6 ways to bank on cloud telephony for your banking business

Banks and financial institutions can invest in secure cloud telephony solutions for higher customer satisfacation and reventing frauds.

If you’re in the business of finance, here’s some great news. We can point you to a few small investments that will yield tremendous returns. Don’t look so skeptical; we’re not kidding.

What investments are we talking about?

We’re talking about investing in a few cloud telephony products that will help you improve your customer service and in turn return a high level of customer satisfaction. Improved customer relationships can be highly profitable for you, in the long run. After all, retaining happy customers is less expensive than attracting new ones. And since the NGDATA Survey shows that 42% of respondents selected ‘customer service’ as the most important factor when choosing a bank, we foresee that you’ll soon have plenty of prospects lining up to sign up with your company, if you take our advice. Overall, your banking or finance business will see good returns.

Accrue higher customer satisfaction with better service on call

Large banks and finance houses usually have well-established customer care call centers, with a huge number of agents working in shifts. But, what happens when your organization is smaller and cannot afford multiple customer service representatives to handle multiple clients calling in? The answer is simple. First ensure that you never miss another customer call – an easily achievable goal when you integrate your existing phone system, with an effective IVR (Interactive Voice Response) system.

Once you do that, all callers whether existing or potential customers, will be greeted politely, and offered a menu to choose from. Selecting from the menu will take them to recorded information that quickly answers their queries, or to an agent who can speak with them one-to-one, or to the system’s voicemail for them to leave a number that you can call back on. Callers will feel important and will appreciate the speed and ease with which they can get the information they need.

To make an even better impression, ensure that you implement a toll free number for customers to call on. When callers don’t have to pay for the minutes they spend on the phone, they are more relaxed and open to listening to your sales pitch.

Invest in more personalized customer interactions

Many cloud telephony service providers will also enable you to integrate your existing CRM (Customer Relationship Management) system with your IVR, so that you have a single platform on which to view all customer interactions. This is really convenient and enables you to personalize your conversation with a caller, based on past interactions. For example, you can see the customer’s account details and call history in one place. If he or she has been calling in to inquire about a product, but has not yet decided to opt for the product, you or your agent can subtly bring up the product or tailor an attractive offer that will push the customer to take a decision.

Ensure fewer losses through fraud, with mobile phone verification

While it is great to have more customers sign up for your services, it’s not so nice when one of them tries to fraudulently list a wrong contact number. Several things can go wrong with such a situation. First, if the customer opts for a credit card or loan product sometime down the line and then absconds, there’s no clear way of tracing the person concerned.

A key way of authenticating whether a person has listed a correct mobile number is to arrange for an automatic call back, to the customer’s phone number, when he or she lists it. The call could then play a voice-recorded message with a unique code that the customer also needs to enter. This can be done when signing up for new account online, or registering for Internet banking.

Even if the customer enters a wrong number by mistake, it is critical for the bank to catch the error early on. This can help prevent future fraud and also ensure greater privacy and security for the customer, as mobile phone numbers are often used to verify if an account belongs to a particular caller.

Save marketing costs by determining where not to spend money

If you are running several online and offline campaigns to promote your banking or financial services business, you may find it hard to figure out which ones are giving you the maximum ROI on your marketing spend. We have a solution for that. Using your cloud telephony services provider, you can allocate a different virtual number to each campaign. When a virtual number is called, it is automatically redirected to your business phone line. Each virtual number is also tracked, so you know exactly which marketing campaign prompted more people to call you. Now, all you have to do is stop spending money on the campaigns that generated very few calls.

Enable your customers to get in touch with you instantly.

Let’s say that a potential customer is looking for a particular financial product such as a loan or a mutual fund. If your online advertising and SEO efforts ultimately drive this customer to your company’s landing page, the next step is to ensure that he or she can easily connect with to have all questions answered. Implementing a small widget on your website will enable this to happen. Now, when the customer clicks on your ‘Call Now’ online button, they will either automatically be connected with an agent, or will receive an automated call with a recorded message, promising that an agent will contact them soon. This means that you don’t lose out on a prospective customer when he or she navigates away from your page.

Send payment reminders and promotional information via SMS

If your cloud telephony service provider supports the sending of SMS or bulk text messages, you can easily communicate vital information to your financial services customers. For example, you can send out a notification when a particular EMI or payment is due and you can also send out details about special offers or discounts, so that your customers don’t miss out.

In conclusion

They say that money can’t buy happiness, but some strategic spending as shown in the points above, can purchase a high level of satisfaction for your customers. In a Global Consumer Banking Survey done in 2014, customers selected ‘the way I am treated’ as the second most important reason for trusting their banking provider, the first reason being ‘financial stability’. This itself is reason enough for you as a financial services provider to look for ways to improve your interactions with customers. Go ahead and make an investment in making them feel important and watch how it ultimately improves your bottom line.

Image credit: boustanylaw.com

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