The Role of Contact Center Software for Banks and Financial Institutions

 Would you be surprised to know that banks and financial institutions have been pioneers in adopting contact center software to provide high quality and tailored services to their customers?



In today’s rapidly-transforming digital age, customers are expecting much more from their banks and financial institutions. For instance, stats published by Marketing Tech News asserted that global banks are losing 20 percent of their customers to poor customer service.

That’s not all! Many customers won’t hesitate to switch over to another bank if they get superior customer experience from elsewhere. A Temkin survey found that 70 percent of respondents said they will leave their bank if they get poor service than poor products.

In such circumstances, banks and financial institutions must leverage the right technology tools that can enable them to provide high-quality customer service. And one such tool is contact center software.

This article discusses the role of advanced contact center software as a vital tool that not only helps banks and financial institutions transform customer interactions but also drive business success. Read on to know more.

What Banks and Financial Institutions Get By Using the Right Contact Center Software?

Banks and financial institutions can benefit a lot from investing in the right contact center software. Here are four ways they can gain:

1. Cost Efficiency

When banks and financial institutions invest in the right contact center software, they get massive cost efficiency. As contact center software runs on Voice over Internet Protocol (VoIP), it can reduce costs in the range between 50 and 90 percent. By investing in cloud-based contact center software, banks and financial institutions can save big on hardware, installation and maintenance costs, miscellaneous fees and hidden charges, and the costs of hiring and maintaining a dedicated IT team.

2. Robust Security

Banks and financial institutions are among the most favorite targets of hackers and cybercriminals. They must be extremely careful about their security. That’s because the volume of sensitive financial information they have of their customers can be easily misused if it falls in the wrong hands. By choosing the right contact center software, they can safeguard their communication systems from data breaches. Sophisticated contact center software comes with a wide range of cutting-edge security features such as robust encryption, two-step verification, multi-factor authentication, fraud detection, and more.

3. Comply with Industry Regulations

Banks and financial institutions need to comply with a wide range of industry regulations such as General Data Protection Regulation (GDPR), Securities and Exchange Commission (SEC) regulations, Basel III, Sarbanes-Oxley Act, and more. Equipped with built-in compliance features, the right contact center software can enable banks and financial services companies to comply with all the national and international regulations.

4. Analytics and Insights

Numbers are everything for banks and financial institutions. Just as using the right words is crucial for people to communicate with each other, the same way using accurate numbers is important for banks and financial institutions to make data-driven decisions. That’s where using a sophisticated contact center software solution can make all the difference. Advanced contact center software for banks and financial institutions come equipped with real-time monitoring and analytics. It can help agents and bankers to collect all important data and information and use those strategically to fuel business growth.

In Conclusion,

The invention of modern contact center software proved to be a boon for banks and financial services companies all over the world. When any lender or financial institution invests in the right contact center software, they aren’t just able to provide excellent customer service but also automate many of their routine tasks.

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