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Cloud Telephony is Disrupting the Financial Services Industry by Leaps and Bounds?

The Financial Services Industry is one such industry that is heavily reliant on advanced computing technologies such as artificial intelligence and augmented reality. Besides the computing aspect, there is another angle where computers play a major role in the Financial Services Industry – viz – communication.


The Financial Services Industry massively uses computers to meet the rising customer expectations to stay updated with the changing financial world. There is no dearth of reasons customers reach out to their financial institutions – such as to place trade orders, know account balance, pay bills and more.


COVID-19 had pushed the world into lockdown. Now the business world is looking at various options to come out of lockdown and begin their operations. The world is very different now post COVID-Lockdown and will take a much longer time to return back to normal. People are strictly following social distancing norms and that’s the need of the time. Neither face-to-face meeting is possible nor it is advisable for people to visit their bank branches or financial institutions.


Cloud telephony is playing a major role to keep businesses stay connected with their customers and reaching new customers. Cloud telephony is an ideal technology solution for businesses operating in the finance industry niche.


Novel Coronavirus has forced people into maintaining social distancing norms. As a result Enterprises in the financial services industry have to resort to alternate means to connect with their customers. Cloud telephony is not just a means for financial institutions to differentiate themselves on the basis of superior service but has become a must.


If they have to stay operational and remain in the business they have to resort to Cloud Telephony. The technology promptly routs the calls from the IVR to the right agent who can answer the queries. This not only helps customers reach out to their banks when they need but also helps the institutions serve their customers quickly and effectively.


Cloud telephony helps agents to be courteous to clients and answer all their questions swiftly. Customers expect banks and other financial service providers to deliver seamless experiences and Cloud Telephony helps them make their customers feel valued.


Banks or financial service providers can ensure their customers get pleasant experience when they call for support by equipping their employees with the right set of skills and organising routine training. Well-trained agents will deliver better service and help build overall brand image. Cloud Telephony helps organizations evaluate employees/agents on the job and identify any gaps or scope for improvements.


A cloud telephony system allows managers in customer care centres to barge calls unnoticed and listen to how agents are responding to customers, evaluate their knowledge level and areas of improvement.


This helps quality control teams and managers to understand whether an agent needs more product knowledge, better soft skills, or greater clarity. Based on this data the agents can be retrained to deliver better performance on live calls.


Financial service industry operates under fierce competition. They have to be best in all parameters. Serving customers and staying reachable all the time is the most important aspect of being competitive. Cloud telephony lets financial institutions compete effectively and give tough competition to rivals. It helps deliver outstanding customer experiences, nudges customers to buy, optimises processes using IVRs and helps reach lakhs of consumers instantly.


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