home, banking and non-banking institutions are not an exception. Especially when it comes to non-banking financial institutions, most of the customer support teams have gone down for a VPN set up to provide remote support. But the systems’ high installation cost, poor voice quality, flexibility, & reliability are a matter of concern for many. With cloud-based telephony, you don’t have to face such things. Non-banking finance companies can retain their toll-free number, use the same IVR as well, and route calls to field agents’ mobile through an API. The installation is absolutely free of cost, the whole setup can be done in minutes, and the best part is you can rely on it. You get HD-quality voice calling as well.
- Long halt time & call queues: Call volumes of banks & non-banking financial institutions can vary during business hours or days. On certain days, it goes beyond your capability that eventually results in long queues or calls waiting times that increase customers’ frustration levels, which is not good for any business. Keeping the growing number of banking accounts in mind, you need an advanced system that can immediately transfer calls to other live agents or staff available on the desk.
A cloud telephony system quickly transfers calls to agents available to respond, irrespective of their geographic location or the device they are using, reducing the call drop rates, long waiting time, thus giving a great customer experience 24/7.
Why Cloud Telephony Is The Future of Customer Support in Banking & Non-banking Financial Institutions?
Forget about the pandemic, don’t you think you needed an intelligent, more efficient, and secure solution for your customer support team to improve the overall experience? Well, if the banking system hasn’t realized the fact yet, then the lockdown must have made their decision a bit easier. With the majority of the workforce operating remotely and realizing the flexibility and efficiency it brings to the table, cloud telephony becoming the ultimate choice for almost every financial institution to scale up their customer experience.
With an increasing trend towards providing a better customer experience 24/7, the banking sector especially needs to improve its problem-solving capability. And, cloud telephony enables a greater centralization of banking, financial operations as a whole. How is this possible? Most VoIP service providers offer AI-based cloud telephony services to banks & non-banking financial institutions to raise the bar of customer experience with the added touch of more human-friendly techniques. This comes with a long list of benefits that eventually results in better ROI & improved brand value.
Are you a bank or non-banking finance company, looking for a reliable VoIP phone service provider that can provide you with cloud telephony services? You better off start with a VoIP package from VoIPTech Solutions. Our advanced cloud telephony system completely automates your system & enhances data security. It allows your agents more free time to concentrate on solving more complex queries. That indeed contributes to over-revenue generation by earning more customer loyalty for your brand. Our network is spread over 165 countries around the globe. Our paid VoIP Minutes plan starts at $10 per month and goes up to $20 per month. Our VoIP services come with an extensive range of features to meet your business requirements. Sign Up and get FREE $5 credit today! For more info, call: +91-6746828203.