5 Ways Banks Are Using Cloud Telephony Solutions To Improve Client Experiences
Disruptive competition, increasing client expectations and digital innovation are transforming the banking sector. To thrive in this environment, banks have to discover new methods to innovate, collaborate and deliver differentiated services that tap unmet demands.
This is one of the reasons why banks are now converting to new-age solutions. One of the most famous services that are obtaining massive attention in recent times is the cloud telephony solutions. With services like Interactive Voice Response System (IVR), Toll-free number and OTP verification, cloud communication solutions have emerged as the one-stop solution to many of the new age difficulties faced by the banking area.
As most banks give more or less the same variety of services, the level of client experience passed is the only differentiating factor for clients to decide whether to stick with a special bank or not. Therefore, delivering excellent client service has become a matter of most importance for banks to provide in this deeply competitive market.
5 Methods Banks Are Using Cloud Telephony Solutions To Improve Client Experience
Let’s take a look at how banks are improving their clients’ experience by implementing cloud telephony solutions:
1. Improved Client Experience with IVR
IVR has confirmed to be a game-changer for the banking sector. It is used as a strong self-service banking feature that communicates with the callers through a list of predefined options and numeric responses.
Initially, the abilities of IVR were restricted to card fraud reporting or account balance query. However, with the introduction of cloud telephony solutions, the abilities of IVR have also increased. With the growing flexibility, the security measures have also been toughened.
2. Personalized Client Interactions
By combining the existing CRM system with IVR, banks now have a single platform that lets them view all client communications. This is an attractive feature that enables banks to personalize their conversation with a caller, based on past communications.
For example, the bank delegate will have access to the client’s account details and call history in one place. So, if a client has been calling to query about a product, but has not yet decided on purchasing the product, the bank agent can subtly bring up the goods or an attractive offer that will compel the client to make a purchase.
3. Client Verification Through Missed Call Service
In recent years, missed call service has earned massive traction in the banking sector. Banks have been rolling out new numbers for various services. Allowing access to essential services through missed calls is an attempt made by banks to give clients with hassle-free banking experience.
Banks have now started using it for verification purposes as well. The users or callers are now demanded to give a missed call from their registered number to verify their identification.
For example, upon receiving a new debit card, the cardholders are asked to provide a missed call from their registered numbers to confirm their identity. Also, at the time of debit card pin change, clients are asked to verify themselves by providing a missed call.
4. Outbound Calls For Important Notifications
The banking sector has ever been at continuous risk of fraudulent activities. Banks have witnessed an increase in the number of cyber scams in recent years. To minimize these happenings, banks have now started implementing automated call service.
This service is programmed to give a computerised call to the account holder’s phone number as soon as any unusual activity is detected. The automated call gets triggered on several situations depending upon what qualifies as unusual activity. In most cases, it is multiple failed login attempts, heavy transactions or unusual activity from an unknown device that are supposed to be the red flags on which such calls are triggered.
5. Promotional Messages and Payment Reminders via SMS
Cloud communication platforms allow banks to send bulk SMS messages to a large list of clients and prospects. Therefore banks can now easily interact with clients concerning their new offers or promotions. Also, when a client’s payment is due, banks can send timely notices. Sending related messages to clients on time will help in improving their loyalty towards banks.
With cloud telephony solutions, all the banking services are now obtainable to clients at their fingertips. Clients are no longer required to stand in long lines to avail chequebooks or query regarding the new banking products. Be it SMS, IVR or call notifications, all solution has added value to current banking processes and has also improved the client experience.
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