September 8, 2021

How Financial Call Centers Can Overcome Wary Consumers

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Financial Call Centers for Wary Consumers

Financial organizations — including banks, mortgage brokers, and credit card providers — often rely on call centers to communicate with their customers and convert leads. Unfortunately, robocallers and other “bad actors” that don’t have the consumer’s best interest in mind have tainted the financial call center industry for many people.

You don’t have to let someone else’s negative actions prevent your financial call center from meeting its project goals. Use the following tips to overcome wary consumers and please your clients.

The Growing Importance of Financial Call Centers

The growing importance of financial call centers makes it critical for you to address consumer anxiety. Over the last decade, the number of online banks has grown tremendously. Without physical locations, these banks rely on call centers to maintain contact with customers.

The pandemic has also highlighted the importance of financial call centers. Many banks have closed their physical locations to prevent spreading the virus. As a result, they need to rely on voice communications. Call agents at financial call centers already have the proper training to do the job, so it makes sense for financial institutions to outsource their customer contact needs.

3 Common Challenges Financial Call Centers Face

Online banks will likely continue growing. Many traditional banking institutions may also decide that they don’t want to reopen some of their physical locations, even after the pandemic ends. That’s why you need to know the challenges financial call centers face and how you can overcome them.

1. Blocked Calls

Financial service professionals say they believe that about 75% of their calls get blocked or flagged as suspicious. You can’t talk to people when they refuse to answer your calls. The situation becomes even more challenging when you want to talk about financial services and issues. Even consumers who answer your calls might hang up as soon as they know you want to talk about private information.

2. Consumers Trust is Key!

Informed consumers know that they should take care when talking about finances and other personal issues on the phone. Media reports about fraud and bank bailouts certainly do not help. Take time to build trust with consumers. If you try to rush into a conversation, you will make most people nervous. Slow down and provide truthful information.

3. Call Spoofing Mitigation

Only call centers hate call spoofing more than consumers do!

Call spoofing has eroded consumer trust, making it harder than ever for financial call centers to speak with existing customers and convert leaders. Today, people do not trust that the phone number that appears on their caller IDs belongs to your business. You will have to take a proactive stance against call spoofing to regain trust.

Phone Number Management for Financial Dialing

You have probably experienced many of these challenges facing financial call centers. Knowing the problems exist doesn’t solve the issue, though. The following tools should help you overcome obstacles and reach more consumers.

CNAM Registration

Even though spoofing has harmed consumer confidence, people are still more likely to answer when their caller IDs show your number and business name. Register your numbers’ CNAM so the correct information gets displayed.

Scan Numbers Frequently

Phone numbers get flagged for a variety of reasons. A carrier might flag your number because you place too many calls from it. A call-blocking app might flag your number because its users report your calls as spam.

Unfortunately, you don’t have complete control over whether your numbers get flagged. You can, however, scan your numbers to determine whether a carrier or app has flagged them.

Scan your numbers throughout every campaign. When you find a flagged number, stop using it. It might recover its reputation after it you let it sit unused for a few months.

Purchase Additional Numbers

Some of your numbers will get flagged or blocked. That’s a reality that all financial call centers need to accept.

Purchase more numbers than you think you need so you always have backups that can replace flagged and blocked numbers.

Having excess numbers will also help you scale when you add staff members to a large campaign.

Rotate Numbers Frequently

Carriers tend to flag numbers that place more than 100 calls per day. To carriers, too many dials make the number look like it comes from a robocaller. They flag the number to protect their customers.

The carriers will rarely tell you that numbers have been flagged.

Lower your risk by swapping numbers frequently. Don’t let agents use the same number to place anywhere near 100 calls. Swap them out before you reach 75 dials to avoid unfair flags.

Cool Off Period For Numbers

Despite your efforts, some of your numbers might earn negative reputations that make it nearly impossible for your agents to reach customers. When a number gets “too hot,” pull it out of rotation for 60 to 90 days so it can cool down and the flags will fall off.

Some call centers get rid of flagged numbers. It often makes more sense to keep the numbers, though. By maintaining ownership, you ensure that no one has a chance to dial from the number. After a few months, you can start using the number again as if it’s new.

Use Departments Specific Numbers

Reaching customers becomes easier when you assign numbers to specific departments. Someone expecting a call from your customer services department is more likely to answer a call that explicitly lists your customer services department as the number’s owner. The same logic applies to collections, sales, and other departments.

Maintaining Phone Number Reputation

Phone number reputation is important in outbound dialing. This helps to build your brand and consumer confidence. By staying vigilant and actively monitoring your numbers you can help ensure your calls are getting through at higher rates. This can give your agents and customers added confidence in your company.