How cloud contact center solutions benefit financial services companies

An outstretched hand holding a smartphone with a cloud icon hovering over it connected to symbols for mail, a laptop, a camera, and more. A Virginia-based credit union with over 220,000 members ran its contact center via an outdated on-premises phone system that received only bare-bones maintenance and zero upgrades for years. Because agents couldn’t deliver the seamless omnichannel service needed to meet modern client expectations, the institution ultimately decided to replace the old system with a cloud contact center solution from one of our partners, a leader in the Contact Center as a Service (CCaaS) space.

With the new cloud-based platform, the credit union reduced call abandonment rates from 26.1 percent to 14.1 percent and increased their overall satisfaction score (OSAT) from 8.5 to 9.25. Their average hold time dropped from 146 seconds to 103 seconds, and the contact center’s average answer speed went from 8.28 to 5.17 minutes.

That’s one example of how cloud contact center software can help organizations in the financial services industry deliver better customer experiences. As omnichannel and cloud-delivered customer service becomes normalized and expected, financial services companies must transform their call center operations in line with evolving client preferences.

Why the financial services industry must embrace digital transformation

A 2022 survey of 2,250 financial services clients found that 78 percent of banking customers seek relationships with those financial institutions online or via an app, according to the Salesforce Future of Financial Services report. However, only 18 percent of those banking clients agree they receive adequate assistance from agents. If your institution doesn’t deliver the digital service your customers desire, you risk losing their business to a competitor.

Deploying the right CCaaS platform can enable your agents to deliver more personalized customer service across various channels, such as web chat, texting, and email, in addition to voice. You can connect and build relationships with clients via their preferred method of communication. When calling is no longer the only option, your agents and customers won’t have to deal with clogged phone lines and long wait times.

Omnichannel communication is one of the many benefits of cloud contact center software implementation for companies in the financial services industry. Here are a few more notable advantages, according to RingCentral and based on our experience assisting clients with CCaaS deployments.

    • Better CX due to artificial intelligence features like smart interactive voice response (IVR) systems and chatbots that allow clients to self-serve
    • Increased employee engagement and retention due to the ability to work remote, coaching tools for better feedback from managers, and a lighter workload due to CCaaS AI features tackling routine tasks
    • Lower spending compared to on-prem solutions that require hardware maintenance and upgrades
    • Greater scalability and accommodation of fluctuations in staffing since it’s easy to add and remove end users

The list could go on, but these are some of the top cloud contact center benefits for companies in the financial services space. It makes sense to embrace CCaaS to keep your agents and customers as happy as possible while containing costs and maintaining high productivity levels.

An illustration of a banking site login screen. Text below the login form states that 78 percent of banking customers seek relationships with those financial institutions online or via app (Source: Salesforce Future of Financial Services report).

How to find the ideal CCaaS platform for your business

Our technology consultants have experience working with financial services companies and identifying the best CCaaS solution based on each client’s needs and goals. With our background, extensive partner network, and access to advanced tools to generate objective comparison matrices, we can rapidly pinpoint which suppliers and solutions make sense for your company. Don’t spend dozens of hours researching on your own when we can do the homework for you. Once you’ve found the best CCaaS solution for your organization, our team can assist with supplier negotiations, white-glove project management services, and ongoing support.

Take the first step toward better customer experiences today by calling 877-599-3999 or emailing to talk to our consultants about your contact center options. 

Contact Us

We will handle your contact details in line with our Privacy Policy. If you prefer not to receive marketing emails from Stratosphere Networks, you can optout of all marketing communications or customize your preferences here.