Financial services companies and banks use outbound calling to reach out to potential clients. By contacting new and recurring customers, these companies can increase sales, survey the market, and foster stronger relationships. One communication solution that can enhance and improve client relations is outbound calling.
Why Do You Need Outbound Calls?
It is still important to have personal, human connections with customers, even in the digital age. Telephonic conversations can help seal the deal when an in-person meeting isn’t possible.
Now, outbound calling is even more efficient with call management backed by the latest technology. You can reach out to your clients via cold calls with various features that help you save time and resources. The following points should be kept in mind.
- Outbound calls have highly-targeted outreach
- They provide instant feedback and results
- Customer care agents have a stronger personal connect with their callers
What Type of Financial Services and Banks Can Benefit From Outbound Calling?
In the finance industry, financial services are economic services provided to consumers. The main function of these businesses is to manage money, insurance, and investment opportunities among private and government-sponsored companies. The following are some of the most common financial services:
- Angel investment networks
- Commercial banking services
- Conglomerates (universal banks)
- Credit card networking
- Debt resolution
- Family investment and wealth management
- Foreign exchange services
- High-frequency trading
- Investment services
- Insurance services
- Investment banking services
- Private equity
- Venture capital, and more
If their outgoing call volume is high, sales teams can use outbound calling to connect with prospects and clients.
Outbound Calls for Fraud Alerts and Notifications
Fraudulent activities are a constant risk in the banking industry. As a result of increasing digitisation, it has become easier than ever. There is an increase in the number of hackers snooping into bank accounts in order to commit online frauds. Automated call services have been used by banks to minimize these online frauds.
A call will be sent to the account holder’s phone number as soon as suspicious activity is detected by this service. According to what qualifies as suspicious, the automated call is triggered under various conditions. Automated calls are usually triggered when hefty transactions, three failed login attempts, or activity from an unknown device are detected.
To increase the sense of urgency and to connect the customer directly with a bank agent if fraud is detected, banks are sending automated calls in addition to SMS notifications.
Knowlarity’s Outbound Call Center Services to BFSI
With years of experience in outbound calls, Knowlarity offers the following services to BFSI organizations:
The customer is welcomed to the brand and given an explanation of the features of the product during a warm welcome call. Customer satisfaction, brand recognition, and long-term relationships are improved.
Loan Eligibility Calls
Prospective customers are asked a series of qualifying questions to determine their eligibility. In this way, only warm leads are transferred to the next level after the first level of filtering.
Loan Disbursement Confirmation Calls
Client confirmation calls are made to ensure that the information captured on the application form is accurate.
Loan Utilization Check (LUC)
Following loan disbursement, outbound calls are made to verify that clients have used their loans appropriately. Compliance requirements require LUC checks to be an integral part of the process. As a third party verification audit call, LUC calls act as a third party verification audit.
The clients are reminded about their loan payment due dates through various types of reminder calls. As a result, the customer is able to ensure that there are adequate funds in their account.
The term “Voice of Customer” is used to describe such calls. The purpose of these calls is to measure how satisfied customers are with the product and the brand. Additionally, behavior assessment calls are conducted to gauge employee behavior in the field and branch-level interactions with customers. Data analysis helps the BFSI organization identify and improve its service offerings by performing various analyses on the data collected.
Most customers are unaware of the consequences of defaulting on their payments. The primary objective is to recover the money from the customer. Customer education about CIBIL and credit scores is provided through these calls. By offering defaulting customers the opportunity to pay back, as well as an opportunity to cross sell another loan product, the company is able to increase revenue.
Lead Generations Calls
For further lead generation, information on the interested product is captured during outbound calls to probe for future prospects. In short, it is an activity that increases the company’s revenue through upselling and cross-selling.