Enhance Customer Experience in Banking Solutions by Switching to Hosted Phone Systems

Delivering contextual and seamless customer experiences (CX) is vital to business success. Every interaction plays a crucial role in shaping long-term customer relationships. Across sectors, customers determine the value of your brand based on the CX you provide.

Considering the banking sector––what is the first thing that comes to your mind? Long queues, continuously ringing telephone lines, and overworked bank employees with a mountain of customer queries. 

However, in the current competitive landscape, this scenario has drastically changed. Enterprises in the banking sector have left no stone unturned to deliver seamless customer experiences. Options like phone banking, round-the-clock support, IVR for self-service, etc. have transformed operations within the sector.

While we speak about the revolutionary development of the banking industry, it will be unfair if there is no mention of the role of hosted phone systems. So, what is the impact of hosted phone systems on banks? 

Let’s read on to find out.

What are hosted phone systems?

 As the name suggests, these are cloud-based phone systems that allow you to make calls over the Internet. Therefore, the need for conventional phone lines, hardware, and other upfront infrastructural costs is reduced.

These services are offered by a cloud service provider. This means, you no longer need to worry about regular maintenance and support for the phone system.

With this understanding, let us now see how hosted phone systems help banks deliver elevated experiences. 

1. Provides centralised accessibility

This is one of the most crucial advantages of the system. Cloud systems are not on-premise and unlike conventional systems, their brain is not in your in-house server. 

Cloud phone systems maintain a centralised repository of information that can be accessed anywhere across the globe and at any time, thus improving accessibility. 

So, how does this improve customer experience?

Consider the following example. A bank has several branches across the country.  A customer calls branch X to enquire about their account which is in branch Y. The customer explains that they have temporarily moved and are unable to contact their home branch. 

In the case of a traditional phone system, the customer would be asked to contact the concerned branch for details, leaving them disappointed. 

On the other hand, a hosted phone system allows the bank representative to access the required information from the central repository. They would simply be able to search for the details in the database and handle the customer query effectively and in one go, thereby improving first call resolutions and consequently, customer experiences. 

2. Access to 24/7 support

Client queries don’t have any timings––they may call enquiring about their balance or a transaction any hour of the day. Or even night. Your representatives need to be available 24×7 to clarify their doubts.

Cloud-based phone systems make things easier. They operate via the Internet and don’t need a specific device to function––they can route calls via any device. Thus, your agents need not stay glued to their desks to perform official activities. They can attend to calls and answer queries from anywhere across the globe.

Furthermore, hosted phone systems support text messaging capabilities. That is, customers can send text messages to your support number. The messages land in the representative’s inbox for further action. This way, even if they miss calls, clients can contact them through emails and text messages. The representatives can go through these messages and reply to them as per convenience. 

Also, hosted phone systems enable customers to request a call-back. If a call isn’t answered, the client can place this request and the agent will schedule a call with the customer. 

These features ensure that no customer is left unattended and there is 24/7 support. As a whole, this contributes towards improved customer journeys. 

3. Improved security and compliance

The banking sector deals with numerous customer records and sensitive information like bank account details, transactions, etc. Hence, the security of customer data is cardinal. 

All banks may not have the expertise or resources to maintain an in-house IT team and the integrity of their customer data. This brings in data security concerns. However, in the case of cloud-based phone systems, your cloud service provider ensures complete security. 

They guarantee that the phone systems are fully patched and updated on par with industry-specific security measures. Data security best practices differ based on the industry and the geography of the business. 

While you may not know about these aspects, your cloud service provider is equipped with the tools and technologies to support your banking ecosystem. 

They implement state-of-the-art procedures like endpoint security, installation of firewalls and anti-malware software, multi-factor authentication, and role-based access to critical business information. These measures protect customer data, thereby helping you build trust among your customer base, and nurture customer experiences through secure banking transactions.

4. Replete with add-on features

Hosted phone systems come with several features like call routing, call recording, and call monitoring capabilities. These capabilities strive to improve the quality of customer services. For example, the call routing feature swiftly transfers calls to available agents. 

Consider a scenario—your representative is not available in the office. With smart call routing features, they can readily direct calls to their personal number or to that of a colleague to ensure availability. Apart from guaranteeing round-the-clock service, this feature optimises call flow and boosts customer experiences.

Call recording capabilities are important to monitor agent performance and improve support quality. This capability helps stakeholders identify pain points and work on them.

Moreover, recorded calls can be used to train new agents. When new recruits listen to these calls, they get a real-time experience of what to expect at work even without hitting the work floor. 

Also, call monitoring capabilities to allow supervisors to closely track calls. If they feel that some calls need escalation or intervention, they may do it right away to safeguard the interests of the customers. 

Therefore, hosted phone systems come with these added capabilities that enhance customer experiences in the banking sector.

To conclude

The banking sector involves critical business information and, hence, data security is of top priority. Furthermore, banks must be available 24/7 to support their customers. Hosted phone systems help them achieve this. 

They offer numerous capabilities that include call routing, call monitoring, and central access to information. These features facilitate uninterrupted customer services that ultimately result in improved customer experiences.

Acefone Editor

Acefone provides a broad range of cloud communication services to businesses of all sizes, which includes Hosted Phone Systems, Free Phone Numbers, and Cloud Contact Center Solutions. Being the UK’s leading provider of VoIP service provider, we always strive to provide excellent customer service and high-quality custom solutions to our customers.