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banner new challenges for financial companies
Emmanuel Angeles Solis

New challenges for financial companies, how to solve them? 

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The financial industry’s landscape is constantly evolving, and as we close 2023 and look ahead to 2024, financial companies face a host of new challenges.  

Either from regulatory changes or technological disruptions, this competitive sector receives constant demands from clients worldwide.  

This blog will delve into the most recent challenges financial companies might encounter this year and beyond and explore potential alternatives to address these challenges.  

We will also emphasize the importance of partnerships and providing exceptional service through contact centers as a key strategy. 

Challenges in 2023 and Beyond For Financial Companies  

  1. Regulatory Compliance 

Financial regulations continue to evolve, becoming more complex and stringent.  

This is necessary but significantly burdens financial institutions to ensure compliance with various regulatory frameworks, such as GDPR, Dodd-Frank, and Basel III. 

Consider investing in robust compliance management systems and regulatory technology (RegTech) to automate compliance processes, reducing the risk of non-compliance and associated penalties. 

  1. Cybersecurity Threats 

The financial sector is a prime target for cyberattacks. The sophistication of these attacks is increasing, posing a significant threat to sensitive customer data and financial stability. 

Implement state-of-the-art cybersecurity measures, including regular penetration testing and employee training, to create a vigilant cybersecurity culture alongside your IT and systems departments and stay updated on all compliances and special requests. 

  1. Digital Transformation 

The rapid adoption of digital technologies is reshaping customer expectations. Financial companies need to adapt quickly to provide seamless digital experiences. 

How often have you encountered a bad digital experience because the bank or institution you have used for years needs to properly invest in UX.  

Digital transformation initiatives, such as mobile banking apps and fast transactions, are a must.  

  1. Competition from Fintech Startups 

Fintech startups disrupt traditional financial services by offering innovative solutions and agility that established companies often need help to match. 

Embrace partnerships and collaborations with fintech firms to leverage their innovations, expand service offerings, and reach new customer segments. 

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The Importance of Partnerships 

Partnerships are becoming increasingly crucial for financial companies to stay competitive and address the challenges of 2023 and beyond.  

Collaborating with fintech startups, tech giants, or other financial institutions can bring several benefits: 

Access to Innovation: Partnering with tech-savvy startups allows financial companies to tap into the latest innovations without requiring extensive in-house development. 

Diversification of Services: Collaborations enable financial companies to broaden their service portfolios, catering to a broader range of customer needs. 

Resources: Sharing resources and expertise through partnerships can result in cost savings and improved efficiency. 

Risk Mitigation: Partnerships can help mitigate risks by combining strengths and expertise, reducing the impact of potential challenges. 

The Role of Contact Centers 

Contact centers are critical in providing exceptional customer service, a cornerstone of success in the financial industry.

Here’s how financial companies can optimize their contact centers: 

Omnichannel Communication: Implement omnichannel contact center solutions to provide seamless customer interactions across multiple channels, including phone, email, chat, and social media. 

Personalization: Use data analytics and operations analysts to personalize customer interactions, offering tailored solutions and recommendations. 

Efficient Issue Resolution: Streamline issue resolution processes to reduce customer frustration and improve satisfaction. 

Continuous Training: Ongoing training for contact center staff to ensure they are knowledgeable about products, regulations, and customer service best practices. 

Final Thoughts  

Embracing digital transformation, ensuring regulatory compliance, and forging strategic partnerships are all essential to addressing these challenges.  

Additionally, a strong focus on delivering exceptional customer service through contact centers will help retain existing customers and attract new ones. 

We can offer everything mentioned, from customer service to more specialized areas. We help companies secure and develop great CX.  

If you want to learn more about us, feel free to reach out!  

Thank you for reading this blog; we have more interesting topics about the industry! 

banner 5 trends to look out for in the banking business
Emmanuel Angeles Solis

5 Trends to Look Out for in the Banking Business

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Is no news that the banking and finance industry ae facing some constant needs to adapt and continue to offer modern solutions.  

And will continue to do it.  

Driven by technological advancements, changing customer expectations, and regulatory developments which are only a few of the biggest elements to consider. 

Staying ahead of the curve is crucial for banks and financial institutions to remain competitive, as clients, rightfully so, don’t forgive bad experiences, especially in terms of their money.  

Join us on this blog to discuss five key trends setting the terms.  

Digital Transformation and Customer Experience Enhancement:  

The banking industry is experiencing a significant shift towards digitalization. Customers now expect seamless, personalized, and convenient experiences across various touchpoints.  

Is not enough to have a mobile app, customers want fast, on the clock service to move their money, payments, everything!  

Redial understands the importance of digital transformation and helps banks identify and implement the right technologies to enhance customer experiences though nearshore and offshore contact services.  

From phone to chat services, Redial guides financial institutions in leveraging digital solutions to return your investment and guarantee client satisfaction.  

Open Banking and API Integration:  

Open banking initiatives are revolutionizing the industry by promoting collaboration between banks and third-party developers.  

Application Programming Interfaces (APIs) enable secure data sharing and integration, creating new possible revenue streams.  

Data Analytics and Artificial Intelligence (AI): Data has become a valuable asset for banks, and harnessing its power through analytics and AI has the potential to be key into gaining a competitive edge.  

If you get machine learning algorithm experts, you have more opportunities to offer personalized financial products, detect fraudulent activities, and enhance risk management capabilities. 

Cybersecurity and Fraud Prevention:  

As digital transactions increase, so does the risk of cyber threats and financial fraud. Protecting sensitive customer data and ensuring robust cybersecurity measures is a top priority for banks.  

Although it is an unfortunate situation, phishing data and account draining are real and people fall for it more often than one could imagine.  

We always train our team to avoid and prevent any possible risk. 

Integration of Fintech Partnerships and Collaboration:  

Fintech companies have disrupted traditional banking by offering innovative financial solutions and customer-centric services.  

Something that couldn’t have been expected 10 or 15 years ago.  

Banks could embrace partnerships and learn from those companies to leverage their expertise and technology.  

Improving their digital capabilities, possibly accelerate innovation, and even expand their service offerings.  

And not only that, but banks can also learn from fintech’s, the opportunities of reach and revenue from smaller loans, to help people either start or recover their score.  

Through these partnerships, banks can leverage fintech solutions in areas such as mobile payments, advisory services, peer-to-peer lending, and digital wallets, providing customers with the personalized solutions they are looking for. 

Final Thoughts: 

In the ever-evolving landscape of the banking business, staying informed about the latest trends and implementing them effectively is very important. 

Redial serves as a trusted partner for banks and financial institutions, offering specialized knowledge and expertise in navigating these trends while delivering top service.  

From digital transformation and open banking to data analytics & cybersecurity, Redial empowers banks and finance companies to interpret and execute these trends, generating the desired results and enabling the best CX. 

Thank you for reading another blog from Redialer’s Insights, if you want to learn more: click here.  

Are you ready to establish a call center that understands your business? Talk to the team. 

Why Does Every Bank Needs a Customer Service Call Center
Veronica Mascareno

Why Does Every Bank Need A Customer Service Call Center

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Banks are the cornerstone of the current world we live in; businesses and clients alike interact with them daily, some going as far as doing so every minute.

For this reason, Banks understand that their clients, small, medium, or large, need a way to interact with them at every moment to ensure business continuity or take rapid action when a critical situation arises.

The added complexity of the operations needs to be handled every day by a bank; visiting a bank for these operations can take a considerable part of the day.

With this in mind, a Banking institution would not see a viable investment in opening more locations with a large volume of tellers or employees, especially for simple tasks that can be resolved otherwise.

To put things into perspective, a study performed on 200 Banking institutions reported that employees and managers on location spend at least one-third of their day answering questions and inquiries.

For this reason, the investment in creating a Call Center is not a question for a Bank, and their existence is essential to ensure that there is available service 24 hours a day the 365 days of the year.

Rethinking your day-to-day operations.

The Added Benefits of Having a Call Center for Customer Service Also Provide a Wide Range of Solutions Such As:

  • Faster interaction and resolution for inquiries, allowing clients to solve their needs without the need to visit their Banking institution.
  • Saving time for your clients, through a call it is also possible for clients to receive guidance.
  • Resources available to the bank such as mobile applications, website portals, or other digital tools which in turn provides additional options for clients.
  • Increase their productivity and interaction time with the banking institution.
  • A decrease in the cost of the operation, with proper training and guidance a Call Center is a far cheaper solution than increasing the number of employees in location.

Flexibility in Operations

  • A Call Center Customer Support Representative can easily perform different tasks when there is a micro-segmentation in the departments, it is easier to place an additional workforce when the call flow increases on another queue.
  • Call Centers can be built as a safe environment that aligns with the needs of a Bank, by following compliance and rigorous security measures it stays inside the requirements that allow for client data to remain private and secure.
  • Visibility on Services and Options, clients may not be aware of the full set of services or options at their disposal which a Customer Service.
  • Representatives can provide guidance and assistance, this in turn adds an additional return of investment when clients wish to obtain additional services or a loan making it an excellent opportunity for an upsell
  • Communication through different methods, Call Centers can provide support beyond calls such as live chat, e-mail, and fax, allowing the clients of the bank greater flexibility on their options to get support, especially when limited on the current tools at their disposal.

Call Center as an investment

The current global situation of Covid-19 also brought up an important change in how Banks and their clients interact, Banking Call Centers around the United States saw an initial surge in January of 2.2% in volume of calls.

In February the increase came to 21.5% and by March the volume had gone up to 36.2% across the board, in a single Banking Institution going up as much as 43.3%.

While these numbers are particular to this situation it is a key factor as to why Banks see a Call Center as an investment that provides them with a considerable return on investment.

It is important to note that to keep up with the requested contingency the Call Centers had to apply measures to allow their representatives to work from home, continuing with the flexibility of growth and service with the required security by the banking institutions.

In the end, a Bank without a Call Center is immediately losing the competitive edge against other peers in the business and risks seeing their clients and their business moving elsewhere to those who offer this option.

Are you keeping at the front of the competition, do you need help expanding your current Call Center solution or creating one for the benefit of your clients?

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[1] https://silvercloudinc.com/blog/top-3-banking-call-center-best-practices/

[2] https://www.americanbanker.com/news/how-banks-prepared-call-center-reps-to-handle-surge-in-volume-from-home

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