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COVID-19 has accelerated the digitization of everything from the workplace to education to retail. And the FinTech (Financial Technology) industry is no exception. According to research, the global fintech market will grow at a CAGR of 23.58% from 2021 to 2025. However, to run their operations and services smoothly, these Fintech companies require a slew of modern technologies like contact center solutions to help them simplify, automate, and boost processes and performance.

One such technology is the contact center platform. This blog will explain how contact center solutions can help fintech businesses and what are its main benefits.

Contact Center Software: An Overview

Cloud-based contact center software is a modern phone system or type of Unified Communications as a Service (UCaaS) that makes calls or sends messages over the internet. Unlike traditional phone systems such as PBX, contact center solutions do not require physical cables for data transmission, making the system portable.

Also, you don’t need any additional hardware, on-site installation, or maintenance because the system is hosted on the cloud by a third-party service provider who handles everything, including implementation. Also, the system is highly reliable and offers the highest grade of data security.

Overall, when compared to traditional phone systems, cloud telephony or cloud-based contact center provide numerous advantages to fintech companies, including, but not limited to:

  • Cost-efficiency
  • Exceptional portability
  • No maintenance
  • Multiple innovative features
  • No standalone hardware required
  • Unified communication
  • Improved customer service
  • Higher data reliability
  • Better data security

All of these features or functionalities of the contact center platform combine to make it an excellent, all-around communication solution for fintech companies.

Why Do Fintech Businesses Need Contact Center Solutions?

Every business that deals directly with customers or is service-oriented certainly requires a contact center platform. And fintech companies are no exception. The following are some of the primary reasons why fintech companies need contact center solutions:

  1. To provide customers with loans, services, and other information.
  2. To assist customers in deactivating their cards immediately in the event of theft or misplacement.
  3. To resolve customer issues on time.
  4. To send reminders to customers about overdue payments or policy changes.
  5. To allow customers to make payments using an IVR (Interactive Voice Response) system.

These are the five most important reasons why fintech companies require contact center solutions. 

Furthermore, as previously stated, a contact center solution is a comprehensive enterprise technology that includes a variety of innovative functions and features. These features not only allow you to improve operations but also provide valuable insights that can be used to strengthen your processes.

7 Advantages of Contact Center Software For The Fintech Industry

The following are the 7 benefits of contact center software for the fintech industry. From improving customer experience to increasing productivity and lowering costs– the contact center platform helps fintech firms in various ways.

A. Organized Communication

When it comes to financing, there is no room for mistakes or delays because they can cost customers a lot of money. Therefore, every process, including customer communication, should be streamlined and carried out in an orderly manner.

Assume you are a credit card fintech company that allows users to make house rent payments and provides short-term credit lines. One day, a customer named John wants to sign up for the app and make a payment.

However, he is unable to register and process the payment for some reason. In such a case, it is logical for him to contact a customer service representative and resolve the issue.

At the same time, the customer support agent must accurately record the case details so that other agents understand what happened in that case and what resolution was provided if John contacts them for the same issue in the future.

For both of these reasons– to allow customers to connect to you instantly and to allow agents to register case histories, you will need contact center software.

B. Immediate Resolutions

Another significant advantage of contact center solutions for fintech companies is that they enable them to provide quick customer resolutions. 

As previously stated, the contact center platform allows them to store and process information in an organized manner, as well as quickly retrieve it. Moreover, it facilitates effective communication. All of these factors will eventually improve productivity and customer satisfaction.

Let’s understand this with an example.

Imagine you are a multinational bank that provides online banking and personal banking services. One day, a customer– Karthik, called your support team to report that his credit card had been stolen and that he needed to block the card’s services as soon as possible. 

In such a case, every second counts—literally, as any delay in the process increases the risk of fraud. Fortunately, you can address such cases very efficiently and quickly with the help of a cloud contact center solution because:

  1. The contact center solution’s IVR feature allows customers to contact the relevant team without transferring from one person to another.
  2. Upon receiving the complaint, the agent can immediately verify the customer’s identity by retrieving the customer’s data from the system. 
  3. Later, they can process the request or send an SOS to the appropriate person or authority to block the credit card as soon as possible.

This entire process will take only a few minutes, thereby preventing fraud.

C. On-demand Scalability

Fintech apps and platforms have witnessed significant customer growth in recent years. According to a survey, 2/3rds of financial transactions are now conducted online.

This figure depicts that finance companies are receiving an increasing number of customer requests on a daily basis. And, in order to serve these many customers on time and efficiently, you need modern communication technology, such as contact center solutions.

Besides that, because the number of customer requests does not remain constant and fluctuates, it is critical that you invest in a solution that can be scaled up and scaled down as necessary. Fortunately, cloud-based contact center solutions or cloud telephony can quickly provide this level of scalability.

If the customer request flow is high due to the festive season, you can easily add a few more phone lines to cope with the high influx of support requests. Similarly, if you are closing or limiting your business operations in a specific region, you can instantly scale down the contact center solution services. This will save you a lot of money on subscription fees.

D. Omnichannel Communication Support

The days of traditional communication, where customers contact you through only one channel, are long gone. Instead, customers nowadays contact you via any of the channels, including calls, texts, emails, online chat, and others.

The same is true for fintech customers. They want you– the fintech companies, to be available and address their issue across all channels and provide them with omnichannel communication support.

You can certainly address the issue of interoperability with contact center solutions. Interoperable phone systems like Sarv compensate fintech companies with many positive outcomes. These businesses could benefit from increased efficiency, usage, and cost savings due to shared infrastructure, economies of scale, and innovation.

At the same time, customers may benefit from improved customer service. And, with a newly found 360-degree understanding of the consumer informed by data sharing across environments, fintech corporations can create products that better meet their overall needs.

E. Personal Data Security

Another benefit of contact center software for the fintech industry is that it shields system data against hackers. Understandably, fintech platforms are always on the radar of cyber hackers, who are looking for any vulnerability in the system that will allow them to enter the system and steal the data.

For these reasons, fintech companies must invest in modern communication technologies such as contact center platforms to protect their customers’ confidential and personal data at all costs.

Fortunately, most modern contact center solutions, such as Sarv, are equipped with advanced technologies such as artificial intelligence, which allows you to track any suspicious activities and prevent fraud. Moreover, these softwares are PCI-DSS compliant, which means that all billing or financial data that customers share with you is encrypted.

All of these measures will assist fintech companies in adding multiple layers of security to their data and preventing it from falling into the wrong hands.

F. Enhanced Customer Experience

The sixth advantage of contact center software for the fintech industry is improving customer experience. This is due to the benefits mentioned above– data security, instant resolutions, interoperability, and organized communication. 

Since you can provide all of these benefits to end users with the help of a cloud center solution, it is pretty apparent that they will be pleased with your services.

Furthermore, the rich insights of contact center software empowers you to understand your customers better and provide them with personalized solutions. Also, you can leverage AI to take personalization to the next level.

Overall, a secure banking environment, prompt and effective resolution of complaints, and easy contact with the support team will contribute greatly to the customer experience.

G. Cost-effective Communication Solution

The last significant advantage of the contact center platform for fintech businesses is that it cuts down costs. You must understand that fintech companies require communication with their customers on a daily basis through various channels such as phone calls, texts, emails, chatbots, and more.

Doing this with regular or traditional phone systems is not a viable option because it will be very expensive. Furthermore, traditional phone systems require businesses to spend money on installation, on-premise hardware, maintenance, and other things. All of these factors will make communication more expensive and unfeasible.

However, with the help of contact center solutions for fintech businesses, you can significantly reduce communication costs because you don’t have to spend money on installation, maintenance, or hardware. Besides, contact center software systems have lower call costs than traditional PBX systems.

All these factors combine to make contact center solutions an affordable and viable option for fintech firms.

So, now that we’ve learned about cloud-based contact centers and its advantages for fintech companies, it’s time to learn which contact center solution you should invest in and why.

Why Is Sarv The Best Cloud-based Contact Center Software?

Although there are multiple contact center software providers in the market today, we believe that Sarv is the best contact center solution among all of them for several reasons. Let us explain.

The first thing that distinguishes Sarv from other contact center solutions is Sarv’s innovative set of features, which encompasses:

  • Multi-level IVR (Interactive Voice Response)
  • Automatic call distribution (ACD)
  • Contact management
  • Power dialer
  • Real-time monitoring
  • Reports & analytics
  • Call management
  • CRM integration

The next advantage Sarv has over its competitors is its affordable cloud telephony pricing plans. The cloud service provider offers a broad range of pricing plans to accommodate the diverse requirements of businesses of all sizes and types. Furthermore, there are no setup or maintenance fees.

The third factor that makes Sarv cloud-based contact center software ideal for you is Sarv’s powerful mobile application. The Sarv app allows you to access the system, connect with prospects, monitor activities, and answer customer calls from any location at any time.

For all of these reasons, we believe Sarv is the best cloud contact center software for fintech businesses!

Visit all Sarv products here or schedule a demo with the experts to learn more about contact center platform and its features.

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