Why Does Fintech Business Need to Invest in Contact Center Solutions?

After the COVID-19 pandemic, every primary industry, from retail to education, has moved toward digitalization, and the finance sector is no exception. FinTech (also known as financial technology) has improved and automated financial services to a great extent, which has facilitated customers and businesses with better financial operations. However, to ensure that their customers get a smooth experience, these fintech companies need to collaborate with contact center solutions, which assist them in boosting their overall performance.

Major Role of Contact Center Solutions in Financial Organizations

Every fintech business that involves customer service requires contact center solutions for multiple reasons. With a blend of innovative features and technology, they assist financial companies and customers with interactive communication on economic processes and operations. While the younger generation finds it more reliable and easy to work with fintech, contact center solutions make it even more helpful with their seamless support and engaging communication with customers.

Why does every financial organization need contact center solutions?

Fintech companies often look for a comprehensive platform to build lasting customer relationships. Here are five main reasons why every financial organization needs contact center solutions for their business:

• To assist customers with loans, financial services, and other relevant information.
• To resolve customer complaints.
• To send reminders to customers about policy changes, payment deadlines 
• To get valuable insights for improved performance.
• To assist customers in case of theft and misplacement of bank credit cards.

Advantages of contact center software for financial businesses

Contact center software has countless benefits for fintech companies. From effective communication to increased productivity, contact center software gives fintech companies more power to manage customer inquiries as they are committed to delivering exceptional financial service. Every fintech startup looking for a customer support system must read the advantages of contact center software to grow their client base:

1). Improved Communication

Compromising with the customer experience can cause significant monetary loss and impact one’s business. Thus, every step in customer communication needs to be streamlined and carried out effectively to ensure a clear message is conveyed through the conversation. Call center software empowers fintech with an automatic call distributor that connects clients with specific issues to the right call center representative, ensuring a meaningful conversation.

For instance, when customer X wants to know the loan status and customer B has called to make a credit card payment, ACD routes the lines to the most suitable agents, which ensures that the message is delivered to the right person and the customer gets the best response to their questions.

2). High Data Security

A significant benefit of having contact center software is the high level of protection against hackers. Since financial platforms are vulnerable to cybercrime, it is essential to ensure that customer details are secured with advanced technology. Luckily, most modern contact center solutions are equipped with hi-tech devices to prevent malicious activities, ensuring all the customer data is secure.

All of these features help fintech companies protect their clients’ confidential data from theft and cybercrime activities by adding multiple security layers to their systems.

3). Unmatchable Customer Experience

As they say, “It takes months to get a customer, but it only takes a few seconds to lose one.” Customer experience is an essential factor in determining success in the fintech industry. But thanks to the Contact Center, which helps retain customers through exceptional features such as high data security, organized communication, interoperability, and instant resolutions to complicated issues, the customers will be able to get immediate responses like never before.

Contact center software has all that makes for a truly exceptional customer experience:

• Prompt service
• A secured banking system
• Quick resolution of complaints
• A cooperative customer support team on the other side of the channel 

4). Omnichannel Communication

Gone are the days when customers had only one channel to reach out to a business. A recent study shows that 40 percent of customers use multiple channels to handle the same issue; hence, one must maintain consistency in responding to customer requests. Fintech customers can communicate through various channels such as text, online chat, emails, or phone calls. 

Omnichannel cloud contact centers allow customers to switch back and forth across various channels effortlessly, resulting in increased business efficiency. Fintech businesses can leverage the benefits of shared infrastructure and innovative strategies, which eventually cut down on the cost of operation.

Conclusion

Customer acquisition and retention are major challenges for any financial business. Contact center solutions, as opposed to traditional banks, are far more organized and secure alternatives to managing financial operations. Investing in contact center solutions is a long-term investment, as they can effectively handle customers’ queries and help improve their performance in no time. 
A fintech startup requires a dependable contact center service to connect with its customers efficiently, and this is where Fidelity Connect can come in. Fidelity Connect Middle East is an all-in-one solution for customers’ financial operations and an excellent platform for fintech to expand their businesses.