Businesses in the financial services industry, such as banks, credit unions, mortgage lenders, insurance providers, and others, must strike a balance between satisfying customers and acting in the company's best interests.

Financial service companies also receive the added advantages of flexibility, scalability, and dependability with a cloud-based contact center. They can cut considerable costs for hardware, equipment, and maintenance.

The Presence of A Contact Center in Financial Services

After the 2008 financial crisis brought numerous significant cases of fraud publicized in the media, many people lost their trust in financial institutions. To regain customers’ trust, financial institutions are trying to offer new products and enhance the customer experience. Therefore, it can win back the trust of its consumers to attract new ones and retain their current ones.

Recently, neo banks - a new term referring to banks that only offer services online or through mobile applications, have become more popular. This new way of banking disrupts the traditional banking industry as neo banks intensify competition for traditional credit unions and banks.

The Role of A Contact Center for Financial Services

Companies providing financial services are crucial in assisting customers with money management. With few exceptions, a financial services contact center can accomplish anything the financial services business can accomplish for clients directly. 

Customers can get assistance from trained contact center agents with many procedures, including deposits, withdrawals, balance checks, and bill payments. The elements of a call center can also be used by mortgage companies, lending institutions, and investment organizations can also take advantage of the contact center to serve their clients effectively.

Some certain transactions require a licensed financial services professional. The contact center software can direct customers to the most helpful individual in a single transfer when they actually need to speak to someone.

A financial services call center's overall goal is to improve customer experience and assist your company in operating more smoothly.

The Benefits of The Contact Center for Financial Institutions

Banks and other financial institutions can leverage automated call-routing features and interactive voice response (IVR) systems in the contact centers to automatically guide clients to self-service choices with the correct call center software.

Since the contact center software is cloud-based, you may create toll-free and international phone lines to give your business a global presence and the ability to serve clients from any location.

The power dialer tool makes it simple to quickly dial several phone numbers for either inbound or outbound calls. The agent's screen receives all customer information via pop-up windows. All of the customer information is available to them at all times when they are chatting with a customer.

The contact center also brings additional benefits for financial service companies. Below are what you can expect:

  • Enables call center representatives to communicate with customers through various channels (call, video call, live chat, email, social media, etc).
  • Offer the freedom to use remote teams and set up a virtual call center.
  • Enables you to access dashboard statistics to evaluate parameters such as call volume, call duration on average, productivity, and many other factors.
  • Offers clients the option of self-service, allowing you to rely less on personnel.
  • Allows you to record calls so you may listen to and review them later.
  • Provides features like the power dialer and click-to-dial to place more calls in less time.
  • Reduces IT expenses because your call center software vendor handles the majority of them.

>>> Read more: 6 benefits of the contact center for businesses

Financial Institutions Using Stringee’s Contact Center

Prudential

Prudential's app integrated with Stringee's video call solution

Prudential Vietnam is a member of Prudential Group, the world's leading financial group established in 1848, headquartered in the United Kingdom with a long history of business, development, and commitment to long-term investment.

The insurance company uses Stringee Call API to integrate a feature of call and video conference API to add video calls on its internal app between agents and managers. Stringee’s solution was applied to 150 voice channels and 50 video channels. 

The contact center can also be integrated with the insurance company to share screens for document sharing when video calls with customers. Instead of face-to-face meetings, staff will share screens and consult with customers right on video calls. On the screen, there will be file types such as contract, and NDA, ... Employees can share details of the contract through the screen, and answer questions for customers. 

Shinhan Finance Vietnam

Customers will use the iShinhan app to video call market staff to create small loans. Although the loan is small, it still needs appraisal. 

Usually, the staff will be the person to directly meet the customer to determine information such as residence, contract, invoice related to the place of residence, and verify the information shared.

With Stringee call API and eKYC (OCR, FaceMatching, and Liveness detection), customers can use the i-Shinhan app to make video calls for preliminary assessment before sending it to the appraisal staff and disbursing funds to customers.

Hanwha Life

Case 1: Using StringeeX integrated with Hanwha Life core system to display customer information.

Hanwha Life Vietnam uses StringeeX, connected to Hanwha life's Core system to display customer information and assist customer service staff in capturing information to quickly handle customer issues.

When a customer calls, the staff's StringeeX screen will display a Popup with full information about the customer (taken from the core CRM), so that the staff can quickly know the product the customer is using, the encountered problems, ... to provide solutions, increase customer satisfaction.

Case 2: Use StringeeX to create automated Happy Call campaigns

Hanwha Life Vietnam uses StringeeX to create automated calling campaigns to: remind insurance premiums, call out customer surveys, introduce products

Key Takeaways

Contact centers play an integral role in delivering excellent customer service at financial service companies. Banks and other financial organizations will be able to offer their customers outstanding service and boost client satisfaction and brand loyalty by utilizing current software.

StringeeX’s omnichannel contact center is a cost-effective investment for financial institutions to enhance customer experience. Contact us for detailed advice.