Why Toll Free Numbers are Essential for Financial Services

Toll Free Numbers are Essential for Financial Services

When it comes to winning customers in the competitive business world, everything boils down to providing exceptional customer experiences. The rule applies to all business verticals, including financial services.

In fact, customer experience matters a tad bit more because trust is the most important factor for BFSI players; especially during a pandemic.

Typically, customer experience is all about delivering high-value services, coupled with reliable support. If you are a financial service provider, you will understand that only a combination of both can get you the trust and credibility you need to succeed.

Implementing the right tools and strategies is the key, and toll free numbers are an element that no BFSI business can afford to miss out on.

Before delving deeper into toll free number benefits for the financial services sector, it is imperative to understand how these numbers work and what advantages businesses can derive from them. It will also give you a better understanding of why they deserve to be in the customer experience arsenal in the first place.

Let us explain everything about toll free numbers in detail.

What are Toll Free Numbers and How do They Work?

Also addressed as an 1800 number, a toll free number enables callers to connect with a business at zero cost. Instead, the charges  are borne by the business that owns the number. Companies leverage these numbers as promotional tools that entice customers to stay connected.

A step ahead is vanity numbers, which are a combination of special numbers. They are easy to memorise and add value to the brand.

Another benefit that toll free numbers offer is credibility to businesses in the market. Typically, toll free numbers work with a simple process, as explained below:

  • The company advertises its toll free number across diverse channels, and a customer dials it to connect
  • The call gets routed to a toll free number provider, which connects the business and the customer
  • The caller pays nothing while the business pays for the call

The process sounds simple, but you need a reliable service provider to handle the technical side of operations. The objective is to ensure that callers are able to connect with the organisation and have seamless call experiences.

Why are Toll Free Numbers a Worthy Investment in the Financial Industry?

The financial services, in their essence, run on the trust of its customers and their own credibility, assuring the safety of all assets. If you are constantly available to a customer in need, it builds trust. Toll free numbers play a crucial role here.

Drive Client Retention

The competition in the BFSI industry is booming right now, with players entering markets at a dramatic rate. Retention of existing clients, therefore, becomes important in strengthening your core.

While you can never overlook the acquisition of new customers, retaining old customers is smarter because it is less challenging and more cost-effective.

To retain your current customers, you need to find ways to stay in touch always. Toll free numbers enable close connections and strong relationships with existing clients.

Not only are they likely to stay with your business, but they also help you go the extra mile to get new ones with their word-of-mouth recommendations.

Get Actionable Customer Insights

Toll free numbers can serve as powerful analytical tools for financial service providers. While you can use one for direct surveys, they can also be used to resolve simple, everyday customer queries. It makes sense to stay a step ahead, specifically in a domain like this one, where small hiccups can become possible reasons for a customer to switch to a competitor.

Furthermore, customer insights can be pulled to create a database to find some common issues and resolve them at a wider level—this can go a long way in enhancing your core service offering. You can easily re-strategise your service model to align with the expectations of your customers.

Achieve Instant Gratification for Customers

Because it is a matter of money and financial assets, customers in this segment look for instant support when they have queries and issues. Unless you can address their concerns instantly, you cannot expect to foster long-lasting relationships.

Unavailability results in mistrust, so there is always a risk of losing even the most loyal of clients if you are not there for them when they need you the most.

A toll free number that acts as a dedicated telephone system that enables a bank or finance provider to deliver instant gratification to the customers. Whether they wish to check their balance or seek guidance, they can call this number and get results instantly.

Provide Authentic Information to Customers

Apart from providing instant gratification to the callers, an 1800 number also gives them authentic information. Once again, the idea is to build trust and the fact that you are ready to provide any information conveys a true intention. It shows that you have their best interest at heart. Your clients are more likely to stay with your business if they believe in you.

Optimise Redressal Management

For the BFSI industry, there is a need to go that extra mile to understand and resolve customer challenges with the most viable solutions. Considering the complications involved, prompt action can make all the difference in the satisfaction levels of the customers.

The traditional communication methods such as routine phone calls, messages and emails may not be good enough for handling issue resolution because users may have to queue up more often than not. Additionally, these may not offer the kind of insights that toll free numbers can provide.

Toll free numbers have a huge potential for banking and financial businesses as they can elevate customer experiences to win trust and loyalty for your brand. Staying ahead on these fronts is vital because this sector of the economy is getting competitive with every passing day and rivals look for the smallest opportunity to poach your clients.

Seamless customer service is the only way to beat everyone in competition and retain your customers for the long haul. It also enhances your reputation in the market, which fuels client acquisition. Adding toll free numbers to your customer service portfolio can strengthen the customer experience.

Of course, you also need to make sure that you find the right provider who can not only understand your business and customers but also offers the very best of cloud telephony features.

Servetel is a leading toll free number solution provider you can trust to empower your financial services for delivering top-notch experiences to your clients.

Want to take your financial services customer support to the next level? Looking to stay connected with your BFSI customers at all times?

Get in touch today! Call our experts at 1800-103-6989.

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