A Virtual Number is best defined as a cloud-based number not affixed to a particular landline or associated with a mobile phone. It is used to optimize the call routes and offer customers a better experience. The banking industry can benefit from the virtual phone number by providing a better CX and get an array of benefits that the solution offers. Several industries are already using the solution, such as Food Delivery businesses, car rentals, etc. The banking industry can also use the solution to streamline its client communication. Let’s understand how the virtual contact number proves helpful to the Banking industry.

Omnipresence:

Customers want 24×7 availability from their banks. There are several reasons they need to connect with the banks, such as making inquiries about their credit cards, accounts, loans, etc. With the virtual numbers, the calls can be forwarded to mobile phones and landlines and help to address customer queries anywhere.

Improve Operational Efficiency: 

Banks and financial institutions can improve their operational efficiency by routing the customer calls to specific agents considering factors such as caller history and location, offering better CX. It helps to build customer loyalty and allows banks to acquire a large number of customers. 

Get Better Leads:  

The banking and financial institutions can reduce the churn rate to a considerable extent by identifying the best leads. They can offer better customer engagement and attract more customers. 

Higher Conversion Rate: 

Banks can aim for a higher conversion rate by tracking every inbound and outbound call. They can optimise their customer engagement process and get more customers for credit cards, loans, mutual funds, and other products. 

Real-Time Data Insights

A banking institution can get real-time data insights into the call performance of its agents and improve it by providing the required training. With improved performance, the agents can provide an enhanced customer experience and ensure customer loyalty. 

Multi-Lingual Support: 

The banking industry can provide better customer support by serving customers in various regional languages, and it helps to create a personalized experience and a better conversion rate. 

Simultaneous Calls: 

The banking institutions can serve many customers with the Virtual Phone number by attending to unlimited inbound and outbound calls. It helps to increase the agents’ efficiency levels.

IVR:  

With the integration of IVR- Interactive Voice Response, banks, and financial institutions can serve their customers well. With multi-level menus, callers immediately identify the right option for themselves and get a quick resolution to their queries.

Call Recording

With the call recording feature, the banks can record the incoming and outgoing calls in real-time. They can analyse the recordings, get insights into the customer issues, monitor agent performance, and make the necessary improvements to offer an excellent customer experience. 

Call Routing: 

Banks can connect the callers faster with the available agents with optimized call routing, reducing the wait time considerably. People can connect faster, and they appreciate faster connectivity, especially in emergency cases such as loss or theft of Credit/ Debit Cards, etc. They can immediately report loss of cards or unauthorised transactions and prevent any further financial loss with timely reporting. 

Number Masking: 

Number Masking is one of the most crucial features that the banking sector can benefit from the Virtual phone number. The solution comes with the Number masking facility, which hides the details of the customers and their representatives. It prevents data breaches as personal data is hidden during the calls. It is an essential step towards data privacy which is an absolute necessity in today’s digital times. Banks can prevent identity theft and other related phishing scams which trap innocent customers. 

The Bottom Line:

The virtual number can prove to be highly beneficial for the Banking Industry. It should be widely accepted so that the Banking industry and the financial institutions go a step further towards streamlined customer communication. The sector can reap the benefits accruing from the virtual phone number. A reliable virtual contact number provider can offer the best services. 

Knowlarity is a leading cloud communication provider serving more than 6000 companies worldwide. It has helped several organisations in different industry verticals benefit from cloud telephony solutions, including the virtual number. Grab more information about its offerings by visiting https://www.knowlarity.com/voice/virtual-number.

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