Unified Communication Tools for Banking Industry

The banking industry needs to upgrade its technological infrastructure to make sure that its customers receive the required support at their fingertips. The right technology solution can empower banks to acquire, onboard, engage, nurture, and delight customers.

6 Key challenges faced by the banking industry:

1. Adherence of PCI compliance becomes complicated
Banks need to strictly adhere to PCI compliance, which is tough to monitor and follow when manual resources are involved. This can leak sensitive user information and it has to get controlled with technology tools.

2. Emergency services might take longer than they should
Some services such as hot marking a credit or debit card should be faster. If customers need to wait till they get connected with the bank executives or visit the branch for the same, then it may result in major financial losses.

3. Multichannel communication could not be achievable with ease
Banks need to send verification SMS or send account statement PDF via email. Managing all communication channels separately is time consuming as well as performance and productivity tracking is not possible in it.

4. Fair usage of communication resources could not be traceable
Telecommunication resources are available to all baking executives. Making sure the time spent on incoming or outgoing calls was productive and necessary to invest is not possible by using the traditional telecommunication system.

5. Lack of advanced features to deliver a better customer experience
The traditional tools do not support automation or enhanced communication features. These tools also cannot store detailed information about the customer to propose personalized banking products and deliver exceptional customer service.

6. Too much manual efforts in repetitive operations
The traditional modes of operations increase manual efforts. For example, collection campaigns require the supervisor to filter leads, creating lead groups, etc. In other campaigns, all calls need to be handled manually to answer repetitive questions.

Astute Management Solutions and Services Pvt. Ltd, we will refer as Astute in this case study, is one of the leading companies offering one-stop-solution to its customers. The company caters to its customers with exceptional services related to the collection, audit, back office work, verification, etc. The company has a 2000+ workforce working in 800+locations to cater to customers of the company round the clock.
Astute Management Solutions and Services Pvt. Ltd
Astute Management Solutions and Services Pvt. Ltd
MIBS is one of the most reputable multinational conglomerate holding company based in India. The headquarter of the company is in Bombay, Maharashtra, India. It has a number of companies under its name and operating in all different industry segments, including, but not limited to automotive, leisure, consulting, education, energy, defense, IT, logistics, hospitality, sports, retail, real estate, agriculture, aerospace and aftermarket.
Mahindra Group
Mahindra Group

Technology tools that resolve all challenges faced by different departments in the banking industry

  • It supports blended, inbound, and outbound campaigns.
  • It comes with an array of features to automate and simplify various operations.
  • It supports unified communication channels to allow banking staff to use all communication channels using a single platform. It also makes efficiency and productivity tracking easier.
  • It records all calls to assure call quality and a positive customer experience. It also assures the fair usage of telecommunication resources.
  • It automates various operations such as an IVR that lets customers hot mark their credit card or net banking, recharge the FASTag, access a mini statement, total account balance, etc.
  • It adheres to all standards of PCI compliance to assure operations are PCI compliant and secure.
  • SMS and voice broadcasting assures a single update or alert goes to all customers without involving several manual resources.
  • And more.
Banking Industry Technology Tool Omnichannel Call Center Solution
Banking Industry Technology Tool Collection Module
  • Banks can use this module to speed up their payment collections related to loan collection, credit card bill payment, etc.
  • We provide call center collection module integration to add a collection module into the call center solution. We integrate stack with our contact center solution.
  • It automates repetitive operations related to collection campaigns such as lead grouping, lead filtering, etc.
  • It also comes with Payment Utility, so numbers with specific status or disposition can be skipped in the auto dialing list.
  • And more.
  • It empowers the internal communication of banking staff.
  • It logs all calls to assure productive and fair usage of communication resources.
  • It provides enhanced features for better team collaboration and enhances productivity.
Banking Industry Technology Tool IP-PBX
Banking Industry Technology Tool CRM
  • It helps in storing and managing all records of customers with all detailed information.
  • The stored information helps in personalizing the customer experience and banking portfolio.
  • This tool is used to deliver a better customer experience to premium clients by conducting video calls or conferences occasionally. It helps in engaging clients and nurturing customer relationships.
  • It is also used in remote KYC verification.
  • It can be used to conduct team meetings and calls among multiple branches or remote working team members.
Banking Industry Technology Tool Video Conferencing

9 Reasons to use unified communication solutions in the banking industry:

1. PCI compliant
2. End to end security with encryption for consolidated security
3. 99.99% of assured uptime
4. Unified communication support
5. Centralized telecommunication system for all branches of a bank
6. Automation to save time and resources
7. Assured customer experience enhancement
8. Assured fair usage of communication resources
9. Flexible and customizable solutions to provide a tailored solution

To help you overcome challenges and roadblocks in the banking and finance sector, we have come up with excellent tools. Our tools will not only help you cater to the customers, but also help you leverage many more advantages. Let us explain more in detail or let’s schedule a meeting.

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