Banks operate in a keenly competitive environment. Circulation of money through loans contributes to earnings and getting new depositors into the fold is just as important to build reserves. These two purposes are admirably served by the use of predictive dialer software layered into the existing IP PBX solution or as a standalone option. The software eases burden on employees who must make calls all the time and achieve maximum productivity.
Predictive dialer software working
The simplest automatic dialer feeds off a list of pre-selected numbers and dials out numbers one after the other. Employees in banks do not have to manually dial numbers. However, there are drawbacks. Automatic dialers may not distinguish between answering machines and humans and this wastes time. Further, it is up to the employee to signal the automatic dialer to start the dialing process when the current call is nearing completion. Predictive dialer software works differently, especially when it has some artificial intelligence bred into it.
- Set up a toll-free number or single number if you wish
- Keep track of ongoing conversation and initiate a call when it senses that a call nears completion
- Connect employee only when it detects a human picking up and answering the phone
- Distribute calls to employees who are free
- Prioritize calls from a list
- Deliver call metrics
- Even receive incoming calls and route to free employee or one who is must capable through skill mapping system
- Dial more than one number and connect with the first one that responds
- Record calls
Strange as it may seem, predictive dialer software first came into use in the banking industry. However, people are more familiar with dialer software for call centers because this is where the dialer is most used.
Predictive dialers in banking
Banks may wish to outsource some tasks to call centers but given the sensitive nature of data it may be worthwhile implementing predictive dialer software in-house. It keeps data secure and you can do more.
Loans, reminders, debt collection
Banks typically disburse loans ranging from a few thousands to a few millions. The more borrowers a bank has the more interest income they earn. However, timely repayment is always an issue. Following up thousands of such borrowers with manual phone calls and text messages can become a nightmare. However, predictive dialer makes it easy.
- Link CRM with predictive dialer. The CRM automatically generates lists of such borrowers along with their data about borrowing and repayment schedules.
- Set up predictive dialer to dial out numbers on dates according to repayment schedule
- Assign employees to handle the outbound reminder calls.
- As each number connects the employee can view borrower data on the screen and carry on contextual conversations leading to meaningful results.
- Decide on the best time to call
Supplement this with voice mail or text messages linked with IVR, in order to the phone call for debt collections.
It is no secret that big business borrowers are often behind schedule and lack of timely receipt of payments can put banks into difficulties by interfering with cash inflows. This situation improves when you send out timely reminders with constant follow ups. The software pays for itself in a short time as your debt collections improve.
Marketing of banking services
Banks must constantly seek to sell their services such as:
- Credit cards
- Loans such as housing loans, vehicle loans, personal loans
Finding new customers for such services and egging existing customers to opt for such banking facilities lead to growth of the bank. However, you cannot go about it in a haphazard fashion. This is where the predictive dialer software helps.
- Target existing customers and offer them more loans or facilities
- Elicit opinions from surveys
- Target new customers with a separate list
- Keep track of responses and channel leads into CRM for further follow up
- Segregate such “show of interest” (possibly through missed call option) and schedule follow up calls with prioritization facility
The dialer does contribute to increase in up sell and cross-sell tactics. At the same time you generate more leads for conversion.
Dialer in banking records conversations and helps you to derive intelligence that can lead to improvements in conversion rates as well as debt collection.
- Do customers feel nurtured by being in constant touch with banks? Find out.
- Can agents learn from the software and adopt tactics or approaches that yield positive returns? The software tells you.
- Does it lead to reduced stress for employees and higher productivity?
Banks can stay on top, collect debts in time and capture new customers each day, aiding their growth and financial health with something as simple as an intelligent predictive dialer software sourced from the right vendor.