Why financial firms need to partner with multilingual call centers

Faith Ocampo Published on September 13, 2016

business man in international banking pointing to world map

As customers’ loyalty to their banks continues to decline, how should financial firms respond?

It’s always been challenging for banks and other financial services companies to innovate. They can’t immediately change their processes because of various restrictions, such as strict regulatory policies and data security concerns. As a result, they’ve been slow to migrate to digital channels such as social media and mobile, while their clients are getting impatient.

miniature businessmen standing on world map- international banking finance

At the height of the clamor for modernized banking services, people’s satisfaction is unfortunately decreasing. NTT Data, an IT consulting firm, found that customer loyalty to their banks is plummeting. Twenty-three percent of customers said that they would leave their bank for a more modern provider, and 71% believe their bank could do a better job of supplying their needs. In fact, they also found that 1 in 3 clients who ran into an issue at their financial provider did not get it successfully resolved.

It’s clear, therefore, that banks must provide better customer service to avoid suffering from high customer churn rates. One of the ways to do this is by partnering with a multilingual call center.

Why go multilingual?

Multilingual customer support providers expand the capabilities of financial firms in ways that monolingual or English-only contact centers can’t. The ability to speak multiple languages lets financial companies communicate with clients who may be from various cultures. Using their expertise in customer relations, here are the things that a multilingual contact center can do for you.

1. Build trust.

businessman handing over piggybank to banking executive

Trust will always be a crucial component in building successful companies, but for the financial sector, it’s their only lifeline. In this industry, companies handle people’s money and all activities related to it-spending, saving, and investing. So if financial firms fail to establish credibility and build trust, there’s no doubt that they’ll eventually collapse.

Multilingual call centers can help you nurture trust and loyalty among your clients. It can make a big difference for customers to discover that you have agents who can speak their native tongue. Not only does it enhance understanding, it also shows that you’re aiming to make the customer experience much better.

 

2. Resolve issues quickly.

call center agent holding pointing to table calculator

Financial services companies catering to diverse groups of customers or those in a multicultural area may encounter difficulties in issue resolution due to lingual differences. By eliminating this gap, you can be sure that issues are resolved much faster. Agents can quickly tackle the root cause of the problem if they can understand the client clearly and accurately. As a result, they’ll also be able to recommend effective solutions.

 

3. Provide 24/7 services.

smiling call center agent holding clock

Limited banking hours can often be frustrating for clients, especially because every complaint they raise may be an emergency.

Multilingual customer support providers that operate 24/7 can help you with this. They may not be able to carry out some functions that are restricted only to your staff, but they can act on basic queries and complaints right away. The more complex issues will then be forwarded to your department so your employees can attend to them once banking operations resume.

 

4. Collect data and improve performance.

businessman pointing to data information from charts graphs on computer monitor screen

Multilingual call centers have the applications and equipment needed to collect customer information. This is one of the best ways to find out what people really want. Borrowing from this capability, financial services companies can improve the way they serve their clients not just in terms of customer service, but also in terms of the banking features they launch. This will let them continuously improve their overall performance while building customer loyalty.

 

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.
Join us on facebook
Open Access BPO 2 days ago
Gaining a leg up on the global competition means so much more than speaking your customer's langauage.

Understand their culture and you stand to capture the international market: https://buff.ly/3W2ODcL

----------
Outsource with a #MultilingualCallCenter that will help you establish a strong foothold in your global markets: https://buff.ly/4bDl6Mj

#WeSpeakYourLanguage
Open Access BPO 2 days ago
Open Access BPO hosted a successful #Pride celebration, fostering a spirit of #inclusivity and community.
Attendees enjoyed a lively atmosphere with video showcases, band performances, and a drag queen showcase.

The event highlighted our commitment to #diversity and inclusion within the workplace.

𝗛𝗲𝗮𝗱 𝘁𝗼 𝗼𝘂𝗿 𝗯𝗹𝗼𝗴 𝗳𝗼𝗿 𝗮 𝗳𝘂𝗹𝗹 𝗿𝗲𝗰𝗮𝗽 𝗼𝗳 𝘁𝗵𝗲 𝗲𝗽𝗶𝗰 𝗰𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗶𝗼𝗻: https://buff.ly/4cXfjSS

----------
Open Access BPO is a dedicated employee-centric #outsourcing firm that champions a culture of respect and appreciation for all, regardless of background or identity.

Outsource to gain a #CX team and a strategic employee-centric operations management without losing your focus on growing your business.
Partner with us today: https://buff.ly/4cWE95y

#WeSpeakYourLanguage
#OneWithDiversity #PrideMonth
#Pride2024 #CelebratePride
#OABPOSpeaksWithPride
Open Access BPO 4 days ago
You need skilled and creative #CustomerService agents to wow your customers.
But #hiring the right people to engage with your consumers can be difficult for many brands.

Here's how to tweak your #recruitment strategies to get the best #CX experts: https://buff.ly/3zJNPSn

----------
Or you can outsource to Open Access BPO and we'll do the recruitment and training for you.

Send us a message today to set up your own team of #CX specialists: https://buff.ly/3VZNHG3

#WeSpeakYourLanguage
#outsourcing #CSat
#CustomerExperience
Open Access BPO 5 days ago
Aside from the different accents, Americans and Britons have different attitudes when talking to #CallCenter agents.

Here's what agents have to know about both types of English-speaking Westerners when providing #CustomerService: https://buff.ly/3WdNKPW

----------
Anticipate and exceed your global customers' demands with a multilingual #CX expert: https://buff.ly/3WbhEnR

#WeSpeakYourLanguage
#CustomerExperience #CX
Open Access BPO 5 days ago
Great #CallCenter agents rely on strong Team Leaders for guidance and motivation. But even the best intentions can be overshadowed by negative leadership habits.

Check out our blog post for 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗰𝗼𝗺𝗺𝗼𝗻 𝗽𝗶𝘁𝗳𝗮𝗹𝗹𝘀 𝘁𝗵𝗮𝘁 𝗰𝗮𝗻 𝘀𝗮𝗯𝗼𝘁𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝗹𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 (plus insider tips for becoming a stellar leader who inspires your team and drives results!): https://buff.ly/4eWMurQ

----------
Ready to man your brand's with the premier #CX team?

Find great call center agents and leaders to help manage your brand's growth when you partner with Open Access BPO: https://buff.ly/3WdMbBy

#WeSpeakYourLanguage
#CustomerExperience #CustomerService
#CallCenterManagement #ContactCenters
#CallCenterLeadership #LeadershipQualities
#EmployeEmpowerment
Open Access BPO 9 days ago
Open Access BPO Makati picked up where our Davao colleagues left off in #PrideMonth celebrations.

Here are some of the highlights in last Friday's Pride Party at The Enderun Tent: https://buff.ly/4cHNoa9
Open Access BPO