Financial Services Call Centers: Benefits, Role and Software

Financial services call centers are specialized solutions that help businesses fulfill customers' expectations and manage their financial risks. These centers provide financial guidance and promptly resolve customer inquiries.

From AI-powered call quality analytics to omnichannel outreach strategies, financial services call centers are equipped with tools to cultivate deeper customer relationships, optimize resource allocation, and unlock significant growth potential. Providing exceptional customer experience is a necessity for finance companies to survive in today’s competitive landscape.

What is a Financial Services Call Center?

Financial services call centers are support hubs operating within a highly regulated environment to safeguard sensitive financial information.

They employ a team of agents dedicated to supporting customers of financial institutions like banks, credit unions, and investment firms. They are responsible for addressing customer queries regarding complex financial products like loans and investments via phone calls or other communication touchpoints. They handle various queries, including account management inquiries, and even assist with fraud prevention.

The financial services call centers leverage cutting-edge technology to navigate regulations, protect sensitive information, and build stronger relationships with clients.

Benefits of Financial Services Call Center Outsourcing

Managing an in-house call center can be resource-intensive and complex, while outsourcing financial services call center can unlock many benefits. From established financial giants to startups, here are some advantages every financial institute can enjoy.

• Financial services call center outsourcing boosts cost reduction by eliminating the need for in-house infrastructure, recruitment, and training-related expenses.

• Outsourcing providers offer access to a broader pool of qualified call center agents with specific language skills or financial knowledge.

• Financial institutions can free up internal resources to focus on core competencies like product development, risk management, and customer acquisition.

• You can access advanced technology as leading outsourcing companies invest in cutting-edge technology designed explicitly for financial call centers.

• It allows you to stay up-to-date on compliance requirements and ensures that your call center operations adhere to all necessary regulations.

• These outsourcing companies often specialize in financial services and employ highly trained agents with in-depth knowledge of financial products and regulations.

Top Call Center Metrics to Track in Financial Services Call Center

Financial services call centers operate in a highly sensitive environment – balancing exceptional customer service with strict regulations and handling sensitive financial information. To navigate this demanding environment, tracking the right call center metrics is crucial. Here are the top 5 key metrics you should monitor:

1. Customer Satisfaction (CSAT) Score: It is a metric that gauges a customer's immediate satisfaction level after interacting with your call center agent.
2. First Call Resolution (FCR): FCR is a key metric measuring the percentage of customer issues resolved during the first call.
3. Average Handle Time (AHT): It measures the average amount of time taken to handle a call, from the moment it's answered to when it's disconnected.
4. Net Promoter Score (NPS): NPS measures the level of customer loyalty and their likeliness to promote or recommend your services.
5. Call Abandonment Rate: This is the percentage of calls that are abandoned by customers before reaching an agent.

How a Financial Services Call Center Improves Customer Experience

A well-structured financial services call center can help businesses deliver exceptional customer experiences. Here’s how:

• These centers employ highly qualified agents with adequate licenses and certifications.
• They leverage advanced technology, such as call center software and cloud-based phone systems, to equip agents with the right tools for delivering exceptional services.
• By monitoring call metrics, scaling operations, and automating workflows, financial services call centers can optimize efficiency and reduce wait times.

Check out What is Cold Calling?

Enhance CX in the Financial Sector with SquadStack's Call Center Solutions

SquadStack is a tech-powered outsourcing platform that caters to various industries, including brokerage, e-commerce, finance, and education.

We have become a trusted partner for industry leaders in the finance sector. Our call center financial services have empowered companies like Choice India and Moneyview to revolutionize their customer experience by boosting agent productivity, reducing CAC, and increasing customer satisfaction scores.

SquadStack offers the following financial call center solutions:

• Account Opening: Our agents, equipped with financial knowledge, efficiently guide potential customers throughout the account opening process.
• Account Activation: From verifying information to setting up security protocols or downloading necessary apps, our telecallers patiently field customer inquiries and walk them through each activation step.
• Account Reactivation and Re-KYC: SquadStack's account reactivation and re-KYC services help financial institutions efficiently handle dormant accounts and ensure ongoing compliance with KYC regulations.
• Cross-Sell: We help our clients increase their revenue by leveraging existing customer interactions to promote additional financial products or services that complement what the customer already has.

The Role of SquadStack’s Tech-Stack in Call Center for Financial Services

Going beyond basic call management, SquadStack offers a secure tech stack for the financial industry to deliver exceptional customer experience. Our tech stack leverages features like omnichannel support, AI-powered analytics, and CRM integrations, enabling personalized services and improved efficiency.

Here’s how our tech stack empowers finance call centers to achieve new heights of effectiveness and efficiency.

Financial Services Call Center Software

Financial services call center software comprises various tools that facilitate the secure handling of financial information. In addition to this, it equips agents with knowledge-based resources and integrates with CRM systems, allowing for personalized service. SquadStack enables seamless integration with your tech stack as well as standard CRMs.

Our IVR facility significantly reduces wait times for complex issues by automating basic inquiries with the help of speech recognition and pre-recorded messages. Additionally, our tech stack leverages the combined power of parallel and predictive dialers to distribute calls to the most appropriate telecaller available efficiently.

Data Analytics

Data analytics in financial call centers facilitate businesses in identifying customer needs and preferences. It also helps discover bottlenecks and mitigate financial risk. SquadStack records 100% of the calls and turns them into actionable insights with our AI-powered call quality monitoring. With a smart sampling rate of 12% across 23 parameters, we ensure the highest quality of calls.

Our analytics and reporting dashboard gives a clear view of call quality, agent, and campaign performance. We allow you to view various metrics including quality scores and turnaround time, and help you identify drop-off points and other areas of improvement for better lead quality, conversion rates, and marketing spend optimization.

Security and Compliance

As we already know, financial services call centers handle sensitive data, like account details, social security numbers, and financial transactions. They must follow robust security and compliance measures.

SquadStack adheres to strict industry regulations, safeguarding sensitive customer data with robust security measures. This includes data encryption, data purging, and DND scrubbing. Our system continuously monitors suspicious agent activities, including misselling, prolonged call durations, and discrepancies in qualifications. This allows us to take swift action depending on the severity of the situation.

Why Choose SquadStack for Your Financial Call Center Solutions

Are you struggling with outdated call center software? Or do you need to set up a new call center quickly? SquadStack makes it effortless and hassle-free.

SquadStack’s all-in-one platform offers robust financial services features, including omnichannel support, AI-powered analytics, and skilled agents to deliver exceptional service and boost customer satisfaction.

With our cloud-based solutions and call center software integrations, we can easily adapt to your needs. We have all the right tools and security measures to safeguard your financial transactions and promote clear communication. Wait no more— click the link below to start your financial services call center in less than 48 hours.

Plug and Play, outbound telecalling solution.