Contact center software solutions provide a set of applications that help consumers get in touch with businesses and vice-versa. These tools assist executives in resolving consumer concerns. Some software solutions also consist of features that help associates handle customer queries raised via an email, web forms, messages, web chat, and phone calls. Most software can be tweaked to support inbound and outbound call centers. Managers and team leaders can oversee the operations using the same set of software programs.
Banks and financial institutions have a considerable consumer base and unique needs when it comes to information security. The software needs to adhere to data storage, processing, and analyzing requirements. So, they can be tweaked as per client requirements to ensure they meet the data security standards set by countries where the financial institution operates.
The crucial features loaded in most contact center software’s basic version are Automatic Call Distributor (ACD), Agent desktop with scripts and workflows, Power Dialers, Call Monitoring, and Call Analytics. Most systems do provide them, while others may insist users to buy some functions as add-ons.
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Automatic Call Distributor (ACD)
The routing automation tool plays a crucial role in enhancing customer and user-agent satisfaction these days as contact centers operate with a minimum of resources due to the coronavirus pandemic.
Calls need to be routed to the appropriate person for ensuring superb customer experience. The ACD or call routing feature follows predetermined criteria and makes sure the caller is routed to the specific queue, person, or department for resolution. It works with Interactive Voice Response (IVR), Computer Telephony Integration (CTI), VoIP, CRM, and other systems.
Banking contact centers have skillsets like departments for general queries, insurance, credit check, loan products, retention, collections, etc. The routing feature routes the call to the appropriate skill set, depending on the caller’s IVR selections, including language choice.
Contact centers also have the option to set up intelligent routing. Calls made by specific consumers can be routed to agents who are top-rated in performance and skills. Managers can form a priority queue for VIP customers to answer their calls at the earliest.
Some institutions have time-based routing in place. Calls made during the specific time are diverted to the branch executives instead of contact centers. After banking hours, the associates at the selected BPOs can handle the same.
Agent desktop with scripts and workflows
Experts recommend financial institutions to make sure their CRMs have the concerned feature for ensuring associates follow the proper workflows and read disclaimers while processing various requests on call.
When it comes to compliance regulations, associates working for financial institutions need to adhere to FDCPA, GDPR, PCI DSS, ECOA, Gramm-Leach-Bliley Act, TCPA, and several others. So, as highlighted by experts, a pop-up with necessary disclosures to read can be a lifesaver.
Reading disclosures is mandatory, and skipping the same can even result in big lawsuits. Thankfully, agents do not have to worry if the CRM automatically displays the same with a prompt on the screen. The scripting feature not only helps in maintaining regulatory compliance but ensures the highest level of consumer experience while doing so. Process managers can update the agent scripts as per business needs within minutes. Agents can improve the first call resolution percentage and reduce unnecessary escalations that cost a fortune. The feature is crucial for outbound as well as inbound contact center software.
Power dialers make calling easy for associates working in outbound processes. There’s no need for agents to find numbers from the list and dial them manually.
Busy signals, disconnected numbers, hangups, or unanswered calls waste several hours of agents’ login time every week. Outbound dialers help in handling these issues and improve the agent engagement level, resulting in better business. The efficient calling system can be programmed to make calls on predefined lists of phone numbers and connect them to the associate. It is one of the essential features in outbound call center software.
For inbound call centers, power dialers help in ensuring that associates do callback the customer. Studies have already pointed out that automation in callback can lead to improved customer satisfaction.
The feature helps managers ensure their teams are providing exceptional customer service and following all the protocols. Call monitoring is essential when it comes to contact centers that work for banking and financial institutions. Interactions can be randomly monitored daily to ensure compliance with various state and federal data protection laws. The call monitoring function offers voice recordings as well as screenshots for the agent’s screen. Contact centers also let their clients access the call monitoring feature for weekly, monthly audits.
Call analytics feature helps call center managers to audibly and visually check how calls are routed, received, and handled. It helps in generating call sessions, queue, and agent performance reports with various stats. The analytics dashboard allows real-time monitoring of agent performance indicators, call lifecycle, and other back-office activities. Even details like ACW, average call hold time, AHT, and ASA can be monitored for every contact center agent from a central location. The system can display data for any given time frame enabling managers to make informed decisions.
Contact center software solutions integrate with hardware and software programs used by banks. It helps in speeding up cross-selling, up-selling, and contributes towards offering a personalized customer experience. The cloud-based contact center system can be accessed from any location, with the help of multiple devices.