How Call Centers Can Help Financial Services Companies

May 13, 2024 8 min read

Robert Pleasant

Robert Pleasant


Managing finances can be a major source of stress for customers. They leave their money in the hands of financial institutions, trusting that these companies will properly secure and manage it, and they expect great service that they can rely on.

Unfortunately, many financial institutions simply aren’t investing enough in their call centers, which can create poor customer experiences (CXs). If customers are constantly feeling frustrated, stressed, and angry during their calls, something needs to change.

Investing in the best call center software can make the difference between a great experience and an angry customer taking their money to a competitor. 

So, what benefits can call center software bring to financial service companies such as retail banks, credit unions, and fintech companies?

Financial Call Center Software Benefits

The goal of any call center is to assist customers efficiently and effectively, and this is particularly imperative in the financial services industry. Fortunately, there are several benefits that a great platform can bring to a financial services call center, including:

Enhanced customer experience

One of the main benefits of call center software is its impact on the CX. Many modern call centers have become omnichannel contact centers, which expand beyond phone calls to encompass every customer touchpoint and digital channel, including web chat, email, and social media.

Omnichannel CX helps businesses

A key aspect of this is the ability to seamlessly switch between communication channels within the same interaction without losing any information. If a customer sends an email with a question and then calls in later with a follow-up, the call center agent can see the records of the email, along with a full view of the customer’s journey.

Improved efficiency

Poor agent efficiency can have detrimental effects on a call center. It leads to longer wait times, a decrease in first-call resolutions, and overworked call center agents. However, a good call center solution can improve efficiency across the board.

For instance, implementing an interactive voice response (IVR) system can significantly improve efficiency. IVR can automate basic inquiries through self-service menus, allowing customers to carry out tasks like checking their balances or making transfer requests without needing an agent. This, in turn, frees up agents for more complex issues.

how IVR works

Another recent innovation is maintaining the full context of past customer interactions across digital service channels, such as knowledge bases, email requests, SMS responses, social media posts, and website visits. Agents can consider all these touchpoints when helping a customer.

Additionally, using automatic call distribution (ACD) with skills-based routing can help direct calls to the agent with the skills and availability to best resolve the customer’s issue. This can reduce wait times and improve first-call resolution rates, making the call center experience better for customers and agents alike.

Personalized service

Today’s customers expect a more personalized call center experience. If an agent has information about a customer’s account, history, and past interactions, they’ll be able to provide support that’s helpful and relevant to the customer’s needs.

This is why call center platforms often include screen pop features with relevant customer information. As soon as the agent receives a call, the call pop can tell them everything they need to know about the customer, like previous issues they’ve encountered, the support they’ve received through other channels, and past questions they’ve called in about.

Nextiva call pop

This helps agents provide more effective, efficient, and personalized service, improving the customer relationship and customer retention.

Increased agent productivity and training

A good call center solution can help agents be more productive by combining quality management with real-time agent support.

It begins with call recording and quality monitoring, which managers can use to evaluate agent performance, identify areas for improvement, and ensure the agents adhere to all regulations, such as PCI compliance when handling credit card details.

Managers can use this information to find areas where agents can use extra guidance and provide training accordingly.

However, contact center software can go one step further by empowering supervisors to provide coaching and feedback in real time. Managers can monitor calls to see if an agent needs assistance and step in as needed, improving agent performance and success rates across the call center.

Additionally, call centers can use knowledge base integrations to give agents easy access to product information, frequently asked questions, and regulatory guidelines. With all that information at their fingertips, agents can provide faster and more accurate responses to user queries.


Improved security and compliance

It goes without saying that data security is incredibly important for financial institutions. Users need to know their personal and financial information is kept private and safe, which is why the financial industry has some of the strictest requirements for their security measures.

A good call center solution includes data encryption for securely storing and transmitting sensitive customer data. This means that information like Social Security numbers, account details, or credit card information will remain safe from prying eyes.

Additionally, financial call center software that includes call recording and archiving can help maintain a record of all customer interactions. This is important for dispute resolution, as companies can use the records to find out who said what. Companies can also use the recordings for fraud prevention and regulatory audits, such as FINRA for investment services.

Data-driven decision making

Data, as the saying goes, is king. With the right data, you can make informed decisions to improve your call center’s performance. 

So, how do you get that data?

Call center solutions can use call analytics features to track key metrics and KPIs, like average call time, call volume, and customer satisfaction. Call center managers can analyze this data to gain new insights, helping them identify trends, optimize staffing levels, and improve the overall call center performance.

Additionally, call centers can use customer satisfaction surveys to gather post-call feedback. This feedback provides a better view of the CX and identifies areas for improvement, helping make agents more effective.

Nextiva analytics

Reduced costs and increased revenue

One major concern for companies is the overall cost of running a call center. While call centers are important for customer service, keeping them cost-effective can be challenging.

Call center solutions can actually reduce costs and even improve revenue. Call center software can improve first-call resolution and agent efficiency, which leads to lower call volumes and repeat calls. This, in turn, reduces operational costs and frees up agents to help even more customers.

Additionally, financial call center software can equip agents with the customer data and product knowledge they need to identify upselling and cross-selling opportunities during calls. This can potentially increase revenue and turn customer calls into sales opportunities.

Use Cases in the Financial Services Industry

We can better understand the impact a good call center solution can have on financial service companies by looking at potential use cases and case studies of real financial companies.

For instance, the insurance company Reliance Partners managed to increase its revenue by over 300% after switching to Nextiva for its business communications. Nextiva’s platform lets Reliance handle over 1,000 phone calls per day and provide an exceptional CX. Features like an auto-attendant and simultaneous ring aid in helping customers quickly.

There are several use cases where call centers play a critical role in financial services, including:

Scenario 1: Lost or stolen bank card

Imagine you’re a customer and you’ve suddenly discovered that your bank card is missing. It could have been dropped somewhere or stolen, but you can’t take any risks. You call your bank in a panic, needing to deactivate your card as quickly as possible before someone uses it.

Fortunately, your bank has an IVR system and an auto-attendant feature. With these, you can report the card as lost and deactivate it without even needing to speak to an agent. There’s no wait, no fuss, just a quick confirmation and you’re all set.

Alternatively, you could speak with an agent who can verify your identity (starting with your ANI), check for fraudulent charges, and place an expedited order for a replacement card. At the same time, the agent can explain the bank’s fraud protection services and enroll you if you’re interested.

Whether you speak to an agent or use an auto-attendant, the result is the same: immediate satisfaction and peace of mind.

Scenario 2: Mortgage application inquiry

Applying for a mortgage can be stressful. Imagine you’re a customer about to buy your first home, but the mortgage application process and eligibility requirements are dense and confusing.

If your bank has an omnichannel contact center, you can web chat with a virtual assistant to get basic information and answers to your questions. The virtual assistant could even provide you with information to help you pre-qualify for a loan.

Potential questions you might have include: 

  • “What’s the difference between my loan’s APR and rate?”
  • “How long is my rate-lock good until?”
  • “Can you send my agent a pre-qualification letter?”

For these types of complex inquiries, you could be transferred from the web chat to a live agent with loan experience. The loan officer could then access your pre-qualification information, answer your questions, and guide you through the application process.

Even in an AI contact center, the team benefits from a “heads-up” that the customer has asked these questions before the call — saving them from repeating themselves and faster resolution. 

Scenario 3: Regulation compliance and fraud detection

For this scenario, imagine you’re an employee working at a bank when a customer calls in about a suspicious transaction on their account. The customer is likely upset and worried (and understandably so), but your call center platform gives you the tools to help.

Potential topics a customer may mention include: 

  • “What is this charge on my credit card?”
  • “I want to file a chargeback.”
  • “Someone stole my wallet and I need help.”

The call center software would have been integrated with the bank’s fraud detection system to flag suspicious activity and prevent potential losses. The system automatically records the call for compliance purposes (in this case, FINRA, which is used for reporting suspicious activities) to ensure the agent meets all the necessary regulations.

This allows you to efficiently support the customer, file the claim, and protect them from further fraud. You can also alert future agents that the customer is a recent fraud victim and re-validate the account for contact info updates. 

Nextiva: The Preferred Call Center Software for Financial Services Companies

Good financial call center software helps financial service companies run smoothly. The right contact center can provide customers with self-service options, empower agents to provide a better service, and ensure security and efficiency across your organization.

This brings us to Nextiva, which offers enterprise collaboration and AI-powered omnichannel contact center features to financial services providers.

Nextiva’s platform provides financial institutions with a secure, reliable contact center platform and the latest in advanced business communications and customer support technology. This includes:

All these features and more have helped Nextiva’s financial service clients delight their customers, improve their agents’ efficiency, and cut costs while improving revenue. If your financial organization needs a better call center, Nextiva is the way to go.

Wow customers every day.

All conversations in one platform. Empowering agents. Leveling up the CX in every interaction.

Robert Pleasant


Robert Pleasant

Robert Pleasant is an experienced content writer, having begun his career as a freelancer for BCStrategies before moving on to work for several tech and unified communications companies, including ShoreTel and Dialpad. He currently works as a freelance writer, bringing his experience in UCaaS, CCaaS, and AI to news sites and blogs across the communications…

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