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How is the Modern Contact Center Changing for Banks? - Sally - ContactCenterWorld.com Blog

How is the Modern Contact Center Changing for Banks?

Most customers list email as their preferred choice of contact, while others still prefer phone communication. According to findings from research done by McKinsey and Company, the number of contact center calls has been on the rise despite efforts to improve service and support. This is mainly linked to customer engagement. Most clients want personalized advice from banks, which is not offered by most of them. 

With the lack of urgency in texts and emails, consumers opt for contact centers to get personal attention, active engagement, and specific advice. While call volumes rise, client expectations also increase. Delivery methods also broaden. But how do banks add modern call centers that meet online demands and ease authentic engagement?

banking contact center


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The Use of Chatbots for Direct Engagement

A rise in the number of call center volumes results in anomalies. Most clients prefer direct engagement but lack the waiting patience. Recent findings indicate that 50% of customers will hang up after being put on hold for 45 to 95 seconds. 

Chatbots are an ideal solution because they help bridge the gap and provide the kind of interaction preferred by most clients. Research data shows that about 99% of consumers have engaged with chatbots, and 65% are content with the experience they get. They prefer to deal with chatbots rather than contacting customer service agents who will put them on hold. 

Financial institutions are likely to benefit from chatbots in their call centers because they will easily streamline calls by answering easy customer queries. Chatbots can quickly tell what clients want, offer advice on investments or banking, and answer general questions about banking products and services. This direct engagement leaves most customers satisfied because of the straightforward answers they get. 

The Use of AI to Redefine Agent Roles

Most customers are always required to re-explain specific issues to call center agents providing help with complex financial matters. This increases caller frustration and call resolution time. 

ai banking

Modern artificial intelligence solutions provide an excellent option to enhance the effectiveness of a specific agent. This is possible through machine learning algorithms that foretell customer requirements and furnish agents with the necessary information.

An example is how you can use AI to eavesdrop on chatbot conversations. AI agents can predict a specific caller's possible emotional state and allocate human help, thanks to sentiment recognition tools and natural language processing. If a client is angry, they can be assigned to a qualified customer retention expert to cool down difficult situations. 

AI tools can also utilize the appropriate data from customer databases and customer relationship management tools to furnish agents with call information and service interactions. This reduces the need for clients to re-explain their problems and allow agents to offer customized service. 

Relocation of Contact Centers

There has also been a rise in the number of outsourced call centers as most banks want to increase call volumes. This kind of diffuses geographic approach can affect customer engagement negatively. According to Forbes, most firms now value ‘the connection between profit and customer service.’ That is why they are doing their best to employ local call center experts who are also well-trained. 

The biggest hurdle to this approach is how expensive it is. Technological advancements and innovations like unified collaboration and cloud computing have created an operable market for online contact centers. Employees can work remotely from small offices or even at home with access to customer history and financial networks, granting them the opportunity to offer local service in high demand. 

Virtual alternatives are ideal for financial firms because they can save on expenses as they enhance their productivity. Working remotely is also suitable for staffers as it makes them more productive, happier, and less likely to miss work. 

Financial firms should adapt to modern technologies and deliver quality engagements using several online channels. Modern solutions like AI, chatbots, and virtual contact centers can promote improved interaction and bring viable ROI.

 

Publish Date: May 27, 2021 11:06 AM

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