Banking is one of the most competitive industry verticals. There are so many banks, including private banks that are trying to attract customers to use their services and banking products. Thus, unlike traditional times when customers used to use services from specific government banks only, now customer experience and satisfaction have become vital. This is the reason each bank has put a customer care department within the bank using skilled banking agents and the best call center solution. There are multiple other banking communication solutions available other than the call center software that can help improve customer satisfaction for a bank. AI voice analysis tool for banks is one of the tools like that.
What is an AI voice analysis tool?
This tool is also referred to as an AI call center solution because it is an artificial intelligence-drive module that can be integrated into the call center solution.
The AI voice analysis tool for banks analyzes each call for quality based on predefined parameters such as:
Usage of positive words
Tone of voice
Emotions in the voice
Silence in the conversation
Verbose minutes of conversation
And more
Based on these parameters, it gives an overall score along with scoring each individual parameter.
How does an AI voice analysis help banks to boost client satisfaction?
This quality assurance tool can boost client satisfaction in multiple ways. Let’s check how.
1. It checks each and every call for quality
Unlike a manual analysis system, in which the manager checks only some random calls, the AI call center solution will analyze each call for quality assurance. This tool will ensure that none of the quality of service-related mistakes are overlooked. Thus, it helps in taking care of each client and the experience delivered to him or her to improve overall and individual banking customer experience.
2. It highlights unspoken signs of client experience
It is easy to decode a client’s frustration when he or she gets angry and shouts at a banking executive, but it is difficult to decode whether a customer is happy, sad, or upset with the banking services if he or she is not using those kinds of words in his conversation. The AI voice analysis tool for banks can analyze the tone and emotions in the voice to highlight when a client was upset or disappointed with the answer of the banking agent. This helps in improving conversation style and decoding unspoken emotions of clients to deliver better customer service.
3. Improve training
Agents handle banking clients, so they must be trained for rectifying their mistakes. The AI voice analysis tool provides details on individual mistakes. This helps in training agents based on specific mistakes they might be making during a call. This helps in improving the customer care standards in banks and boosts client satisfaction.
If you are interested in exploring more about a banking call center solution and AI voice analysis for banks to boost customer satisfaction, we can help you. Contact us to initiate the conversation.
An efficient debt collection process maintains a steady cash flow while mitigating cash crunches. When working with the right strategy, it automates payment collection on time giving businesses financial stability and buffer cash to plan future expenses easily.
A streamlined debt collection system is built on the pillars of consistent communication, easy payment options, and centralized data. Moreover, when businesses build an efficient system, it eliminates bad debt, leading to financial success.
Let’s discuss the key aspects of mastering debt collection and how to ensure you have enough cash flow without losing customers and their business.
Strategies for Increasing Collection Efficiency
No business wants to suffer from unpaid and overdue invoices. Chasing customers and clients to complete their invoices is a time-consuming and wasteful process, which can be streamlined with the right strategies targeting effective communication, negotiation, automation, and payment processes.
Communication Should Be More than a Simple Exchange of Words
Ditch the one-size-fits-all approach and segment customer communication based on severity, age, and customer profile. Craft personalized messages for each segment and every specific situation while factoring in their consequences.
To achieve collection efficiency, demonstrate your empathy with the customers. Don’t restrict yourself to sending emails; rather, use omnichannel communication and reach your customers through their preferred channels.
Train your callers to hone active listening and empathy. Understand the customer’s reason behind late payments and tailor solutions to accommodate them to the farthest extent possible.
Aggressive language alienates the customers, which can further increase bad debt.
Negotiate to Create Win-Win Situations
Effective negotiation can take your debt collection processes to the next level and present your business as customer-centric. Start negotiating and discussions early on before the accounts are delinquent. Present restructuring options and extend deadlines or even reduce the payments.
Sometimes, motivating customers with early payment rewards can prompt further action and reduce your debt collection woes in the future. You can also offer flexible options like extended installment plans and hardship programs.
Set flexible boundaries for the debt collection team allowing them to negotiate while presenting a range of solutions and reduce NPA accounts. For effective negotiation as well, the customer relationships and debt collection team must possess active listening skills.
On the whole, negotiate to ease the customer’s experience while ensuring bank recovery rather than deterring them with legal actions and other measures.
Leverage AI and Automation to Streamline Collection
Automation can play an essential role in streamlining the debt collection process and achieving financial success; here’s how. Using automation to send reminders and escalate overdue accounts while scheduling follow-ups frees collectors from handling other, more complex cases.
You can leverage AI-powered chatbots and train them to handle routine inquiries and redirect customers to payment pages, ultimately reducing pressure on debt collectors.
Moreover, it’s easier to predict customer payment behavior based on past transactions using AI analytics solutions. This means you can intervene early on to address at-risk accounts and implement intervention strategies. As a result, it will lead to risk reduction and reduce NPA.
Frictionless, Diverse, and Secure Payment Processes
Making payments should never be a hassle for your customers and clients. Integrate multiple payment options, including online payments, wallets, direct debits, wire transfers, or in-branch options. A lack of payments only gives the customers a potential reason to delay payments.
Ensure superior security with all the online payment methods and showcase the security features to your customers. Lastly, offer auto-payments and ACH options to your customers to automate payment collection on a fixed date.
Ways and Means of Reducing Bad Debt
Discuss strategies for establishing credit policies, conducting credit checks, and maintaining customer relationships to reduce the risk of bad debt.
Proactive utilization of data and automation technology can streamline how banks collect debt, but to reduce bad debt, they need different strategies. Bad debt is the result of the financial woes of your customers, and some are due to willful default. While it’s customary to take a lenient approach when your customers are going through financial troubles, adopt proactive strategies to stop willful default.
Here are some strategies to reduce bad debt;
Credit Policies to Filter Potential Customers
Your credit policies are your safety net to keep out bad debt. In addition to running generic credit checks, go for dynamic credit policies that incorporate risk assessment models. Your policies must account for the potential customer’s income stability and spending patterns.
Segment them based on their risk profile, requirements, and behavior as you account for these things. Account for the cash flow trends and savings while feeding the customer’s available data to an AI model to prejudice repayment potential.
Create a system of checks and balances to pre-qualify applicants and personalize their credit limits to ensure you don’t incur a bad debt.
Run Credit Checks to Identify Repayment Capability
Don’t limit customer credit checks to the credit score only. Go beyond the rudimentary credit checks and gain a holistic view of the customer’s profile. You can check their payment history of previous loans, utility bills, and social media activity.
These checks will present a holistic view of the potential customer, and as you match them up with fraud detection solutions, it will become easier to identify suspicious activities and red-flag the customers.
Next, conduct employer verification to confirm income stability and check inflated pay slips. Even after the loan is disbursed, run checks on the customers throughout the repayment term. Identify changes in their income, employment status, and spending patterns to intervene and prompt corrective action.
Maintain Cordial Relationships with Customers
Anyone can go through a rough patch in their life, which does not essentially mean they are willful defaulters. Instead of becoming a loan shark, adopt a customer-friendly approach.
To prevent bad debt and enhance collection efficiency, clearly communicate credit policies and interest rates while highlighting the potential consequences of delinquency. Using AI, you can predict risks, use this information to take proactive action and offer debt management resources to customers while running intervention programs.
Help struggling customers with personalized repayment options and loan restructuring and get them back on track.
Real-Life Success Stories and Case Studies
Businesses and banks are evolving with the trends to ensure they are not incurring bad debt and are able to streamline their collection system. Here are a few examples of how certain businesses use the strategies mentioned above.
Astute Management Solutions used Elision’s Dialshree, an omnichannel call center solution to automate customer data collection and simplify grouping collection. As a result, Astute Management Solutions were able to eliminate 100% of manual errors and recorded a 82.57% increase in collection.
AU Bank experienced multiple challenges including inbound and outbound calling options, a lack of SMS broadcasting, and lack of web chat options with customers. After consulting with Elision, we recommended and set up Dialshree for the bank to help them optimize their communication with the customers. This resulted in 100% increase in customer and agent interaction, 82.31% increase in loan debt collection, and boosted agent productivity by 79.26%.
Leverage Technology to Improve Collection Efforts
Mention supplementary tools and technologies that can enhance collection efforts, such as debt management software or analytics solutions.
In addition to using the tips and techniques shared above, use technology to your advantage for streamlining collections and reducing bad debt. Here are a few suggestions;
Debt Management Software: This software streamlines repetitive tasks like sending reminders and escalating delinquent accounts. They generate collective reports and also have omnichannel communication systems. You can also use them to enable seamless and secure online payments, encouraging faster payment settlements.
Better Insights to FOS and PTP Segmentation: Leverage technology to provide field officers with accurate, updated, and real-time insights while sharing information on delinquent accounts with a Promise to Pay status. Businesses can leverage Elision’s advanced debt collection module to do the same and provide the FOS team with better insights, updated payment details, real-time information through email and SMS to create a smooth communication channel.It will be better to channelize the PTP customers for using payment gateways for quick payments, making debt collection easier.
Artificial Intelligence: AI-based chatbots can free up the customer service and debt collector’s time to handle routine inquiries, make IVR calls, and help customers make payments. With sentiment analysis integrated into the system, you can analyze customers’ sentiments through text, giving debt collectors the opportunity to adapt communication styles and personalize interactions.Elision provides AI Super Agents, an advanced AI-driven module to help agents resolve customer issues and maintain 24/7 communication. These AI-based communication modules can imitate a human’s tone and voice to create the same impact fostering trust and customer loyalty.
Streamline Customer Communication and Collection
Debt collection efficiency and debt reduction are the critical aspects of achieving financial success. Any business lending customers money may face delinquencies and defaults, which can hamper their business growth.
Achieve collection efficiency with streamlining the collection process by changing the communication and negotiation processes while automating repetitive and easy tasks. Reduce bad debt with adaptive credit policies, dynamic credit checks, and improving customer relationships.
While integrating these systems, Elision’s DialShree omni channel communication system makes it easier to communicate with your customers and improve customer engagement.
Let’s Connect so that we can better understand your needs and execute an omnichannel communication strategy tailored to your requirements.
Even after business hours, customers still expect prompt assistance. This is where after-hours customer service comes in to save you from losing customer’s trust and loyalty.
To address this requirement, companies are increasingly turning to Conversational IVRS. A 24/7 customer service system has an occupancy or customer engagement rate of 98% and the ones without this service have an occupancy rate of only 30%. This signifies the importance of being there when your customer needs you, which increases the chances of reciprocating your patronage.
Companies today are using Conversational Interactive Voice Response Systems (IVRS) to automate customer-company interactions, especially when they don’t have the resources to employ live agents for the task.
What follows is a guide on how to use conversational IVRS to improve customer experience and satisfaction.
Why After-Hours Customer Service is Important?
After-hours customer service is an essential link to achieving customer satisfaction as it helps businesses meet customer expectations by providing instant support.
An effective after-hours conversational IVR systems;
Improve Sales Conversions: Every time a customer connects with your organization it’s a possible opportunity to make a sale. After solving the customer’s issue, it’s a chance to make sales.
Foster Customer Loyalty: 24/7 availability demonstrates your commitment to customer care. It convinces them that you are prioritizing their needs, which means the customers will stick with your brand.
Customer Retention: The customer acquisition cost (CAC) of a company without a customer service wing is higher than those that have one. Setting up a customer service system means a reduced churn rate. This is important because over 80% of the sales revenue comes from existing customers rather than the new customers who account only for 20% of the sales.
The Link Between IVRS and Customer Satisfaction
100% customer satisfaction is one of the primary goals of every organization. A portal to deliver enhanced service, an IVRS can play a key role in improving customer experience. However, a traditional IVRS system often falls short in terms of personal and satisfying experiences, especially during after-hours.
An IVRS system is beneficial for customer satisfaction as it can reduce wait times and have faster call routing. This ensures all queries are addressed promptly, with escalations directed to available agents and estimated wait times communicated for transparency.
Moreover, an IVRS with natural language processing and artificial intelligence can understand customer queries shared in their language rather than dealing with pre-recorded menus.
From answering all sorts of FAQs to personalizing the support system according to requirements, an IVR system can facilitate a smooth and interactive experience.
What is After Hours Conversational IVRS?
A Conversational IVRS interacts with customers in a natural language over the call. It allows customers to speak freely and share their concerns as the system can understand natural language and has artificial intelligence.
As a result, it provides a human touch to customer services and creates an intuitive experience. In addition to this, a conversational IVRS provides faster and more accurate responses while reducing misrouting and wait times.
For an organization, a smart IVRS can free up agents to take care of more complex queries, and reduce call volumes, leading to reduced costs and better customer satisfaction.
Here’s how it works;
Listening and Comprehending: Conversational IVRS accepts the call and listens to the customers while comprehending the input.
Response Formation: Based on the input, the IVRS, using AI and NLP will formulate a response.
Offering the Response: Using Natural Language Generation (NLG), the IVRS system will share the requisite information with the customers in a language they can understand.
Benefits of Conversational IVRS for Customers and Organizations
A conversational IVRS engages customers in natural language conversations, sharing information they need without any significant delays. As a result, the customers are satisfied with the services and stay loyal to the company.
Quick Resolutions: With access to a comprehensive knowledge base of product information and company policies the IVRS can answer maximum questions from customers increasing First Call Resolution (FCR) and improving the Net Promoter Score (NPS).
Automation of Routine Tasks: With programmable automation in IVRS, it’s easier to delegate routine tasks to the machine, while the human workforce focuses on innovation and growth.
Personalized Customer Support: Customers can ditch the complex menu selection and get personalized support through a conversational IVRS, increasing query resolution call rerouting to an expert.
Creates an Efficient Customer Service System: An NLP-based IVRS can quickly identify customer’s needs and provide personalized information, effectively reducing response time and increasing overall efficiency.
Saves Costs: By reducing the number of human resources required to handle customer queries, a conversational IVRS can reduce staffing costs. An IVRS shares the information customers need in one single call, reducing recurrent calls and saving company resources.
Conversational IVRS in Action – Real-Life Use Cases
Several Indian companies are using a conversational IVR system to handle customer queries. Here are a few examples:
The popular airline wanted to make every traveler feel welcomed and well taken care of in their journey. Revamping their old IVR system, Delta Airlines brought in a conversational IVR system to provide personalized information and proactive alerts to the customers. As a result, the number of customers requesting a specialist increased by 10% and the system was able to capture caller intent for 75% of calls.
The popular Pizzeria brought in a conversational IVR system to improve over the earlier standard IVR. The new system is now available in Hindi and English leading to better convenience, making ordering over the phone easier, and streamlined customer experience.
eCommerce giant Integrated with local dialects, variations, and colloquial terms, Flipkart’s voice assistant is making it easier to buy groceries through the online platform.
These examples showcase diverse applications of conversational IVRS across different industries. Conversational IVR systems have wide-ranging benefits on an organization’s capacity to improve customer experience. To achieve results, focus on the implementation part of an IVR system.
Implementing Conversational IVRS | Practical Steps and Best Practices
For successful implementation, companies should adopt a strategic approach. In addition to the technical expertise required for setting up the system, you must also identify the existing technology trends in customer service for effective implementation.
Set Your Objectives: Start by answering “What do we want to achieve”? The answer will influence the implementation process and technologies. Some of the common goals include reduced waiting times, increased self-service rates, and overall leading to better customer experience.
Set the Conversational Flow: Map out the expected dialogue between customers and a live agent. Bring the same conversational aspects and tonality to the IVR system matching the appropriate responses. Explore multiple conversational paths and feed the data to the IVR system. To know the flow, check past call scripts to update the systems.
Choose Conversational IVRS Vendor: To choose a conversational IVRS vendor evaluate all the available ones for their features, functions, pricing models, and integration options. Choose the one with on-demand scalability, NLP capabilities, easy integration, and higher security. Also, check vendor reputation, support services, and their portfolio.
Data Preparation and IVRS Training: After choosing the vendor, prepare your data to train the system. Train the IVRS system with accurate and up-to-date information on the product and services. Include troubleshooting guides, knowledge base articles, product guides, and manuals. The content should be clear and tailored according to the conversational paths.
Test and Refine: Testing is crucial to ensure optimal performance and build a flawless conversation-based IVRS. Check it with diverse user groups and problems to identify the issues and improve them before deployment.
Best Practices to Implement and Deploy a Smart IVR System
Phased Deployment: Roll out the system in phases to minimize disruption enabling improvements and adjustment wherever required. Begin with simple tasks and gradually increase the system’s functionalities.
Clearly Share Agent Availability: Share the agent available with the customers when after-hours services are running. This is to avoid any friction and ensure seamless escalation of the issue along with sharing the estimated time with the customers.
Personalize the Interactions: Add personalized greetings to the conversation and wherever possible, personalize the interactions. Consider using the customer’s name and using their past purchase history to personalize the interactions. This will make the customers feel valued and heard and build trust.
Future Trends and Innovations in Conversational IVRS
Customer Emotion and Sentiment Analysis: IVRS systems will be able to recognize the customer’s emotional state from their voice or text and tailor the support accordingly.
Omnichannel Integration: In addition to entertaining customers through calls, IVR systems can also connect and coordinate with other channels like mobile, social media, chat, email, etc.
To Sum it Up
A conversational IVRS is pivotal to building a customer-centric support system. With capabilities like personalization, artificial intelligence, and natural language processing, a smart IVRS can significantly improve customer service operations.
Improve customer experience with Elision omnichannel contact center solution and be available across all channels. Stay connected with your customers to increase customer engagement and loyalty. Get in touch to book a demo.
Elision Technologies, a leading provider of communication solutions impressed attendees at the Bharat BFSI Leadership Summit and Awards 2024 with their innovative AI- driven communication platforms that are revolutionizing debt collection strategies and improving customer experiences. Their next gen solutions & product demonstration at the summit, and winning the AI-Powered Omnichannel Communication Solution of the Year for Best CX award among esteemed BFSI leaders highlighted their leadership in the industry.
As Mehul Shah, CEO & MD of Elision Technologies graciously accepted the award he emphasized the company’s dedication to offering cutting edge solutions in the BFSI sector. By utilizing state of the art AI technology, team Elision aims to revolutionize customer interactions and customer experience at scale. Mr. Shah envisions a future where personalized communication driven by artificial intelligence will be pivotal, in reshaping the BFSI landscape.
AI-powered super agents have impressed many by effectively blending natural languages with specific purpose driven interactions, empowering collection agencies to manage intricate banking inquiries, identity verification processes, payment/ loan related questions and offering tailored experiences in various languages. These super agents not only boost efficiency and productivity but also deliver exceptional customer service around the clock.
Moreover, Elision’s AI-driven debt collection platform has been widely praised as a comprehensive platform in the industry. By leveraging machine learning algorithms this platform examines customer behaviors and their trends to enhance debt collection strategies. And it helps the Banking, Financial services and Insurance (BFSI) sector for increased recovery rates, better cost savings and a streamlined automated collection process.
During his keynote speech, Mr. Ankur Sharma, Business Head at Elision emphasized the importance of embracing omnichannel communication solution to enhance customer satisfaction and experience. Elision’s AI powered solution seamlessly merges communication channels such as voice calls, chats, emails, SMS, and social media platforms to provide a unified and personalized experience for customers.
He also introduced an integrated AI-driven voice analysis platform that elevates service quality (QoS) and communication standards (QoC) without human involvement. This system offers insights like call analysis, emotion and sentiment assessments as well as verbose and silence analysis.
Additionally he highlighted the importance of communication advancements in the banking and finance sector emphasizing how utilizing voice bots and AI-driven super agents could transform customer interactions seamlessly.
Elision Technologies, with a client base of over 250+ BFSI esteemed organizations has played a pivotal role in helping companies achieve substantial productivity gains and notable improvements in their collection figures. Their innovative solutions have revolutionized operations for businesses in the BFSI sector enabling them to offer seamless customer experiences and enhance their overall success. Schedule Free Demo Today! ✨
Conclusion: Elision’s impressive performance at the Bharat BFSI Leadership Summit And Awards 2024 demonstrated their dedication to excellence and technological innovation. Through leveraging AI-powered communication platforms which empowers customer interactions, debt collection processes and helps banking and insurance companies to attain remarkable productivity and collection outcomes. The future of the BFSI industry hinges on embracing these transformative technologies, with Elision Technologies leading the charge.
The banking industry needs to make a secure and intelligent connection with clients to retain them and constantly improve the customer experience with reliable banking communication. To improve intelligent customer engagement, banks need the best communication solutions, too.
We, Elision, have developed a wide range of banking communication solutions that can help banks make an engaging connection with clients. These tools can help in improving customer experience by bridging the gap between communication and intelligent engagement.
Let us share how it happens, but before that, here is a quick brief of our banking communication solutions.
1. Omnichannel contact center solution
It is specifically designed for banks with custom features to help in handling emergency and premium banking services with a more professional approach along with handling common banking queries of clients and prospects.
2.IP PBX solution
Internal team collaboration in a bank is as important as handling customer engagement and concerns. The banking IP PBX solution helps in consolidating internal communication, plus, ensuring productive and fair usage of resources.
Now, let’s explore how our banking communication tools improve communication in the banking industry.
A. PCI and TRAI compliance adherence
PCI and TRAI compliances are set protocols by the government in India for keeping customer data and sensitive information protected while it gets exchanged over communication lines, which can be intercepted. The call center solution for banks and other banking communication tools makes sure these compliances are followed rigorously. The team of Elision can even implement other legislation or security compliances in the banking communication software solutions depending on the need of a bank. This not only keeps customer data protected and follows the legislation, but it also builds a positive and trustworthy brand.
B. Engage banking clients
Elision has developed the best banking call center solution that can engage clients even when banking executives are unavailable to handle calls. It makes sure that customers don’t hear unreachable or busy tones rather it engages clients with soothing music on hold. It also provides communication options like blocking a card with hot marking or connecting a client to a banking agent that can resolve the concern in the first attempt. The omnichannel contact center solution for banks developed by Elision helps in engaging clients by delivering an exceptional customer experience.
C. It helps in maximizing resource utilization
The banking communication tool such as IP PBX solution and call center solution manages better resource utilization. It makes sure that all calls and conversations are recorded and can be monitored in real-time. It helps in ensuring that each team member uses communication tools productively. All customers are managed professionally. There are multiple other ways, these tools help in boosting resource utilization.
In a nutshell, painstakingly developed features of the banking solutions help in monitoring customer experience, banking staff productivity, and fair usage of telecommunication resources. This contributes to the improved communication and customer experience in banks. It also boosts the performance of banking staff.
If you are interested in knowing more about these unified communication tools for banks and booking a demo for these tools, contact us.
We, Elision Technologies Pvt. Ltd, have been catering to different industry verticals with our feature-rich tools. In this blog, we will share how some of our tools help the banking and Fintech industries.
We have been offering different solutions and tools to the banking industries and each of them is loaded with some amazing features. All features are built to strengthen different operations and departments of any bank and Fintech organization.
What is the KYC process?
KYC (Know Your Customer) is one of the important processes in banks and some finance organizations. This process requires customers to submit some identity proofs and documents to the bank or respective finance organization.
Similar to some countries, in India, KYC processing is necessary. Earlier, customers need to visit a branch of the bank for KYC processing, but now, some banks in India have started supporting remote KYC processing. The technology tools can simplify the whole process of KYC. Video KYC is the concept introduced by banks and FinTech companies to process customer KYC remotely.
Which tools of Elision simplify the KYC process of the banking and Fintech industry?
We have been catering to the banking and finance industry for more than a decade with our interesting tools. You can check our clientele and case study sections to explore more information about the customers we have catered with our unified communication tools.
Video KYC can also be processed by the technology tools we offer to the banks, insurance agencies, stock market companies, and other FinTech organizations. Let us share a brief about the two major tools that can be used for video KYC.
MassMeet: Video Conferencing Solution
MassMeet is a web-based conferencing solution that supports both audio and video conferencing. It gives a crystal clear voice and high-definition video quality. It also supports changing video resolution if required. It comes up with an array of features along with video conferencing.
Banks and other financial organizations can take advantage of MassMeet to process KYC for a customer. To use this video conferencing solution, customers don’t need to download any other software or mobile app. They also don’t need any browser extension. By simply typing their name, they can join the video call with the executive to process the KYC remotely. Bank executives cannot only exchange required scanned documents, but also use other rich communication features available in this best video conferencing solution.
DialShree: Call Center Solution
It is a call center solution that supports unified communication channels. Therefore, it is also an omnichannel contact center solution. A majority of banks and FinTech organizations use a call center solution. DialShree supports video chat. By using this software, banks can make sure that KYC can be processed using the same software that is used to run other campaigns like customer support, customer relationship management, sales, etc. For KYC processing, there are usually only one-to-one calls, here the video chat feature available in the DialShree call center software can be used by banks and FinTech companies.
Both of these tools have several advanced features to simplify different operations in banking and Fintech organizations. Contact us to know more about them and book a free demo to know how they can benefit your Fintech organization or bank.
For many years, the banking industry has started using technology tools as a call center solution. From processing credit card requests to resolving common customer questions, much has been resolved using the call center solution for banks.
Along with meeting day to day operational needs of banks, this software is also useful in optimizing some banking operations and enhancing its results. The debt collection process has been transformed using the call center software for banks.
The call center solution for banks uses specific features such as collection module, customer profiling, sticky agent, preview dialer, predictive dialer, etc. to transform the traditional process into an enhanced one.
A. Classify Leads
The call center solution for banks with a collection module lets supervisors filter leads depending on different criteria such as lead score, payment history, number of due EMIs, etc. Depending on the group of leads, banks run custom calling campaigns using a predictive dialer or a preview dialer.
B. Send an automated reminder multiple times
The banks use voice broadcasting and SMS broadcasting features available in the contact center solutions for banks to send reminders to the customers about the due date of EMI. These features don’t involve agents in the calling campaign. This keeps agents available for other productive jobs such as running collection campaigns for overdue customer accounts.
The banks can send automated reminders, multiple times to customers using these call center automation features.
C. Tight follow-ups on overdue EMIs
There can be some customers with multiple overdue EMIs. These accounts need to be dealt with personalization and expertise. The call center software with a collection module will have a payment utility feature, which will show details of such customers. The banks can run personalized campaigns for this group of customers to increase the chances of payment and collection. Preview dialer and call center CRM integration come to the rescue of the agents to achieve increased collection.
D. Get certain answers from customers
The call center software for banks with a collection module makes some customer form fields mandatory to get more certain responses from customers. For example, if a customer promises to pay, he has to share the date of payment and the agent has to put that date before wrapping up the call.
E. Contextual discussion with mapped customer journey
Even if a bank uses an omnichannel contact center solution, the call center software for the bank will show all conversations between the banking call center and the customer. This will give context to the agents while having a discussion with customers. This helps in personalizing conversations and increasing collection.
The tailored unified communication solutions for banks transform various banking operations to do better. The contact center solution for banks with customized features helps banks to increase collection and improve other KPIs.
We also offer tailored unified communication solutions for banks like an omnichannel contact center solution, IP PBX software, video conferencing solution, and custom telephony solutions. Contact us to book a demo and know more about these solutions.
