Banks today operate under pressure as bad debts pile up due to Covid induced downturn in the economy and new customers are scarce. As they say, when the going gets tough, the tough get going. The way to get going is to use auto dialer software to reach out to borrowers and prospective customers besides using it for a host of regular bank functions. It can play a pivotal role in your bank’s successful growth.
Effort, time and stress reducing tool:
It appears easy to assign to employees the task of making phone calls to existing customers and to approach new customers. It is no easy matter given that employees have to dial each number, wait for the call to go through and, hopefully connect to a human at the other end. This is time consuming, involves effort and induces stress. Auto dialer software, as part of contact center software, or a standalone app working alongside your IP PBX, does away with the pains of manual dialing. It takes over dialing functions from a selected list of numbers and keeps a call ready. The auto dialer also takes care of other functions such as screening Do Not Disturb numbers to ensure TCPA, GDPR, CCPA and Ofcom regulations as may be in force in the region. Banks can get a lot more work done and attract new business, streamlining revenue flows with the use of call center software and its Autodialer module, or simply opt for standalone Autodialer.
Improve debt collections:
Money rotation is important for banks. Debts that pile up represent a loss. This is avoidable by the use of auto dialer software for debt collection program. Here is how it works:
Your CRM can easily segregate phone numbers of borrowers and compile a list based on due dates every month. This list can be further broken up and distributed between bank agents tasked with calling borrowers to remind them about forthcoming payment dates.
- The auto dialer dials out numbers and keeps a call ready for agent to tackle. If it is an answering machine, then it can be programmed to leave a recorded voice message.
- You can configure the call center software to simultaneously send out SMS on completion of calls and possible give a payment link or a number for IVR payment.
- Agents can take on more calls and timely reminders improve debt collection.
Jupiter Research finds that the right message at the right time generates 18 times more revenue!
Target customers for more business:
Auto dialers can become vital tools for lead and revenue generation. You can target existing customers to offer value added services and you can target potential customers for various schemes such as credit cards and loans. The method of working is more or less the same as described above. The benefit is that agents get to talk to more people in less time and, further, in case of existing customers, their screens display customer data to enhance interaction. Auto dialer and contact center software work in tandem to streamline and capture leads for further follow up, which otherwise, you would have to do manually. Consider the man hours saved and improved revenue generation through cross-sell, upsell and new customer conversions. You will see that investment pays for itself in a few months.
You must have an ongoing campaign to get new business considering that only 25% leads can be converted according to Gleanster Research and that nurtured leads result in 47% higher purchases, according to the Annuitas Group.
Send out automated notifications and messages:
Employee costs can be high, particularly for routine messaging that can be automated by the use of auto dialer software in contact center software. As in debt collection calls or marketing calls, you set up a list for the auto dialer to handle. The auto dialer links with IVR or SMS module of the call center software and hey presto, you have automated messaging you can use for:
- Informing customers about new offers and how to apply
- Notifications for upcoming payment dates
- Notifications for renewals of fixed deposits
- Notification on changes of banking policies
- Responding to a complaint
There are variations possible:
- You can set up the system to send out SMS with an included response number.
- You can link auto dialer with IVR to enable immediate response from targets
- You can keep agents on standby should a responding target wish to speak on a topic.
Here again you will see that the solution reduces load on employees by taking care of routine matters, letting them handle important tasks like issue resolution or customer conversion which gives greater job satisfaction besides benefiting the bank.
Keep in mind:
There are laws about cold calling as targets may not wish to receive calls and such calls could result in class action complaints. The US defines how financial services can call customers in the US Telephone Consumer Protection Act. Here too, your auto dialer with CRM tie up plays a key role in screening numbers that do not want to be called, ensuring better regulatory compliance and avoidance of fines. It helps to obtain prior permission from callees and keeps you safe by segregating DND numbers.
Auto dialers, in short, help you to do more in less time with less effort and with better outcomes.