Banks and Financial sectors generally have a very high demand to communicate, not only with their existing customers but also with a new client base that grows continually. That’s the reason why contact centers of financial institutions like banks deal with huge call volumes and need to manage the various forms of communication demanded by their customers. Contact center software with advanced features can help banks in managing their communication process effectively while providing efficient customer service.
Among numerous advanced features of call center software, predictive dialer software is one of the best tools for businesses with large call volumes. As the banking industry has to deal with millions of contacts for different purposes like connecting with people looking for loans, investors, sending reminders for EMI payment, and more, predictive dialer help banks to manage such huge databases of customers. Having a predictive dialer in place for banks and their agents will not only help them to keep up with the demands but can actually exceed the demands of customers.
What is Predictive Dialer Software?
As the name suggests, the Predictive Dialer has the functionality to predict when to place the next call. It is an automated outbound voice calling system that is designed to enhance the efficiency of call center agents. The dialer calls a list of telephone numbers and connects only answered calls to the agents who are ready to take the next call. Based on the number of agents and the stipulated average talk time it adjusts its calling pattern while allowing agents to focus on quality conversation rather than placing calls. By predicting the average call answering time and agent availability, the dialer helps to modify the dialing rate accordingly. Predictive dialers are smart enough to detect calls picked by answering machines and filter them by dropping a pre-recorded voice message.
Predictive Dialer Algorithms
A predictive dialer usually works on an algorithm that uses the agent performance metrics and predicts the perfect time to make a call while another call is still going on. The dialer keeps a track of all picked and dropped calls in a dialing session. Using such data-driven predictions, the dialer speculates the free or idle time of the agents and further connects them to the customers. The basic idea behind this dialer is to foresee when the agent will finish a call and to assign new outbound calls so that the agent could answer the next call without spending any idle time. Therefore, the dialer starts a new dialing attempt in ideally every ‘3 to 10’ seconds.
Benefits of Predictive Dialer for Banking Industry
Some of the key benefits of predictive dialer software for banks include:
The dialer helps to maintain database and other call data like when a particular customer was called and by which agent
The data provided by predictive dialers to bank agents keeps them informed regarding customers’ background, which brings effective results.
Various other benefits of predictive dialer software include higher call connect ratio, multiple dialing modes, contextual reach out, increased agents efficiency, smart dialer for better communication.
Predictive dialer not only enables calling more numbers but also helps to manage them while saving a lot of agent’s time. It helps in uploading pre-recorded messages to play to answering machines, recording all the calls, creating customizable scripts, recycling contacts and calling them again, and more. Some of the key features of predictive dialer include:
Easy Installation: Most predictive dialers can be set up on the same day. The setup can be done online or over the phone and no hardware is required.
Flawless Call Management: The setting of the dialer can be managed from any computer. Users can view reports instantly and also manage campaigns and call flow at the same time.
Monitoring: Predictive dialer allows call center management to listen the ongoing calls to monitor the agent’s performance and see exactly how they are handling customers. The software even has a whisper feature that allows managers or supervisors to train their agents during an ongoing call to help them solve customer’s queries with ease.
Predictive dialer or we can say financial lead generator is an ultimate financial marketing solution. It calls numbers saved on databases provided by financial institutions for marketing campaigns targeting new financial products and transfers to a live agent who can close the sale. Therefore, it would be correct to say that a predictive dialer is a perfect tool for banks and investment firms that are looking for an efficient way to foster new business.