The financial services industry is evolving rapidly, with traditional banks facing competition from modern fintech firms. To maintain their footing in this changing landscape, financial leaders need robust Unified Communications (UC) analytics tools. Ben Nicklen, COO at Tiger, a workplace data analytics software organization, delves into the essential requirements financial leaders should have from their UC analytics tools.
1. Enhancing Customer Service
Traditional banks offer personal service, which is a key selling point. However, to keep up with the changing dynamics of tech-savvy customers, banks must provide seamless experiences. UC analytics tools can help institutions enhance omnichannel communications, ensuring easy access and quick responses through various contact methods. By monitoring call volume, wait times, and missed calls, financial leaders gain valuable insights into customer behavior, allowing them to optimize staffing resources for better service.
2. Driving Future Improvements
With a wealth of data at their disposal, financial leaders can delve into insights to identify customer trends and areas needing improvement. This data can be cross-referenced with other information to spot patterns and potential areas for enhancement. By analyzing calls that were missed or transferred, banks can not only identify areas to improve but also address customer dissatisfaction before they switch providers. The data generated daily allows financial leaders to plan for the future, adjust staffing, identify training needs, and justify equipment upgrades for better call quality.
3. Assessing Risk
Fraud poses a significant risk to the financial sector. Analytics can help in detecting fraudulent calls and suspicious numbers, allowing banks to approach such encounters with caution. It also plays a vital role in risk modeling, identifying customers who pose a fraud risk through activities like multi-claim challenges or impersonation.
4. Ensuring Compliance
Compliance is crucial, especially with regulations such as data retention requirements. Microsoft Teams, for example, only stores data for a limited time. Without the right UC analytics tools, data may be lost, raising compliance issues and making historical reporting challenging. Adequate tools with unlimited storage capabilities can prevent such issues.
5. Aggregating Data for Insights
Financial institutions use various communication platforms, leading to vast amounts of dispersed data. Manually consolidating this data is labor-intensive and prone to errors. UC analytics tools allow data from diverse sources to be viewed in a single interface, providing contextualized insights that can transform an organization positively.
In a rapidly changing financial industry, the ability to harness UC analytics tools to enhance customer service, drive improvements, assess risks, ensure compliance, and aggregate data for meaningful insights is essential for financial leaders. These tools are not just aids but critical assets in navigating the evolving financial landscape.
