There is no doubt that the financial services industry is changing.

With the rise of modern fintech companies, traditional banks have been forced to sit up and take notice. The next generation of customers – increasingly tech-savvy consumers – are increasingly drawn to the range of benefits offered by challenger banks. So, with an aging customer base, how can traditional banks start to scale?

Certainly attracting and retaining customers must be a top priority. But if one of the main advantages of a traditional bank is its presence on the main streets, amid a series of closed branches, how can it retain customers while attracting customers? a new generation of banking users?

Insight is key, and a lot of it. But what exactly do financial executives want from their UC analytics tools?

The ability to improve customer service

One of the things customers appreciate when they come to a bank is personalized service. Ability to build rapport and trust with a person – without waiting hours for a response. So for those who suddenly have to change the way they do business, their experience should be seamless. Likewise, a tech-savvy generation wants answers at their fingertips. This type of consumer doesn’t mind switching suppliers, so those who don’t meet their expectations may not get a second chance.

Analytics provides a way to help financial institutions improve their omnichannel communication, ensuring easy accessibility and quick responses, regardless of the contact method a customer chooses.

When it comes to phones, tracking call counts, waiting periods, and recording all missed calls opens up a wealth of knowledge – allowing financial managers to better understand customer habits and plan their human resources to respond accordingly.

A way to drive future improvement

With a wealth of data available, financial managers can drill down to uncover customer trends and understand where the organization excels, and where extra attention is needed.

Even better, the information collected can be combined with other data to build patterns. For example, seeing which calls are missed or bounced from one number to another can not only help identify areas for improvement but also help identify customers who have had a negative experience. As a result, this provides an opportunity to mend any broken relationships, before the customer is lost to another supplier.

With a wealth of data generated on a daily basis, financial managers can effectively plan for the future, whether that means scaling headcount to meet needs. change requirements, determine training, or justify decisions to upgrade equipment and improve call quality. Risk assessment

Fraud is an increasingly common risk facing the financial sector. In fact, the industry is estimated to have prevented £736.1 million of unauthorized fraud in the first six months of 2021, equivalent to £6.49 for every 10 attempts.

Analytics can help detect dishonest calls, highlighting suspicious numbers so any encounters can be approached with the right degree of caution. It also plays an important role in risk modeling, identifying customers who pose a risk of fraud to the organization through a variety of activities such as multiple claim disputes or identity theft.

Meeting compliance needs

But with platforms like Microsoft Teams that only store data for a short time, if the data isn’t retrieved and stored elsewhere, the information is lost forever, causing compliance and compliance issues. makes it difficult to create historical reports. If a customer files a complaint two years later, companies with no relevant data could be held liable – a situation that can easily be avoided using UC analytics tools. fit, with unlimited storage.

Consolidate data sources to create meaningful insights

As financial institutions use a variety of communication platforms, they face a large amount of distributed data. Finding ways to unify and understand this rich source of information is invaluable.

Doing it manually is not only laborious and time-consuming but also has the potential for inaccuracies. However, using UC analytics tools, data from a variety of sources can be viewed through a single window to provide meaningful, contextual information that can be used. to inform and positively transform an organization.