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September 30, 2019

Financial Services: 5 Signs It’s Time to Update your Contact Center Software

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Financial services institutions  are already struggling to match the customer service fintech is offering. Meanwhile, Apple offers a credit card that takes the whole industry into the next era of fintech. For example, if you have an Apple card and don’t recognize a charge, the place of purchase will show up on a map on your phone so you can identify whether or not it was yours. You can then text Apple with a question and get an immediate response.

It’s more important than ever that credit unions and banks update their contact center platforms to meet customer demand, yet most are using outdated, pieced-together and limited software to support their contact center. Generally, this means more and longer live agent calls, more waiting and repeating information for customers and more expense for the business.

To improve customer experience, businesses often try increasing their agent staff, but that is expensive and still won’t address many of customers’ frustrations. 

There are cost-effective solutions to these challenges, but first, how do you know if you need them? If you can answer “no” to any of these, you probably need an upgrade:

Do you have integrated omnichannel?

With omnichannel, a panicky customer who’s lost his credit card gets on your app on his phone to report the loss. A chatbot takes care of verifying his identity and collecting his information, and is always friendly and understanding. Once the card is reported, cancelled and a replacement is ordered, the customer realizes he has a question. 

He taps a button to be connected to an agent by voice. The agent sees the entire transaction that just occurred, and also the customer’s profile. The customer doesn’t have to repeat anything, so just asks his question. The agent may answer and be free for the next customer. If she doesn’t have the answer, she can search the knowledge base that’s also integrated into the dashboard in front of her, or file a ticket from the same screen to escalate the issue to someone who does know the answer.

After these interactions, the call center manager can use the analytics built into the unified system to generate reports about the quality of the agent’s work and the customer’s satisfaction.

Is your system in the cloud?

If your system isn’t cloud-based, you are probably scrambling to keep up with the rapidly evolving technology you need to stay competitive. While piecing together each new bit of hardware and/or software you need may be less expensive upfront, it is costing you optimal service and ultimately increases your total cost of ownership.

A fully integrated, cloud-based solution costs you less and improves your service. Customers get quick, personalized service and you get analytic tools for better management. Once you are in the cloud, there is no equipment to buy, store, upgrade or repair, upgrades and new features happen magically while you sleep, and you can always be current, efficient and flexible.

Do you have court-tested compliance tools?

LiveVox takes compliance very seriously. We want you to know that when you use our outbound or inbound solutions, you are using solutions that have repeatedly been tested and validated in court as compliant with the law. We are 3rd-party certified PCI compliant and we don’t store sensitive information.

We offer a tool for security, called, “Advanced Secure Payment Capture Feature,” which integrates with your own payment processor. Sensitive data, such as credit card numbers, are not stored and are not visible to the agent, but route directly to your payment processor without even being captured in call recording.

The full LiveVox Compliance Suite provides access to a host of compliance tools including:

  • Over-Dialing Protection
  • Manual Dialing Curfews
  • Do-Not-Call options
  • End-to-end PCI Compliant Payment Lines
  • Centralized Call Recording
  • Real-time Agent Monitoring and Reporting

Each of these tools and other LiveVox features help contact centers become more efficient, more effective and manage risk with respect to various statutes and standards including the FDCPA, TCPA, PCI, DSS and FCRA. 

Do you offer reliable and effective customer self-service options?

A recent study by the CFI Group found that 72% of consumers seek to resolve their issue themselves and they are doing so across numerous channels. Here are some of the self-service opportunities customers expect:

  • On-boarding quickly on a smartphone or other device, with no paperwork or agent needed.
  • Real-time account balance, activity and other information about accounts.
  • Banking actions, including transferring money.
  • Reminders about payments due.
  • Reports about expenditures.
  • Transferring money to anyone by SMS.
  • Card control, including instant deactivation.
  • Setting a pin code or resetting a password.
  • Research banking plans to choose a bank/plan/credit card/loan.
  • Purchase, balance and other notifications.
  • Exporting data to financial tracking system like Mint, Quicken.
  • Charge disputes.
  • Suspicious transactions.

When customers want help, they want to access it through their channel of choice–voice, chat, SMS or email–directly and easily from their self-service attempt. LiveVox offers customizable IVR, AI-powered chatbots, web chat and email options that are easily accessible, and fully integrated. So when  live agents get involved, they have all the information from previous contacts in front of them. 

Customers also benefit from our in-queue self-service and callback capabilities to decrease frustration for customers waiting to connect to agents. Routing configurations are easily created through a few clicks of a button and are highly customizable based on business requirements including Account Ownership, Last Agent, Agent Teams, Skill-Based Routing, and more.

These powerful features makes self-serve to live agent seamless, efficient and very satisfying to customers.

Have you resolved the source of customer complaints?

Customers commonly complain about these issues:

  • Needing to repeat information between agents or channels is the number one complaint across industries. Fewer than 25% of businesses can handle complex interactions in digital channels.
  • Wait times when they do call
  • Not offering the channel of choice
  • Not enough can be done self-serve–difficult self-service and inaccurate or inconsistent information are some of the greatest sources of customer frustration. 
  • A lack of personalization or knowledge about consumers. Only 16% of consumers report businesses are able to be greet by their names. 
  • Many customers hang up on an inadequate automated system out of frustration at not being able to reach a live person.
  • Not feeling greeted warmly. 60% of customers reported being “enthusiastically greeted” upon entering the big banks; only 37% reported the same of credit unions. (76% received some sort of greeting from the larger institutions; 53% did from a credit union). Studies (and common sense) have consistently shown that first-impression factors like smiling, greeting customers and identifying them by name greatly influence customer satisfaction. This is no less true on digital channels.

LiveVox builds contact center software with these common complaints in mind and offers solutions to streamline and elevate customer experience to a whole new level.

With our solutions, your customers can take care of their own needs with extensive self-serve and automated options, including the use of artificial intelligence and machine learning to develop smart and human-like IVR and chatbots. 

Customers who don’t get what they need from self-serve have clear ways of accessing a live agent through whatever channel they want. Regardless of their journey, all of their information is integrated so they don’t have to repeat themselves. Both automated and live agents address customers warmly and respectfully by name, with tools to solve the problem expertly and efficiently. 

By using more automation, self-serve and multiple channels, live agents have more time to serve the people who need them and your contact center becomes much more productive at lower costs. Agents also have the capacity for outbound legally compliant calls, email campaigns or personalized SMS messages.

Is it time to update your contact center platform?

About LiveVox

LiveVox is a leading provider of enterprise cloud contact center solutions, managing more than 14+ billion interactions a year across a multichannel environment. With over 15 years of pure cloud expertise, we empower contact center leaders to drive effective engagement strategies on the consumer’s channel of choice. Our leading-edge risk mitigation and security capabilities help clients quickly adapt to a changing business environment. With new features released quarterly, LiveVoxremains at the forefront of cloud contact center innovation. Supported by over 450 employees and rapidly growing, we are headquartered in San Francisco with offices in Atlanta, Denver, Bangalore, and Colombia. To learn more, schedule a demo today.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next generation contact center platform that powers more than 14 billion omnichannel interactions a year. By seamlessly unifying blended omnichannel communications, CRM, AI, and WEM capabilities, the Company’s technology delivers exceptional agent and customer experiences, while helping to mitigate compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 650 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; New York City; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit

To stay up to date with everything LiveVox, follow us at @LiveVox, visit or call one of our specialists at (844) 207-6663.

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