10 Ways to Leverage Cloud Telephony in Finance Industry

With the digital revolution, the business work ethics have changed and so has impacted the finance industry as well. More options have made it easy for customers to switch between the finance service provider.

Today, customers are more demanding, and well informed, they want finance companies to be at top-notch of their customer support.

It may come as no surprise that customers need urgent support as technology continues to evolve. Customers need omni channel support now with financial companies to be active and present on all the platforms.

So, the question is: How to be present on all the channels to manage customer queries?

Here is the answer: Cloud Telephony Solution for Financial Companies

Why Cloud Telephony is Perfect Fit for Finance Companies?

The Cloud telephony solution has the potential to transform the way you connect to your customers and handle their queries. Cloud-based communication system has all the features to tackle the demands of customers.

With advanced features such as Toll-Free numbers, IVR, OTP Verification, Call Recording, and Missed Call Service cloud telephony solution has emerged as a perfect fit solution for the financial sector.

Cloud Call Center For Finance Industry – the benefits

  • Saves Cost:

    Most of the finance companies still consider cold calling as the most effective way to generate leads and convert them. And, surprisingly this technique works for all the insurance companies and stockbrokers. Debt recovery companies also have to make calls to the defaulters and remind them of EMI due.

    Cloud communication can be a life savior here as it allows agents to work from anywhere. There is no need to stick to workstation and call, you can start calling from anywhere. Mobile call center solutions (*astdial) only require mobile phones and a cloud application to start functioning. Once the app is installed agents can start calling and disposing of the calls immediately.

    This zero infrastructure mobile cloud call center solution saves investment in hardware, equipment, and infrastructure.

  • Telephone Banking Using Interactive Voice Response (IVR):

    Whenever you call a bank customer support, you usually listen to a recorded voice from the other side like press 1 for Hindi, press 2 for English. As soon as you type in the number, communication language changes.

    This technology is called Interactive Voice Response, in this whenever a customer calls a number, a pre-recorded message is played with the pre-defined list of menus and based on caller input, it functions.

    The banking sector has also started using IVR technology to enable self-service to answer customers general queries without any effort like

    • Check their account balance
    • Generate ATM Pin
    • Update mobile information and mail ID
    • Transaction Details
    • Loan Status
    • Credit Card Payment Due
    • Report Fraudulent Activities
    • Feedbacks

    Telephone banking has reduced the churn of customer calls asking customer representatives about accounts and all those general queries. All these queries are easily handled by the automated system now. This has also upgraded the customer experience and saves time for both customers as well as for agents.

  • Service by Banks for General Inquiries:

    Banks are always trying to make the process smooth for its customers by adopting the technology. Technology has also helped banks to pace up the work by reducing the call traffic from customers and automating the process.

    With the cloud call center setup, banks are providing missed calls and SMS services to customers to provide access to basic customer information such as bank balance, mini statement, checkbook request, e-statement, customer service feedback, etc.

    The financial sector has realized, however, later that excellent customer service is a competitive advantage. Now, the banking sector is also thriving to be the best to ease the whole banking process.

    Recently, some banks have started doing verification processes through missed calls, and even customers are asked to give missed calls from their registered mobile number on receiving the ATM card to prove the authenticity. Video KYC is the latest addition in the list of cloud telephony services in which the BFSI sector to conduct the whole KYC process remotely.

  • OTP Service for Double Verification to Avoid Fraudulent Activities:

    “Ma’am your debit is going to expire, if you don’t renew it today then it will be blocked. Please provide the following details to renew the debit card”.

    Most of us have received just calls and have even fallen into this fraud trap. To reduce such activities banks now use OTP for all the payments and banking-related activities. For making each payment we have to enter OTP, this makes the user aware of the fraud transaction.

    Even for net banking access, customers have to enter password and OTP both to log in their dashboards. This ensures double verification and cracking passwords is an easy job but OTP can’t be cracked.

    OTP verification service by unified communication has reduced such call frauds by a significant amount but then also customers should take care while dealing with bank-related activities.

  • Voice Broadcasting Important Announcements:

    Voice Broadcasting solution sends automated calls with the recorded message to the list customers. This feature of cloud call center solution has seen a lot of applications recently in the finance sector.

    It is used for EMI reminders, bad loan collections, insurance payment reminders, credit card reminders, loan installment reminders, and other reminders. Automated recorded calls can also be used for surveys and customer feedback.

    Voice Broadcasting solution (Voice broadcasting page) is also used to conduct awareness campaigns about fraudulent activities.

  • Chat bots for Self-Service:

    Self – Service chatbots will continue to emerge as one of the most popular customer service channels in 2020. The AI-based technology interacts with customers in real-time and is responsive 24/7.

    Customers also love to interact with these self-service bots, as they can answer all the queries immediately without letting the customers wait. Most of the top banks have clearly understood the reality of modern customer service: it’s more conversational.

    Banks have chatbots integrated on their website and applications, and almost all the queries are fed into the database and these AI-powered bots learn from queries as well. So they get smarter and advanced with time and assist customers better.

  • WhatsApp Banking:

    Whatsapp, being the most popular messaging app in the world with 1.5 billion monthly active users and 450 million daily active users.

    As a business, it’s important to provide customer support on the channel where your customers are most active.

    The cloud solution provides WhatsApp integration with your server (WhatsApp page) through which you can easily create WhatsApp bots which can serve your customers anytime on their most preferred channel.

  • Lead Generation using Communication Tools Effectively:

    With fierce competition in the finance industry and low market opportunities, finance companies strive to generate leads. Lead magnets for them are lucrative offers on credit card payments, debit card spending, or cashbacks.

    The Cloud telephony solution has also come up with new technologies that make the lead generation process simpler. These features include missed call marketing, WhatsApp integration, Click-to-Call, and IVR.

    Here are some effective cloud telephony solutions for lead generation:-

    1. Click-to-Call:

      Click-to-Call, Click-to-Dial, or Web call is a very effective method to generate inbound leads. The *astTECS click to call button can be placed on the website or app. It provides an alternate and additional way for the brands to generate more leads.

      With the click-to-call option, visitors can directly call your number without dialing any number in no time. It also allows conversation tracking, call recording, and detailed reporting with integrated CRM.

    2. Mobile Call Center:

      Outbound campaigns are still effective in the finance industry. Most of the businesses are not leveraging the power of outbound campaigns for sales. There is the wrong perception in small business owners mind that outbound calling requires investment in call center products and setting up servers.

      This used to be the case but now call centers can be set up easily just using mobile phones. The only requirement is a smartphone and a stable internet connection to set up a mobile call center. Agents can start calling once the app is downloaded and agents are registered on the application.

      Productivity and tracking is also not the concern with this setup as reports are mailed to inbox daily and live tracking is also available.

    3. Toll – Free Numbers:

      Another effective solution for generating leads. Toll – Free numbers allow your customers to call you without any additional charges. It also improves the brand image and projects your brand as a bigger company.

      Toll-Free numbers also build customer trust on your brand as toll-free numbers are mostly used by companies.

    4. Leads Follow up Automation:

      With leads in place and fed into CRM, the sales team has to call the lead and follow up with the leads to convert. Follow up becomes more important in the finance sector as the sales cycle is long in this sector.

      The Cloud telephony solution provides different methods to automate the followup with leads. It includes follow-up reminders, SMS reminders, automated calls, and WhatsApp messages.

      All the communication tools can be integrated with CRM software so that agents don’t have to manually send reminders. In case an agent has to call the lead manually, then they can easily set reminders which will pop up on the set date and time.

    5. Automated Feedback Call and Surveys:

      Customer retention is cheaper than customer acquisition.

      To retain customers, brands should conduct regular surveys to check the customer’s satisfaction level and understand customer needs. These surveys can be conducted using voice broadcast and IVR Systems.

      Banks can conduct surveys for data collection about their customers such as what are the services they use most frequently, customer experience with banks application UI, and how they generally interact with customer support.

    6. Track Agents Using Application:

      Now, you can track on-field agents and sales teams just by downloading an application on your smartphone. The app allows you to know agents’ live locations, meeting data, expenses history, etc on your mobile phone.

      We understand the importance of an agent’s productivity and to keep managers updated with their team’s performance. We deliver daily and weekly productivity reports to your mailbox. These reports can also be customized according to your need.

Benefits of *astTECS Cloud telephony Solution:

Be Assured of Customer Data Privacy:

Sensitive information like customer phone numbers can be masked to ensure customer data privacy. And, we regularly monitor our servers for any attacks and our VoIP security experts are always working to make our servers more secure.

Customized Dashboards & reports:

Get automated agents performance reports and customized dashboards according to your business requirements. Fields and reports can be added according to the client’s will and demand.

Easy to Scale:

The benefit of a cloud call center solution is that it can be scaled up easily. If you want to add a new agent or remove an agent then it can be done through an application or just with a call.

You can easily expand without worrying about infrastructure and equipment. This works on a subscription-based model.


We are moving towards a world of constant connectivity. The steadfast march of communication technology. Cloud telephony is the biggest disruption in the unified communication world until now. I have tried to explain all the benefits of cloud telephony which can be leveraged in the finance industry.

If you target your customers with the right resources and thrive for providing the customer experience then only you can stay in the race! Are you still ambiguous on how to use cloud communication solutions for your business? Connect me @ 080-6640 6640 or mail me at sales@asttecs.com or you can also comment below and let me know your questions.