Handling High-Stakes Support: Best Practices for Fintech Call Centres

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Good customer support is critical to the success of any type of business. That said, there are some industries where it perhaps carries even greater weight. 

Fintech is one such sector. Money and sensitive personal and financial data are the very centre of fintech companies’ operations. When a customer contacts a fintech call centre, it’s in many cases for an issue that has a direct impact on their financial wellbeing. Whether it’s a lost card, suspected fraud, or an account access issue, each interaction carries high stakes, with real and immediate consequences for the customer. 

Adding to this pressure is the need for regulatory compliance. Even during support calls,  fintechs have to comply with stringent regulations and laws that govern the financial sectors.

For these reasons, fintech companies can’t approach customer support like other businesses. They need a specialised approach that addresses or meets the unique demands of the industry.

Below are key best practices fintechs can adopt to effectively manage high-stakes customer support interactions, and ensure that every call results in a positive outcome.

1. Invest in Specialised Training for Your Customer Support Teams

The first step to ensuring your fintech call centre is adequately equipped to manage high-stakes customer interactions is to invest in specialised training for your team. Specialised training can empower your agents to provide efficient, accurate, and empathetic assistance. 

Key training areas to focus on include:

• Product knowledge: Ensure that support agents have a deep understanding of your products and services, including their features, limitations, and potential issues. This knowledge enables them to assist customers with confidence and accuracy.

• Technical knowledge: Fintechs rely on sophisticated digital technology tools such as blockchain, AI, big data, internet of things (IOT) and machine learning to deliver services to customers. While they don’t need to be experts, your agents should have at least some foundational knowledge in these technologies in order to effectively assist customers. 

• Regulatory requirements: As we mentioned earlier, fintechs operate under strict regulations governing the financial sector. Support agents must be thoroughly trained on these regulations to ensure compliance in every customer interaction.

• Cybersecurity awareness: Fintechs handle sensitive and personal customer information, which makes prime targets for cybercriminals. In fact, research shows that the average fintech loses 1.7% of its yearly revenue to fraud every year.¹ That equates to about $51 million. Train your support agents how to identify potential security risks, such as phishing attempts, fraud, and account hacking. They should also know how to guide customers through securing their accounts and responding to suspicious activity. 

• Strong communication skills: Skills such as active listening, empathy and problem-solving are essential in delivering excellent customer support in fintech. Regular training in these areas can go a long way in helping you agents deliver more effective and empathetic support. 

2. Implement Strict Compliance and Security Protocols

In addition to training agents on relevant industry laws, regulations and standards, fintechs must also implement strict security and compliance protocols. These can protect sensitive data, minimise legal risks, and create a reliable environment where customers feel confident that their financial information is safe.

Here are some compliance and security measures to integrate into your fintech customer support operations:

• Secure authentication processes: Before discussing account details or addressing sensitive issues, require support agents to verify customers' identities. This can involve multi-factor authentication (MFA), security questions, or even biometric verification, depending on the level of access required. Identity checks can reduce the risk of fraud and reassure customers that the company takes personal data security seriously. Of course, these checks shouldn’t be exceedingly rigorous that they end up inconveniencing customers. 

• Encrypted communication channels: Ensure that all support interactions are conducted over secure, encrypted channels. This minimises the risk of data interception by unauthorised parties during customer support sessions.

• Role-based access controls: Implement role-based access to limit agent visibility of sensitive customer information. Agents should only access the data or information necessary for the kind of service they are providing. This minimises the risk of unnecessary data exposure. 

• Continuous training:  The fintech sector is constantly evolving, with new regulations, security threats, and best practices emerging regularly. Providing ongoing training to support agents ensures they stay up-to-date and are always prepared to handle new compliance and security challenges effectively.

3. Leverage Cloud-Based Systems

Many businesses still rely on traditional phone-based support systems.  However, these systems come with serious limitations especially for dynamic sectors like fintech that demand a lot of flexibility and scalability. 

If you're still using a traditional phone-based system for customer support operations, consider moving to a cloud-based set up. Here’s some of what you stand to gain from this shift. 

Scalability and Flexibility

Cloud-based phone systems allow fintech customer support teams to easily scale up or down depending on demand. For example, during busy periods, you can quickly add extra lines without the need for costly hardware upgrades. Additionally, cloud systems are accessible from anywhere with an internet connection, making them ideal for remote support teams.

Improved Customer Experience

Cloud-based systems come with advanced features that massively enhance the customer experience. 

Automatic and intelligent call routing, for example, ensures customers are connected to the appropriate agent quickly and based on their specific needs. Integration with business tools like Customer Relationship Management (CRM) systems gives agents instant access to customer data and previous interactions, allowing them to offer more personalised, efficient support.

Enhanced Security and Compliance

Many cloud-based phone solutions are designed with security in mind. They come with  in-built security features like encryption and multi-factor authentication to protect customer data and ensure compliance with industry standards, such as GDPR or PCI-DSS.

Cost savings

Cloud-based phone systems typically cost less than traditional systems, which require significant upfront investment in hardware and maintenance. Most also operate on pay as you go model, meaning you only pay for the resources you use. This results in substantial cost savings, which fintechs can then reinvest into other critical business areas.

Omnichannel integration

According to research, 62% of customers want to engage with businesses  across multiple channels.²

Cloud-based phone systems integrate with other support channels, like email, live chat, and social media. This omnichannel customer support approach creates a unified platform where agents can view all customer interactions in one place. For example, if a customer contacts support by email and then follows up by phone, agents can access the full interaction history, ensuring a seamless and consistent experience.

Use Data and Analytics to Enhance Support Quality

Data and analytics are powerful tools for optimising fintech customer support. They can provide useful insights that drive improvements in support quality and efficiency. 

Identifying Recurrent Issues and Trends

Analytics tools allow companies to track recurring issues or patterns in customer inquiries. They can help fintech firms identify and address underlying problems proactively. This can reduce the frequency of similar support requests and enhance the overall customer experience.

Performance Monitoring 

Data and analytics tools also enable fintechs to track agent performance metrics, such as response times, resolution rates, and customer satisfaction scores. With these insights, companies can identify areas for improvement and set benchmarks that encourage continuous improvement.  

Demand Forecasting

Another powerful application of data and analytics is in demand forecasting. For example, past call data analysis can help fintechs forecast when call volumes are likely to spike, such as during a market crash, regulatory changes, or after a product update.  With this knowledge, support teams can adjust staffing levels and other resources proactively, thus ensuring they are adequately prepared for peak times. This can in turn help avoid issues like long wait times.

Turn to Aircall for Fintech-Specific Call Centre Solutions

Fintech call centres operate in a uniquely high-stakes environment as we’ve seen. Each interaction has the potential to have significant implications on a customer’s financial and personal wellbeing. 

Adopting the best practices we’ve discussed — like investing in specialised training, implementing strict compliance protocols, and leveraging data insights— can help fintechs succeed in this high-pressure landscape. 

For fintech companies looking to streamline their customer support, Aircall offers a powerful cloud-based call centre solution that’s designed to meet the unique needs of the industry. With Aircall, fintech support teams can access advanced features like intelligent call routing, integration with various business tools like CRM, marketing software and e-commerce platforms, and live call monitoring. 

With Aircall, you also don’t have to worry about data falling into the wrong hands.  Advanced security features, such as TLS 1.2 and AES 256 encryption, ensure that sensitive customer data remains protected throughout each interaction.

Moreover, Aircall’s inbound call centre solutions are scalable, meaning they can grow alongside your business, adapting to increasing call volumes or an expanding customer base without compromising on support quality.

Schedule a free demo today to learn more about Aircall. 

Sources

PYMTS. 46% of FinTech Banks Say Deposit Fraud Hurts Customer Experience. https://www.pymnts.com/news/security-and-risk/2022/46-of-fintechs-fraud-hurts-money-mobility-and-customer-experience/

Khoros. Must Know Customer Service Statistics of 2024. https://khoros.com/blog/must-know-customer-service-statistics

Published on December 5, 2024.