In the banking and insurance industry, customer service is the primary concern. According to The State of Connected Customer report by Salesforce, 84% of customers rely on a brand that delivers positive experiences. They believe customer experiences are equally important as the products or services provided by the organizations. Yet, some organizations fail to bridge the gap between customer expectations and reality. This is when the banking and insurance call center outsourcing concept comes into the picture.
Many banking and financial institutions are reaching out to call center agencies to streamline their customer services, reduce operational costs, and overcome the daily challenges. Additionally, technological advancements and regulatory changes compel these companies to change their mode of operation and craft new customer-support strategies.
Take a look at the customer service challenges that made financial call center outsourcing a primary need.
4 Common customer service challenges faced by the BFSI organizations
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Unable to provide personalized experience:
Customers never appreciate sharing their profile details repeatedly. Whenever they make any query, they expect that the system automatically fetches the required information and transmits the answers appropriately.
For example. Suppose a customer wants to know whether he is eligible for a home loan or not. He expects the system to automatically access his professional details and bank balances and deliver instant answers to such questions.
Therefore, it has become imperative for banks and insurance agencies to incorporate personalization to satisfy customer needs.
Solution: Banking and insurance call center outsourcing helps organizations to deliver more personalized customer support solutions. This is because they choose smart tools and AI technologies to improve the CX and gain more new loyal customers.
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The problem in delivering instant solutions:
Customers, especially the millennials, are impatient these days. They look for instant solutions to any problem, no matter how complicated it is. Therefore, financial organizations using traditional methodologies find it extremely difficult to resolve an issue within a few hours.
Solution: Banks and insurance companies usually require hours to complete the paperwork and provide an ultimate solution to any problem. However, by teaming up with a call center agency, they get the flexibility to meet the customer expectations. This is because modern call centers leverage sophisticated tools and technologies to support the customers in the best possible way.
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Providing long waiting times:
Another biggest challenge that creates trouble in building a robust customer-business relationship is the long waiting time. As we mentioned, customers nowadays look for instant responses. They never rely on those banking and insurance agencies that take hours to resolve any problem or reply back to any query. In other words, long waiting times should be strictly prohibited if you want to generate positive customer experiences.
A delay in customer service causes customer dissatisfaction, leading to high customer attrition rates. Most of the customers do not even give another chance to the organization after having poor customer experiences.
Solution: Reaching out to a banking and insurance call center outsourcing partner will save you from attaining such headaches. The call center agents use enhanced tools and technologies to deliver instant and accurate responses. Additionally, they use AI and machine learning technologies to answer complex, mundane, and repetitive questions in no time.
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Limited access to communication channels:
The BFSI industry has evolved a lot to deliver quality customer experiences and generate a high customer satisfaction rate. However, some financial entities still face trouble in meeting customer demands and priorities due to their limited access to communication channels.
A banking and financial institution using old-school methods of operation hardly has scopes to build new connections and retain the existing ones. In other words, the limited access to digital communication channels hinders generating a loyal customer base.
Solution: The only way to find more new potential customers and improve the customer journey is by leveraging the call center outsourcing concept. The omnichannel BPO agencies promise to deliver quality support to the customers across several channels. Be it social media, email, live chat, webchat, phone, or text messages, the call centers provide seamless customer interactions across all channels.
The Bottom Line
Therefore, outsourcing financial call center services is very important if you want to build a good customer experience and gain strong customer loyalty. Just think about the millennials and Gen Z customers who prioritize superior and personalized customer service. To retain such customers and gain more positive feedback from their end, getting in touch with a reputed and reliable call center is pivotal.
Although customer service is very challenging in the BFSI sector, you can get rid of this headache with an experienced call center outsourcing partner. Besides customer service, a modern call center uses latest technologies and scalable resources to perform a wide range of tasks. These include compliance management, fraud prevention, feedback collection, and follow-ups and many more.
Find your call center partner that promises to deliver optimum CX and assist your business in improving its ROI!
