Sunday, 26 February 2017

5 ways in which the Indian financial sector can benefit from cloud telephony

We have deployed a multitude of solutions for customers in the financial sector, whether Banks, Microfinance firms, Insurance firms or Brokerages, now extending even to Fin-tech startups. This gives us a ringside view of the communication patterns across various scenarios in a Finance firm.

A few of them being
  • Complaint handling in the case of banks
  • Telemarketing in the Fintech sector
  • Presales on-boarding in the Insurance sector
  • Automated inbound query resolution in consumer banking
  • Automated outbound messaging or calling for lending firms
We have covered in length the issues & challenges faced by the Insurance sector in the business communications space. You can read about it here.

Cloud telephony offers the finance sector simple ways in which many consumer conversations can be improved or automated thus impacting the overall customer satisfaction, within the overall goals of the business.

To further elaborate on these simple ways…

1. A single integrated view of all customer talk can improve complaint handling as well as get a view of the customer journey 
Looking at the recently concluded Indian customer satisfaction index survey – “25% of Indian respondents were dissatisfied with their banks' complaints handling, compared to 15% in the US and merely 2% in Singapore”.

The article further goes on to state – “Nearly one-third of the 1,313 respondents were not satisfied with their banks 
This can be directly attributed to a lack of understanding of customer queries by the teams handling them. So how does one fix that?

  • "Integrate telephony within CRM thus building more intelligence into it. The CRM continues to be the core customer database to monitor all chatter coming in via Social channels, email, live chats, calls or SMSes. 

  • This will give a direct view of
    •  What did the customer speak?
    •  What was the Support or sales team’s response?
    •  Did the customer call back with the same request again? Who spoke to the customer the 1st time?
    • Could this query have been automated?
    • Did the customer comment in any of the social channels or send an email before calling? 
    Having this intelligence at hand can help senior management introduce SOPs and process improvements aimed at improving the customer experience.

  • Proactive engagement with consumers through regular NPS surveys

  • A thing or two can be learnt by looking at how Flipkart, India’s leading ecommerce company, is transforming their customer focus using NPS. NPS is a simple measure which can be administered with a simple automated phone call. But which gives an immediate and objective feedback about the customer experience in the business.

    2. Get a right hang of marketing ROI

    Often companies, especially the Banks & Insurance firms have over a 1000 sources of leads who are reached out to by the Inside sales or the Presales team to qualify and further handover to the field sales teams.
    • Your communications platform should be able to handle this complexity as well be able to give a clear view on ROI for the marketing spend 
    A completely integrated communications solution with CRM at its core can help in addressing the marketing ROI calculation.

    3.  No worries about hardware obsolescence or software incompatibility

    Needless to say, in the present era, most businesses are moving to the cloud, to avoid the challenges associated with hardware or software obsolescence, hardware maintenance and AMCs. Moreover solutions on the cloud have better flexibility in adjusting to customer & business’s needs.

    4.    Build custom applications & features 

    Businesses need to use flexible platforms that can enable them to run custom campaigns.

    Custom IVR application – Case 1
    We recently developed a customized inbound IVRs application for India’s 2nd largest private bank’s merchant banking division.

    The team’s goal was simple – “Be reachable at all times as all vendors might reach out at the same time”.

    Being a leading player in the banking sector known for superior customer experience, the bank wanted to extend the same quality of service to their vendors using their POS machines.

    The IVR was designed in a simple way in which each region’s queries were directed to that region’s technical resource for complaint resolution – all in an automated route, simplistically put.

    Custom IVR application – Case 2
    A leading Fintech startup wanted to send Weekly & monthly reminders to their SME database on upcoming payments. This had to be linked with the information in the CRM and also not involve a human intervention.
    Ozonetel developed a custom IVR application which would trigger time-bound calls as per the CRM process flow – again all automated.

    5.  Better monitoring of Sales teams

    As mentioned in the study on customer satisfaction – “A whopping 60% said their banks sold them investment products that did not suit their requirements”.

    So how does one avoid this?

    Simply put – every customer conversation has to be monitored, recorded and logged for future review. Customer calls from an office can be monitored, simply by ensuring all teams handle calls from a regulated system only. Example – calls can be made only from the CRM, with the telephony setup working in the background.

    In case of a field sales team, the same can be achieved via a Mobile CRM interface with defined process flows.

    A simple 3 step process could be
    • Field sales rep receives a lead in the CRM while on the field
    • The rep makes a phone call from the CRM using his virtual number
    • Any further conversations with the customer is monitored from within the CRM while all calls on the virtual number get logged-in
    You can review some of our solutions here -
    To know more on how to setup such solutions, visit us at or just sign up 

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