During this pandemic, clients are struggling to reach their banks when they need them the most, driving an almost 75% increase in call center volume. Financial institutions’ contact centers are inundated with heavy call volumes resulting in long hold times and time-to-callback. So how can these institutions avoid leaving customers on hold? Many banks responded to urgent needs at the peak of the pandemic and are now in recovery mode. These banks are building new processes, incorporating new technologies and training their teams for #TheNewNormal. At Talkdesk, we believe this is a seminal moment in history — it’s a time to reimagine banking. Here are three ways to reimagine banking with the power of automation to provide a delightful and holistic enterprise-grade client experience.
Accenture projects open banking-related services already account for 7% of total banking revenue in 2020.
Many industry executives already look at open banking as an accelerating trend in financial services. Banking as a Service (BaaS) is an open banking end-to-end process through which fintechs and other third parties connect with banks’ systems directly via APIs.
BaaS opens the door for third parties to operate on top of a bank’s regulated infrastructure and extends banking services through unified digital channels. With BaaS, financial institutions can allow third parties into their tech stacks, opening up their platform, commissioning leads and outsourcing customer service, so they never leave customers on hold.
BaaS can accelerate your bank’s ability to act as a marketplace, offering your clients services like insurance, travel and entertainment, to extend your brand’s reach and deepening your client’s loyalty.
Financial institutions can ease the struggle of keeping people on hold by redesigning Interactive Voice Response (IVR) systems and routing to better anticipate clients’ questions, offer more relevant self-service and target segments with proactive outreach.
To reduce strain on an overtaxed call center and lower costs during the downturn, financial institutions should prioritize customizing the IVR for a smooth self-service experience, building IVR menus to deflect common questions or handle frequent requests. To achieve this quickly, harness the power of an IVR flow builder that can:
For many clients, contact centers and online self-service bots are the primary communication channels with their banks. Thus, it is mandatory to connect the contact center to other teams, departments and data sources across the institution to keep the information flowing.
Much of the contact center operation thrives from context from questions like “Who is this client?”, “Have they been properly authenticated?“, “How long have they been a bank client?”, “What products and services have they purchased from the bank?” and “How can I resolve their issue in the most efficient and polite manner?” The necessary data to answer these questions relies on connections made possible by CRM segmentation, authentication and core system integration, so financial institutions should ensure their systems are agile, low-code and can quickly connect and integrate. Client information must be secure and accessible at all times across all channels.
For this, financial services’ contact center leaders should focus on:
If you’re interested in learning more, please join us to hear how Bank of the West, BNP Paribas is transforming their CX strategy in #TheNewNormal.
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