The Ever-Increasing Importance of Call Monitoring Software for Financial Organizations

Team Convin
October 17, 2022
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Last modified on

October 17, 2022
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The pandemic has been a revelation for fintech companies. People moved away from cash payments and the cashless mode of payments found more takers. 

As a financial leader, you would like to carry this momentum in the post-pandemic world, a world where EXPERIENCE rules the roost. 

Don’t believe us? Let’s see an interesting statistic. 

As per a report, more than 60% of customers are willing to share more information with a brand that promises them a great experience. 

The word experience is thrown around a bit too casually. The real journey to match every customer expectation entails tough rigor. 

This is one fact that fintech leaders should be wary of. Their firms service both tech-savvy as well as newbies that are availing a financial service for the first time in their lives. 

In such a scenario, ensuring unified customer service becomes all the more important. A call monitoring software can be the ‘all-weather-friend’ for fintech firms to continue their golden run. 

If you are still thinking whether a call center monitoring system is necessary, you might want to reconsider it. In today’s blog, we’ll cover-

  • Fintech Industry Challenges Before Call Monitoring Software Entered
  • What Does Call Monitoring Software Achieve for Fintech Organizations?
  • Call Monitoring System At Ground Zero- A Case Study

Fintech Industry Challenges Before Call Monitoring Software Entered

Simply providing diverse CXM solutions would not be enough for the fintech industry to improve customer loyalty. 

You need to provide exceptional service and keep on delivering with consistency. Financial organizations should take heart from the fact that all their efforts to improve customer experience are bound to bear fruit.

A report suggests that more than 70% of customers consider their purchase experience a deciding factor in extending their loyalty. The Fintech industry should attempt to make the most of this trend, but the following challenges might be holding them back.

  1. Lack of self-service option for customers

Customer service experts would know how customers tend to find answers on their own. If more and more customers fail to find desired solutions, agents would be choked with increasing calls. 

This would straightaway translate to lower quality customer interactions.

  1. Establishing omni channel presence without improving workforce strength

Ask any business pundit and the first thing they’d suggest is to use multiple channels such as emails and social media for customer interactions. 

What they won’t tell you is that you’d need to increase your workforce to cater to all customer tickets. Handling a higher workload with a limited no. of agents would directly impact business profits.

  1. Catering to GenZ customers with aging systems

But using aging call monitoring software to cater to such a young and modern customer base would be a straight-up disaster. 

Such obsolete systems are not the perfect foil for obtaining deep customer insights. A sluggish call center quality monitoring software can pull back even the best of agents, leaving them high and dry in front of prospective customers.

What Does Call Monitoring Software Achieve for Fintech Organizations?

Attempting to provide a seamless CXM without appropriate tools is like running in the dark with blindfolds on. 

Call center applications are instrumental in understanding what your customers truly want and then providing the desired product/service within the limits of all rules and regulations. 

A suitable call center software solution has several other benefits such as

  1. Assessing Agent Performance

Okay let us make this clear, call monitoring software is not meant to highlight the shortcomings in an agent’s performance. 

They are a catalyst for a team to forget about quick fixes and instead make actionable goals for the long run.

Managers can assess the way an agent interacts with a customer and then grade them accordingly. This grade decides whether the agent needs to be put up for coaching

We again reiterate that such call center programs are meant for building the skills of the employees and not to make them feel less competent. 

Managers must develop a holistic workplace environment and provide positive criticism instead of harsh negative statements.

  1. Compliance with the Law of the Land

Fintech companies deal with sensitive information on a daily basis. A lot of countries have stipulated regulations for companies to record high-quality calls in a safe manner. 

This is to ensure that critical financial data such as bank transactions, spending habits etc. are ONLY utilized to provide better services and not for ANY OTHER purpose. 

At any time, financial organizations have in-office and on-ground agents to collect customer details. The management would like to ensure that such information is effectively handled while staying away from inaccuracy. 

You’d also like to know whether the call center agents are performing as per requisite standards. All this can be obtained through call monitoring software.

  1. See the World through the Client’s Perspective

A call center quality monitoring solution gives you the much-needed perspective while developing client solutions. 

You can get into a customer’s shoes and see the exact implications of their problems. 

Call monitoring software uses artificial intelligence and machine learning to understand how customers are reacting to your outreach efforts. 

You can monitor exact words or phrases to understand what made a customer hire your services or where you lost a bright lead. 

Arguably, there is no finite end to what a call monitoring software can do for you. A lot of businesses have already reaped the benefits of these call audit systems. Let’s take a look.

Call Monitoring System At Ground Zero - A Case Study

The Situation

A fintech company based in Nigeria serviced customers that were not under the ambit of legacy bank systems. 

The company wanted to automate the process of contacting customers for loan payment reminders. Currently, the company conducts the process manually. 

The firm also needed help with obtaining intuitive reports. 

The Solution

A major portion of the solution focussed on promoting self-service amongst customers. With the help of call monitoring software, customers were first provided automated assistance before being connected to an agent. 

The solution offered to the firm had the ability to completely migrate to the cloud which proved helpful during the pandemic. The company was able to offer sound financial solutions by using remote contact centers

The above-mentioned case study is a clear example of the rising relevance of call monitoring solutions in fintech companies. 

The post-pandemic time will bring a real challenge when customers expect fintech to maintain the quality of service being offered to them for the past two years. 

In fact, one-third of customers admit that they’ll walk out on a brand the moment they encounter lousy service. 

Call monitoring software keeps this situation at bay by utilizing automation and agent coaching programs to help you provide customized solutions to each customer. 

And if you are concerned about providing unique customer experiences, look no further than Convin. The platform makes use of natural language processing (NLP) for conversational behavior analysis. 

You can easily detect positive and negative phrases that affect the call. There’s also a provision for automated grading of agents and then putting them up for coaching and training. 

Our tool is just getting better with each passing day but it can become THE BEST with your assistance. We’d love to hear from you, just hit us up here!

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