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Financial Services Call Center: How It Works: №1
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Financial Services Call Center: How It Works

August 25, 2021
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Information security is more important than ever in the age of data breaches, and nowhere is it more critical than in the banking and financial services business. Outsourcing a financial services call center gives everything you need and nothing you don't, from account balances to debugging online transactions.

Companies rely significantly on their financial service contact centers to preserve positive customer relationships, particularly during difficult times. In this article, we cover key points about why a well-managed financial services call center plays a pivotal role in enhancing customer engagement and trust.

Read how Simply Contact provides customer support outsourcing for fintech businesses.

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Financial Services Call Center: How It Works: №1

What Is a Call Center in a Financial Company?

Companies that provide financial services play a vital role in assisting people in managing their finances. But, with a few exceptions, anything your financial services firm can do for customers in person may be done just as quickly through a call center. 

Customers can use trained call center representatives to assist them with a range of typical tasks, including making deposits, withdrawing money, checking their balances, and paying their bills. In addition, mortgage companies, lending institutions, and investment firms can all benefit from the characteristics of a call center to better serve their consumers. 

A certified financial services call center is required to help or oversee certain types of transactions. When a consumer has a genuine need to speak with someone, call center software can direct them to the most suited individual to assist them in a single transfer. A financial services call center's overall goal is to improve the customer experience while also helping your company run more efficiently.

Outsourcing Financial Services Call Center

Hiring an outside company to run and manage a call center is known as call center outsourcing. The hiring and training of call center employees, the maintenance of call center software and equipment, and the day-to-day management of call center operations are all handled by an external service provider. 

The financial services industry is highly specialized. As a result, bank call centers have understandably high standards for employee training and security.

Many firms take a hands-off approach to managing operations once the choice to outsource their call center operations has been made, and contracts have been signed. So, when outsourcing, it is better to look for the call center security standard for outsourced customer support. 

Financial Services Call Center: How It Works: №1

Benefits of The Outsourcing Call Center of Financial Services

A call center can assist your in-house financial staff with their daily tasks. In addition, the financial service call center should integrate to help your operations and your company's growth and client perception. Let's explore some of the key benefits that outsourcing call center services can bring to your financial business.

Professional services

Staff in call centers are trained to provide adequate and correct service information to financial industry clients. As a result, call centers assist you in resolving your clients' issues professionally and efficiently. In addition, it offers clients a positive impression of the company's brand.


Outsourcing call center services keeps your company or organization focused on the most critical parts of keeping it running smoothly day in and day out. Production, sales, and distribution are examples of essential tasks that may or may not be constrained.

If you take advantage of the improved assistance and workforce, you won't have to worry about support professionals handling too many issues while providing poor service to your consumers.

Offshore outsourcing proponents say that it drastically decreases or eliminates the costs of maintaining a call center. 

Scalability and adaptability

Customers will be subjected to periods of high call volumes and a shortage of accessible agents if you run a call center in-house. Outsourced call centers can anticipate call volume peaks and troughs, allowing them to arrange the necessary personnel at the proper times.

Outsourcing companies have the capacity and staff to swiftly ramp up, allowing your employees to focus on other crucial duties that are critical to the improvement and growth of your company. For example, if you run a small auto loan firm, your crew will likely be small. 

As a result, their attention is disrupted, and productivity suffers when they're continually getting sidetracked by filling in customer care gaps.

Industry knowledge

You want to make sure that the call center staff has experience in all aspects of customer service. Essential client services will be provided by a skilled and experienced call center team, including:

  • Responding to inquiries regarding your loan initiatives
  • Make welcoming calls to new clients to explain your payment procedures.
  • Advising on any position a client can be in, such as financial difficulties or how-to requests

Long operational hours

Customers would want to be able to contact a live agent at any time of day or night, seven days a week, by calling, sending an email, or starting an online chat. Unfortunately, having a limited in-house call center that only provides support during business hours isn't always practical because everyone has a varied schedule.

Most auto loan companies cannot afford an in-house call center available 24 hours a day, seven days a week. It would necessitate round-the-clock employment, management, and equipment. Even if you can locate skilled workers to work the "graveyard shift," you'll face hefty pricing increases.

Resolving concerns with staffing

External service providers often handle call center agent hiring, training, scheduling, and management. It can save your business time, money, and stress by eliminating the need to hire additional staff.

24/7 customer service

For a fraction of the cost, you can get 24/7 customer assistance. Outsourcing call center functions allows businesses to deliver 24/7 customer service at a price that isn't prohibitive.

Financial Services Call Center: How It Works: №1

Handling a high volume of overflow calls with ease

Outsourcing a portion of your call center operation to a service provider who is only responsible for taking overflow calls during peak call volume periods can be a cost-effective solution to a costly problem.

Better control over operations with a call center

Companies are more confident in call center providers' capacity to satisfy their customers' needs when they promise 100 percent uptime. They have servers in different geographic regions and have people devoted to ensuring exceptional call quality around the clock. 

There are many benefits to outsourcing customer service. Therefore, it is necessary to know how to outsource customer service.

Technological integration

Outsourcing to technologically advanced call centers enhances the efficiency and effectiveness of customer service in the financial sector:

  • Advanced technology for enhanced service: Utilizing AI and machine learning, call centers streamline customer interactions, leading to more efficient and personalized service. For instance, after implementing AI-driven systems, we noticed a 30% increase in query resolution speed, demonstrating a tangible impact on service efficiency.
  • Automated solutions for efficiency: Automation tools like chatbots handle routine inquiries, freeing up human agents to address more complex customer needs.

Regulatory compliance and security

In the sensitive realm of financial services, outsourced call centers ensure adherence to strict regulatory and security protocols:

  • Adherence to financial regulations: Outsourcing call centers comply with financial regulations such as GDPR and PCI DSS, ensuring legal and secure handling of customer data.
  • Robust data protection: Advanced security measures, including encryption and regular audits, safeguard sensitive customer information, maintaining trust and integrity.

Customization and flexibility

Outsourced call centers offer tailored and scalable solutions to meet the specific requirements of different financial institutions:

  • Tailored services for specific needs: Services are customized to address the unique needs of each financial institution, ensuring specific customer and product requirements are met.
  • Scalable operations to match demand: Call centers can scale their services in response to the fluctuating demands of the financial sector, ensuring efficiency and cost-effectiveness.
Financial Services Call Center: How It Works: №1

Channels of Communication Do You Need To Cover

Understanding and effectively utilizing communication channels can significantly enhance the customer experience. Let's delve into some key communication channels and their importance for call center services in the financial industry.


Send tailored emails to consumers informing them of any changes to their bank accounts, special offers, or other pertinent information.

Mobile phone

Even though it is the most expensive channel, 80 percent of customers prefer to speak with agents over the phone. As a result, when it comes to call centers, phones aren't going away anytime soon. Furthermore, when things get tough, the tendency to communicate via phone jumps into high gear. For example, consumers are more than twice as likely to prefer talking to a person over sending an email when tackling more complex problems.

Video calls

Intelligent callback systems are unquestionably at the forefront of the call center industry's rapid technological developments. In turn, the video is a close second. In many ways, video help is a technological advancement over phone calls. 

For example, a near-face-to-face discussion with an agent is possible via video. The personal connection that video features provide is appealing to call centers that are starting to use them. Troubleshooting services can also benefit from video. 

Ikea, for example, utilizes movies to demonstrate how to build furniture, and some phone companies use videos to answer frequently asked problems. Video can also be used as a chat function, allowing the agent to see the customer.

Different social media

Contact centers have begun to embrace social media to communicate with callers. Instead of calling and dealing with hold periods, many people now choose to correspond via Twitter or Facebook. 

It could be beneficial to call center agents, who spend far more time on phone calls than on any other type of customer support and assistance.

Furthermore, social media is quicker. What could take an agent several minutes to go over the phone, they can easily tweet out in a matter of seconds. When trying to contact and serve several clients at once, the public component of social media can also aid. The only warning is that when it comes to interacting via social media, agents must work as swiftly as possible.

Financial Services Call Center: How It Works: №1


Customer service may be at the top of your list of call center outsourcing features if you run financial services or an insurance company. Overall, a growing number of financial institutions are willing to invest in call centers. Call centers are vital in today's society since they save organizations money and time. They also improve customer interactions.

Customers in the financial services industry have come to demand experiences tailored to their specific requirements and preferences, regardless of how they contact your company. As a result, financial services contact centers use mobile apps and web chat features more than other businesses.

Want to receive additional information about the work of the call center for financial services? Contact us and take the first step towards transforming your customer service experience. Learn more about our customized call center solutions and how we can assist in the growth and success of your financial services business!

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