Top 3 tactics for finserv workers to do more with Communications Automation Platforms

There is a laundry list of challenges facing FinServ. Besides the obvious ones, like maintaining regulatory compliance and minimizing data breaches, FinServ companies must also stay competitive, providing consistent customer experience (CX) to differentiate themselves amid ongoing disruption from FinTech brands (LiveVox, 2023). FinServs, like almost every other industry, suffer from talent shortages and evolving customer expectations.

Despite these issues, there are three tactics – which center around a Communication Automation Platforms (CAP) – FinServ workers can utilize to boost productivity, improve CX and increase bottom line.

Tactic 1: Automate external communications 

Contacting customers about upcoming payments, invoice reminders, or overdue balances manually reduces the time customer service representatives could use elsewhere on more value-added tasks. CAP can integrate with billing and CRM systems, allowing FinServs to automatically send personalized communications via voice, SMS, or email, increasing on-time bill payments and decreasing appointment cancellations.

Understandably, not all customers feel comfortable chatting with an AI-powered robot about their finances. However, by implementing self-service features to handle channels, such as appointment scheduling, payment reminders, and fraud alerts, human agents will have more time to focus on interactions that require human empathy and intuition. In the same way, chatbots and virtual assistants can guide a customer along the journey until it is appropriate to smoothly transfer them to a live agent, driving high CX.  

Tactic 2: Streamline internal communications

Ensuring consistent CX across different channels can be difficult if everyone is not on the same page. FinServs can leverage CAP to automate internal alerts about budgets, recurring reports, and new regulatory changes. Like external communications, automating internal notifications saves time and eliminates tedious processes. CAP can also significantly improve internal communication, empowering FinServ teams to coordinate and solve complex challenges more effectively.

CAP can help financial companies manage deadlines and distribute workloads. Teams won’t get sidetracked or disturbed since updates will automatically get sent to relevant personnel. Also, automation enhances collaboration, helping FinServ employees work cohesively, share information, and maintain compliance.

Tactic 3: Lean into analytics 

Staying competitive in the highly disruptive financial industry requires on-demand analytics. CAP brings visibility to CX, using AI to sort and compile data from every customer interaction, taking note of the problem they need to solve, call duration, survey results, etc. Leading CAP offerings can then configure the information into easy-to-understand formats via initiative dashboards. FinServs will understand CX at a granular level, empowering them to confidently adjust strategy and processes to optimize the experience further for their clients.

Moreover, experts predict that the future of CX will not be merely satisfying a customer’s current needs but anticipating their intent and addressing it preemptively. With AI and predictive analytics, CAPs help FinServ workers uncover deep insights, enabling them to tailor content and offerings to customers fittingly.   

Smart Automation from IntelePeer

As the latest evolution of communications platforms as a service or CPaaS, CAP will enable FinServs to overcome the many challenges affecting them. Nevertheless, not all CAP offerings provide comprehensive features. If you want to optimize your CX, discover how IntelePeer’s unique Smart Automation platform can help. Connect with us today to explore how our solutions can benefit your business.