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Why 79% of Financial Calls Go Unanswered - and How to Branded Calls Change That

Person refusing to pick up an unknown mobile call
Are your calls unknown to your clients?

The Revolution of Branded Calls in the Financial Sector

In our digital epoch, the financial landscape is awash with innovative ways to communicate. From instant messaging to sophisticated CRM tools, financial institutions have indeed come a long way. Yet, the importance of voice calls as a pivotal medium of communication remains steadfast. Both banking institutions and their customers predominantly prefer this method, especially when navigating intricate transactions or discussing private financial details.

However, a pressing challenge looms large: ensuring and maintaining trust. The financial sector, unfortunately, isn't immune to the rise of scammers and spoofers. A significant 75% of financial service workers have voiced concerns about their calls being erroneously flagged as spam or even fraudulent. From the consumer's standpoint, about 40% have confessed to receiving dubious calls, with the scammers masquerading as established financial institutions. This, compounded with other factors, has resulted in nearly 80% of unrecognized calls being unanswered.

Enter the transformative solution: branded calls.

The Pivotal Impact of Branded Calls

When financial institutions employ branded calling technology, they equip themselves with a robust tool that fortifies their image even before the customer picks up the phone. Institutions that have adopted this technology have noted an average rise of 27% in their call answer rate. In tandem, there's been a commendable decline by 60% in reports of calls being flagged as spam.

This not only streamlines the communication process but also ensures increased efficiency. The salient point is trust – branded calls immediately resonate with trust, putting both the caller and the recipient at ease.

Delving Deeper: Benefits of Branded Calling for the Financial Sector

  1. Enhanced Quality Conversations: Initiating a conversation on a foundation of trust naturally results in more productive and meaningful interactions. Agents can bypass the preliminary process of establishing their identity, diving straight into the matter at hand.

  2. Instant Brand Recognition: The financial institution's logo and name, visible prominently on the call screen, immediately sets the call apart from other unidentified numbers, affirming its legitimacy.

  3. Fortifying Against Spoofing: Branded calls act as a bulwark against spoofing. By offering this additional layer of security, customers are assured that they're engaging with legitimate representatives.

  4. Boosted Sales Conversions: It's simple logic – a call that's recognized and trusted stands a higher chance of success, thus leading to better conversions for sales and services.

  5. Skyrocketing Productivity: Given that agents no longer waste precious minutes assuaging concerns about their authenticity, they can now focus solely on addressing queries or providing vital information.

  6. Amplified Revenue Streams: With a substantial rise in answer rates and fruitful conversions, financial institutions stand to witness an upswing in revenue.

  7. Safeguarding Reputation: With a regular monitoring mechanism, these institutions ensure their pristine and untainted reputation.

  8. Insightful Call Analytics: Financial institutions can continuously refine their strategies by studying patterns and gathering data-driven insights, optimizing for even better communication outcomes.

Real-World Impact: A Brief Case Study

Consider a mid-sized bank, operating predominantly in the Midwest. As they expanded their services, they were confronted with diminishing answer rates. However, upon implementing branded calls, they noticed a discernible uptick in customer interactions. Their loan approval discussions became smoother, with a notable 35% increase in productive call durations. The most significant takeaway? A nearly 40% reduction in the initial time spent verifying the call's authenticity.

In Closing: The Branded Calls Revolution

The financial world is on the cusp of a revolution. Institutions are swiftly realizing that to stay ahead, adapting and integrating technology is non-negotiable. Branded calls, with their multifaceted benefits, are undeniably leading this charge.

🔹 Revolutionize Your Financial Communications with Branded Calling.

Seize this opportunity. Harness the potential of branded calling, and propel your financial institution into an era marked by trust, productivity, and amplified revenue. If you're intrigued by the prospects and keen to delve deeper, our team is here to guide.

For a detailed, personalized consultation, don't hesitate to get in touch with our expert Technology Curators at today!

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