Predictive Dialer Software: A Boon for Banking Industry

The banking industry is one such sector that deals with a huge number of customers and data. It requires connecting with millions of contacts for various purposes like people who are looking for loans, sending EMI payment reminders, people who want to invest, and various other purposes. The old method of searching contacts of customers and dialing their numbers manually to connect with them is quite counterproductive. Most of the calls either end up in the answering machine, a few are busy and a few numbers are unavailable or dead. A predictive dialer is one of the best dialer technologies that can solve all these issues and more. The marketing and sales department that uses cold calling tactics to bring more business can benefit greatly using a predictive dialer.

So, what exactly a predictive dialer is? Well, a predictive dialer is a cloud-based outbound call center software that automates the dialing process for agents and makes their work faster and efficient, leading to increased agents’ productivity. It is a smart outbound call processing and managing system that employs computer algorithms, based on complex probabilistic and statistical modeling, to make calls to various contact numbers fed in the database and assign only live calls to the agents who are available to take the call. The software starts dialing numbers a few seconds before an agent has completed a call so that the agent can immediately be on the next call, without any downtime. This way, a predictive dialer helps in minimizing the cost, provides 24/7 hours of services to the company, and enhances the communication level with valuable customers.

How predictive dialers are different from other automatic dialers?

The thing that makes predictive dialers different from other automatic dialers like auto-dialers or robo-dialers, is their ability to utilize call metrics to predict the correct time when agents will be available to make the next call. Predictive dialers let agents dial multiple numbers simultaneously instead of dialing just one number at a time. However, most predictive dialers can operate in other dialing modes such as dial now, preview, progressive, etc.

How Does It Work?

The predictive dialer software generally utilizes Call Progress Analysis (CPA), also known as Call Progress Detection (CPD) to determine the outcome of a call. The outcome can be the call answered by a person; call answered by a machine, busy line, dead or disconnected call. The dialer is intelligent enough to filter out calls based on the outcome. For instance, if the call is answered by a person, it transfers the call to the most appropriate agent. In case the call is unanswered or busy, it will be dispositioned or coded by the system. If the call is answered through a voicemail, the dialer automatically leaves a pre-recorded message.

The banking sector has a huge customer base and the demand for flawless communication in this sector is extremely high. To make the communication process more smooth and efficient, it is the best idea to implement a predictive dialer. The solution can help agents in efficiently handling a vast customer base by keeping them informed about their customers before starting the conversation.

Predictive dialer is without a doubt a boon for the banking sector to deal with large databases of customers and that too segmented on various types like debtors, people who applied for loans, investors, etc. A hosted predictive dialer call center software that uses cloud technology can impeccably handle a large volume of customer databases while ensuring a seamless service and connecting bank agents to customers as quickly as possible.

Benefits of Predictive Dialer for Banking Industry

Some of the key benefits of predictive dialer for the banking industry are:

Maintains huge database and other call data to ease agents at bank’s call center

It provides instant information to the agents regarding calls like when a particular customer was called and by which agent

The information provided by predictive dialer to bank agents keeps them updated on customers’ background

As predictive dialer uses sophisticated technology and machine learning algorithms, it makes sure that minimal time of the agent is spent on unproductive call, thereby, saves a lot of time and energy

The solution doesn’t require an operator to manually handle the system software. It can also reduce the number of agents who are handling the call which ultimately contributes to low operational costs.

As everything is automated, agents can focus on bringing more leads and business, resulting in better productivity With the help of predictive dialers, bank agents are able to deliver a satisfying customer experience

Since predictive dialer is hosted on the cloud, it doesn’t require a big investment in hardware or infrastructure, thus can be considered as a cost-effective solution for the banking industry

These are some of the key benefits of implementing predictive dialer software in the banking sector. It not only helps in creating an efficient outbound calling process for the call center, but also acts as a smart gadget that lines up the entire variable and makes a dialing plan that increases work efficiency, enhances the agent’s performance rate, and brings in more business.