How HoduCC Helps Microfinance Firms Manage High Call Volumes Effectively

 

Microfinance institutions (MFIs), similar to other businesses in the finance sector, experience high call volumes. Various factors are responsible for that. Some of those are loan inquiries, financial emergencies, service requests, repayment needs, and more.


To manage the incoming call volumes, MFIs must leverage the right solution. One such sophisticated solution is HoduCC call center software, that has helped many MFIs streamline their customer service operations.


This article discusses how HoduCC helps microfinance firms manage high call volumes effectively.

1. Multi-level IVR


HoduCC's multi-level Interactive Voice Response (IVR) system responds to the incoming calls by providing a menu and multiple options. It enables callers to select their preferred language, the department they want to speak with, and more such options. After that, it routes the calls to the right agents.

2. Smart Routing


HoduCC call center software is loaded with a wide array of smart routing features. This feature routes incoming calls to the most appropriate departments and agents based on various pre-set rules such as skills, availability, priority.

3. Self-service Options


Some callers may have relatively simpler and non-complex queries and issues than others. In such cases, availing self-service options can be the best thing for callers. It would not only save them a lot of time but also spare them the hassle of waiting for the call to get connected to a call center agent. HoduCC call center software is equipped with a wide array of self-service options such as Frequently Asked Questions (FAQs), knowledge bases, or account management tools.

4. Call Queuing


When callers call a MFI's customer care number they expect immediate response. But if they are told the estimated time it would take for the call to get connected or the number of callers ahead of them, they are more likely to wait instead of hanging up. HoduCC's call queuing feature provides real-time updates about wait time or position.

5. Callback Option


When a large number of callers are waiting for their calls to get connected, it's always prudent to give them a callback option. That means instead of waiting on hold, callers can opt for a call back at a suitable time. It can reduce call abandonment and improve customer satisfaction during peak hours. HoduCC call center software has a callback option that enables callers to opt for a callback.

6. AI-powered Chatbots and Virtual Assistants 


In the age of generative Artificial Intelligence (AI), huge call volumes should not be a problem for those organisations that leverage the right tools effectively. AI-powered chatbots and virtual assistants are among the most effective ones to handle huge call volumes. HoduCC call center software has built-in AI-driven chatbots and virtual agents that free up human agents for complex issues and significantly reduces call volume.

7. Real-Time Analytics and Reporting


When microfinance companies get to view key metrics in real time, they are better equipped to take actions to reduce waiting time and speed up answering speed. Key metrics such as Average Handle Time, Average Speed of Answer, Average Wait Time, etc. can help MFIs during times of high call volume. HoduCC call center software comes equipped with advanced real-time analytics and reporting tools. 

All In All,


Years ago, the interaction between MFIs and borrowers was mainly face-to-face. However, the widespread adoption of mobile phones made it easier for customers to call MFIs more frequently at their convenience.

This led to a significant increase in call volumes. Over time, managing high call volumes has become a huge challenge for microfinance companies. Like it or not, MFIs cannot avoid the call volumes, they can only manage them effectively. This is where sophisticated solutions such as HoduCC call center software can help.



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