Challenges Faced by NBFCs & How Cloud Telephony Can Help?

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Challenges Faced by NBFCs

In today’s time, where communication plays a key role in the success of a business, many (Non-Bank Finance Companies) NBFCs are still using legacy systems. However, these legacy systems are not fully equipped to solve the challenges that businesses face while interacting with their customers. With the help of cloud telephony services, companies in the NBFC sector can overcome challenges faced by their customer-facing teams.

What challenges do customer care teams face in the NBFC sector and how cloud telephony can help?

Here is the list of the most common challenges faced by customer care teams in the NBFC sector and how cloud telephony can help resolve these challenges. 

  • Lack of operational visibility: One of the biggest challenges that most NBFCs face is a lack of visibility over the calls, especially those that are made by remote (field) agents. When a remote agent makes a call using the mobile phone, it becomes quite difficult for the organizations to track the essential operational metrics like the number of calls places, number of attempts made, number of calls rejected, call duration, etc. It also becomes difficult to review and measure agent performance in real-time. This lack of operational visibility may lead to inefficiency and reduced productivity. To overcome this challenge, cloud telephony plays an important role.  With the help of a cloud telephony solution, businesses can assign a virtual number to each agent. So, when an agent makes a call from his mobile number, the call gets routed via this virtual number. This routing allows companies to track and record the call automatically. This way, the upper-level management and operations heads can have a clear-cut view of the interaction between their agents and customers on a daily basis. The tracking and recording of calls ensure SLA compliance. Besides, it allows management to provide required training to their agents to enhance their efficiency and overall productivity. In all, cloud telephony helps in the effective management of remote agents. 
  • Data privacy: For NBFCs data privacy is the biggest concern. Since each agent has ready access to the personal data of the customers, data privacy becomes a risk factor for most NBFCs. Especially, when agents are working remotely, the risk of data exposure gets extended to those present nearby. With the help of cloud telephony, data privacy risk can be reduced to a great extent. When using cloud-based telephony, agents need not access customer data at all. They just have to use the virtual number assigned to them to request a call to a particular customer. As soon as the request is placed, the system will automatically initiate the call and connect it to the agent when the recipient answers the call.  
  • Incompetence to adapt to remote working culture: After the pandemic hit, many businesses including NBFCs are forced to work from home. To support remote working, many customer support teams adopted a VPN set up. However, the VPN setup incurred high installation costs and also had various issues like voice quality, scalability, reliability, etc. With the help of cloud telephony, NBFCs can overcome the challenge of the inability to adapt to remote working. NBFCs can now keep a toll-free number and use the same IVR, but route calls via API to agents working on-site, remote agents, as well as the mobile phones of relationship managers. Moreover, the use of cloud telephony services requires no installation costs and is fully reliable and easy to scale as per the business requirements. Cloud telephony systems are easy to set up as well. 
  • Scalability: With traditional telephony systems, most NBFCs find it difficult to scale up and down as their business needs. This is due to the reason that many solutions come with a limit on how many agents and channels they can support at a time. Additionally, if there is an unreasonable wait time, there is a risk of getting fined by the concerned authority. NBFCs can overcome the challenge of scalability with the help of a cloud-based telephony system. Companies can easily scale up and down as per their requirements without incurring any capital expenditure on the infrastructure. Moreover, adding an agent is very easy. They just need a mobile phone and a virtual number.
  • Managing lengthy call queues: Call volume during peak seasons increases to a great extent that it becomes difficult for many NBFCs to manage lengthy call queues.  Keeping customers waiting for longer may lead to creating a bad customer experience. To avoid lengthy call queues, the system needs to transfer the calls to remote agents or the other available staff. So, how to do it? Well, cloud telephony is the best solution. It has the ability to transfer calls easily across all available agents no matter where they are located and what device they are using. This helps to create a better customer experience as there will be a reduction in call drops, an increase in the number of calls answered, and fewer customers waiting in the call queue. 

Conclusion:

To stay ahead in the competition, it is critical for any type of business including Non-Bank Finance Companies to provide exceptional customer service. It is equally important for businesses to facilitate a smooth internal communication system for their employees. With the help of an effective cloud telephony solution, businesses can facilitate both types of business communications.

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