Fintech has been creating a lot of positive buzz in the market for quite some time now.
And rightfully so!
It has revolutionized the very way people conduct money transactions. It has been a revelation for those who were overly dependent on cash.
The pandemic acted as a booster for the fintech companies as virtual payment modes became the sole safe mode of payment.
Two years later, the industry is again standing at a crucial juncture. And the right direction would most certainly be provided by call center management.
Now we know what you might be thinking. Fintech and a contact center?? It might feel like chalk and cheese.
But trust us. The importance of a workforce management call center for fintech firms is way higher than you imagine. Read through this piece and you’d realize.
Today’s blog will cover-
- Call center management for Fintech? What’s in store?
- Challenges call center management can solve for Fintech companies
- Call center management 101- Two-pronged approach all Fintech leaders must know
Call Center Management for Fintech? What’s In Store?
The coming of fintech has led to an upheaval in the banking and personal finance sectors.
The penetration rate of fintech has been massive and a large proportion of people have come into the banks’ ambit.
Fintech apps have also been instrumental for students and economically disadvantaged individuals to obtain loans.
Thus financial leaders can gauge how crucial customer experience and retention are for business success.
You are servicing both ends of the spectrum- on one end are customers with restricted access to banking services and on the other are customers that are up to date with all investment options.
And this is where call center workforce management systems stems in. They can help you cater to a wide variety of customers and focus on providing customized services to each one of them.
We understand how proper call center management can be decisive with the following scenarios-
Scenario 1- Loan Dispersal
Fintech applications that conduct workforce management with the help of a contact center can seamlessly process loan requests.
Applicants can seek assistance from a customer service rep while updating their documents. They can also contact agents to know the status of their application, the amount of EMIs to be paid etc.
Such interactions are gold mines for fintech companies to understand their customers' expectations and provide them with exceptional service.
Scenario 2- Redressal of Customer Grievances
Unified Payments Interface (UPI) is one of the most popular babies of fintech and has changed the whole way people make and receive payments.
However, one recurring complaint with UPI is that a failed transaction often leaves the customer hanging, with no clear way of how to get a refund.
In such a case, a call center management system becomes supercritical. Poor assistance towards loss of funds can lead to decreasing customer loyalty and a bad impression of your business.
If you employ a call center solution, agents can guide an anxious customer throughout the entire process of filing their complaint and getting their money back. This way, you can still aim to provide them with a positive experience and hope to retain them.
Scenario 3- Follow Up With Customers
An instance of negative customer experience is not the end of the world. Sales leaders can quickly drive a change by initiating follow-up communication.
For example, banks can regularly inform customers of any new offers or schemes in case they could not assist a customer the first time around.
Routine follow-up calls also remind customers about pending payments and EMIs.
Challenges Call Center Management Can Solve for Fintech Companies
As fintech firms expand their customer base, they have to diversify the services they offer.
This can be particularly challenging to achieve post-pandemic as customer expectations have rapidly changed.
Call center management solutions can nullify these challenges effectively but first, it’s essential to identify all such issues clearly. We list them below-
- Lack of diversification in services offered
Most fintech firms are content with offering quick loans and seamless financial advice.
From our experience, we can tell that loan calls are often treated as a nuisance! Hence it is necessary that such companies add a repertoire of services to their arsenal and aim to elevate customer satisfaction.
In today’s world, fintech firms are increasingly catering to millennials and Gen Z customers. As per a report, design, fun and experience are three top criteria for which Gen Z customers are willing to pay more.
This is just one of the trends that fintech companies would like to get on top of. A good workforce management contact center would help you reach customers with unique solutions to their exact requirements.
- Not obtaining valuable customer insights
Your company is a hub of sensitive customer information such as financial aspirations, payment preferences, transaction activity etc.
While you might have robust solutions in place to ensure the protection of such data, you might be missing out on certain important factors. One vital aspect could be obtaining insights to develop a full picture of the category of customers your business is attracting.
An aged man will have demands that are the polar opposite of that of a young graduate starting their first job. You have to create a customized journey for each of your customers.
And if you are failing at this, it’s time to rejig the way things are happening. Understand, experience is not something that is created out of thin air. You have to touch base with customers from the first point of interaction.
Usually that happens when they reach out to you through one of the several channels. Call center management systems offer the opportunity to create a great first impression as they are backed by a potent knowledge base to tackle any query.
Call Center Management 101- Two-Pronged Approach All Fintech Leaders Must Know
- Utilizing the best technical tools
Contact centers are readily adopting artificial intelligence and machine learning based platforms to predict customer behavior with accuracy.
AI and ML allow contact centers to automate repetitive tasks, leaving more time for agents to focus on enhancing customer experience.
Chatbots are a great example of this. If fintech businesses deploy chatbots on their site, they can quickly answer frequently asked customer queries.
This would take a lot of load off the customer service reps and they would have more time to cater to detailed queries.
Another benefit of AI-based call center management systems artificial intelligence is the availability of automatic call distributor (ACD). ACD is key to a smooth customer experience as only the most suitable agent assists them in solving their grievance.
- Investment in call center management training and coaching
Since fintech companies would be looking to add more customers to their ambit, using call center management solutions becomes the obvious decision.
Agents are the first line of communication with customers and hence their performance holds a lot of sway in whether the prospective lead joins your business or not.
By conducting regular training sessions for agents, you can help them acquire the necessary skills. This way, agents can ensure that first call resolution is achieved and the average hold time (AHT) is reduced.
Fintech leaders should outsource call center management to a firm that uses robust call center software for training and coaching agents.
They should also see that the call center managers routinely review the performance of their agents.
Convin is one such platform where managers can analyze outbound and inbound calls to grade their agents' performance. It uses Natural Language Processing (NLP) to identify positive and negative phrases agents use in a call. And that’s not all, agents and managers can decode complex customer sentiments and gauge customer experience on the call. Managers can then coach them to use more positive phrases and less negative ones.
The platform has a host of features for all business sizes. Reach out to us and see your services surpassing customer expectations.
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