Fintech Contact Center Needs Are Evolving – How Do You Address Them?
A few days ago, I was talking to an established Fintech organization in India about their contact center needs.
They have millions of customers, and they offer them various loan products.
They have an incumbent provider but don’t seem to get everything they want out of them.
Let us look at their wants:
- Customers should be able to reach them on the phone easily from their website, mobile app, and telephony.
- Reach the customers frequently to ensure collections – this would be in the form of calls, messages, and voice broadcasting. Reach prospects who have shown interest in their products and did not go ahead with the purchase or subscription.
- Increase the agent talk time to ensure more reach for collections.
- Reach out to customers to actively seek feedback – calls, messages, and voice broadcasting.
- They wanted deep integrations with multiple CRMs, as they use different CRMs for different products and customer segments.
- Adhere to the compliance needs of PCI-DSS, and they need to store their call recordings for a year.
- Reporting and intelligence that provided them with the dashboard and the ability to drill down in real-time.
- Analytics to identify any misselling or compliance issues and determine the type and nature of training for their agents.
- Ability to configure their workflows per their business needs.
- Omnichannel infrastructure where all their channels are integrated, providing a single view of their customers to their customer experience agents.
This comprehensively sums up the needs of a Fintech organization.
How Do You Address These Needs?
What features should the platform have?
Let us look at what is needed here:
1. Blended Dialing
You shouldn’t be looking at two platforms for your outbound and inbound needs or even two instances.
The platform should support blended dialing. The same agents can be used for both inbound and outbound needs. For instance, the number of outbound calls dialed by a predictive dialer depends on the idle ratio of the available agents in the inbound campaign.
2. Scaling of Channels
Does your platform allow you to scale your channels automatically?
For instance, you may have to attempt 15 calls for a connected call. So, to keep 50 agents busy, you need to make 750 calls, which means you need 750 channels.
Your channel requirement may not be the same at all times of the day, so you cannot buy 750 channels. This is like spending a lot more than what is needed.
Your platform should seamlessly allow scaling up and down the number of channels without any effort. Besides, the platform should provide dynamic DID numbers to avoid getting caught up in spam or resulting in a low answering ratio.
3. Automated Feedback Mechanism
Automate the feedback mechanism with messages, voice broadcasting, and calls depending on the customer type and segment.
For instance, for any call a customer makes for their support needs, you can automatically send them a message with a link to the feedback form.
Alternatively, you can send them a voice broadcast message with an option to key in customer responses.
Besides, if the customer is a high-value customer or a customer of a new offering, you can try to call them and seek their feedback.
4. CRM Integrations
Does your platform already support pre-built integrations?
For instance, does it have integrations with Salesforce, Zoho, Zendesk, Freshdesk, Leadsquared, or any other CRM?
A customer may use different CRMs for different product needs for various reasons.
Does your platform support integration with multiple CRMs simultaneously? Do you get to see a dashboard view of the CRM data?
Do you provide a widget of your platform for the organization to integrate with their CRMs?
This will allow their agents to contact their customers from the CRM itself.
Ensure your platform supports all these features and includes pre-built integrations with industry-leading CRMs. Besides, it should support easy API integrations.
5. Compliance Needs
Does your platform comply with PCI-DSS standards? After all, you are in the business of transactions, and you need to be compliant with it.
Besides, does your provider offer the storage of call recordings for a year? This is needed for audit purposes, especially in a regulated industry like Fintech.
Ensure that you are getting both of these in your platform.
6. Reporting and Intelligence
Typically, managers in any contact center spend 30 to 40% of their time pulling together reports.
While the reports are necessary, does it warrant your time on them?
Ensure your platform supports easily configurable reports and dashboard views of all your contact center functions.
For instance, does your platform provide reports in a downloadable CSV format, which you can slice and dice per your needs?
In a 5-minute call, more than 2000 words are exchanged between a customer and the contact center executive. This would include positives and negatives derived from the words and phrases, uncomfortable pauses, and the sentiments involved during the call.
All the calls in the Fintech environment get stored. Managers and supervisors of contact centers listen to only 2% of the recorded calls unless something unfavorable happens. Often adverse happenings are seldom reported.
Running analytics on them will allow you to identify customer concerns and expectations. You can rapidly analyze call recordings to identify compliance issues, misselling, privacy issues, and newer requirements.
Ensure your platform supports analytics that comes with advanced search and filtering, enterprise-grade speech recognition and transcription, contextual call playback data, tagging and commenting, transcript visualization, and full PCI redaction.
8. Workflow Configuration
Every contact center has different workflows for different processes. One size doesn’t fit all your needs.
Ensure you select a platform where you can quickly configure the workflows.
Besides, identify a platform provider willing to do the customizations to accommodate your workflows at no cost or a minimal cost. Else, this would be a huge line item in your expenses.
9. Omnichannel Interaction
Ensure the platform comes with the integration of all channels and solutions you use in your customer experience initiatives.
This would allow your agents to have a single view of your customer information and their interactions.
The needs of Fintech keep evolving as it is a fast-growing industry. Their need to keep their customers happy and loyal is also growing faster, and this directly depends on the experience they offer.
Contact center platforms are also evolving to meet the needs of the Fintech industry, and this article was an attempt to provide some pointers for Fintechs to be aware of before choosing a platform.