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Why Do Financial Institutions Need Call Center Software? Advantages of Call Center Software for Financial Institutions Utilizing SMS for Customer Attraction and Retention How to Get the Most Out of the Financial Call Center Phone System? Integrate Existing Tools With Call Center System Conclusion Key Insights
Why is Call Center Software Essential for Financial Institutions?

Why Do Financial Institutions Need Call Center Software?

As Fintech platforms gain momentum, financial organizations are encountering unprecedented competition.

Maintaining sustainability and profitability requires a call center adept at addressing customer inquiries and providing memorable experiences.

Call centers in financial institutions have several responsibilities: disseminating information, handling inquiries, and overseeing transaction approvals or rejections. To execute these tasks effectively, they necessitate specialized software, including fintech software development.

Fundamentally, call center software enables the provision of 24/7 self-service options for basic needs like account details and complaint filing, ensuring secure and continuous service beyond regular business hours.

Top-tier call center software is equipped with features that elevate customer experiences, including interactive voice response (IVR), call transferring, call barging, recording, and compatibility with third-party integrations.

Additionally, it intelligently directs customers to the appropriate department and the most qualified individual for their specific issue.

Financial institutions also utilize call center software for validating high-value transactions. The software contacts customers on their registered phone number to confirm transaction authorization and proceeds to validate or block the transaction based on the customer's feedback.

Advantages of Call Center Software for Financial Institutions

Cloud-based virtual call center software enables the establishment of a remote support team without heavy investment in hardware.

This involves creating a call center in a specific area with staff knowledgeable in local regulatory and compliance issues.

There are further advantages to using call center software in the financial sector.

  • The IVR system offers self-service options for basic inquiries like balance checks and recent transactions, and it also promotes new services.
  • Automated call-routing efficiently directs calls to the relevant department, ensuring swift problem resolution.
  • For outbound communication, the power dialer feature streamlines customer calls, equipping representatives with essential account information to better meet customer expectations.
  • Cloud-based software ensures uninterrupted service continuity during emergencies or pandemics like COVID-19, allowing agents to work remotely.
  • Virtual call center software offers distinct numbers for different departments, simplifying customer access to the right contact. Options for toll-free numbers also exist, allowing customers to call without charge.
  • It alleviates agent burnout through self-service options and offers callback features for customers unable to wait during busy times.
  • Access to analytics is provided, allowing evaluation of key performance indicators (KPIs) such as call volume, peak times, customer satisfaction rates, average call duration, and team productivity.
  • Call recording features facilitate agent efficiency improvement and training of new customer service representatives.
  • Cloud-based VoIP phone systems reduce reliance on IT teams, as the call center software provider manages these systems.

But that's not all.

Did you know that call center software also enables SMS communication with customers and prospects?

Utilizing SMS for Customer Attraction and Retention

With an impressive 95% read and response rate within three minutes of receipt, SMS is a powerful tool for customer engagement.

If you haven't yet tapped into SMS for attracting and retaining customers, now's the time. Opt for outbound call center software with SMS capabilities to disseminate updates and promotions to your clientele.

Kotak Mahindra Bank exemplifies this approach by using SMS to cultivate potential customers. They promote their unique selling point – a zero balance savings account without maintenance fees – and include a link for account opening, a clever strategy indeed.

Credit Mantri, a credit analysis firm, employs SMS effectively by posing a direct question (e.g., "Do you have a credit score above 750?") and sparking interest with a relevant fact: banks favor scores above 750 for payday loans and credit card approvals. This tactic encourages customers to check their credit scores.

Advanced call center software like callorca empowers you to leverage SMS marketing to both attract new customers and keep existing ones informed about your services.

Maximizing Efficiency in Financial Call Center Phone Systems

Merely deploying call center software isn't sufficient. To fully capitalize on this technology, adhere to certain best practices:

  • Opt for cloud-based software to ensure service continuity in unforeseen circumstances (like COVID-19 lockdowns).
  • Hire and train competent staff who are well-versed in the protocols and nuances of your financial institution.
  • Develop a call center script to provide consistent, smooth experiences throughout the customer journey.
  • Utilize IVR systems for self-service options and efficient customer routing to the appropriate department and agent.
  • Stay connected on the move with your software provider’s mobile app, keeping tabs on customer interactions.
  • Implement features like call recording and call barging to consistently deliver top-notch customer experiences.
  • Monitor call center activities with a live feed dashboard, allowing for timely operational enhancements.
  • Implement call queue, callback, and voicemail features to cater to customer needs even during high traffic times.
  • Ensure your agents adhere to call center best practices and comply with the financial laws and regulations of your region.
  • Regularly analyze agent performance using analytics data to boost their efficiency and effectiveness.

Integrating Existing Tools with Your Call Center System

A 2018 study revealed that an average employee loses up to 32 days annually due to switching between different applications.

To prevent such inefficiency, integration of various tools into your call center system is crucial. Integrations streamline processes, eliminating the need for app switching and thus boosting agent efficiency and productivity.

Take CallOrca as an example, which integrates with over 85 apps, offering numerous benefits:

  • Zapier integration: Streamlines workflow processes in financial services.

  • HubSpot integration: Automates the transfer of data from call center software to CRM systems.
  • Freshdesk integration: Freshdesk Integration: Enables direct call handling (both dialing and receiving) within the CRM.
  • Mailshake integration: Facilitates the management of email campaigns, including text messaging, call recordings, and voicemails.

These are just a few instances of how callorca's integrations can bolster the functionality of a financial institution's call center. Their full range of integrations offers even more expansive capabilities.


For entities within the financial services sector, such as banks, mortgage firms, and credit unions, striking a balance between providing excellent service and achieving customer satisfaction is key. Cloud-based call center software can greatly aid in this endeavor, eliminating the need for additional hardware, equipment, or maintenance costs.

If your financial organization hasn't adopted call center software yet, it's worth considering what might be holding you back and exploring the potential benefits further.

Key Insights

  1. Call center software enables the provision of various services over the phone, such as account information, payment queries, reporting, processing, and activation.
  2. Ensures customer satisfaction beyond standard business hours.
  3. Requires no additional investment beyond the software subscription.
  4. A cloud-based system reduces dependence on IT teams for system maintenance and upgrades.