Missed Call Solution: A Business Case For Banking

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Banking, a customer-oriented sector, demands deep customer connection and timely engagement from the moment they are onboarded to when they are retained. A simple missed call solution can transform many aspects of banking with its powerful use cases and benefits.

In this blog, we have explained some of the benefits and potential use cases of missed call service in the banking sector that will add to the convenience of both parties—customers and banks.

 

What is Missed Call Banking?

As the name suggests, missed call banking is about offering certain banking services through missed calls. Banks leverage the power of missed call solutions to provide many banking services like Account Balance, Mini Statement, Account Statement, Loan Request, Cheque Book Request, and more. Customers need to give a Missed Call to pre-defined mobile numbers from their registered number.

The advantage of the missed call solution is the users can engage with the bank and conduct some activities without requiring human intervention. This helps faster & more efficient response & higher level of customer satisfaction.

 

Advantages of Missed Call Solution in Banking

Some of the top advantages of using missed call alert solution includes:

 

  • Simplicity

People are looking for more easy ways of doing things these days. A missed call service helps them instantly access their bank details or request other actions. They’re also looking for ways to get services on-demand.  Missed call alert allows them to avail these services with a simple phone call.

 

  • Reach Out to Wider Audience

Not everyone has equal access to Internet or smartphone or data plans are expensive.   Missed call services offers an accessible alternative to customers to engage with banks irrespective of their location or accessibility situation. Those who want information about loan or debit card can just give a missed call and get relevant information.

 

  • Blazing-fast Service Delivery

In banking, the speed of service delivery also matters. Customers don’t want to wait to get simple information like account balance or last transaction details.  When the customers call the number given by the bank, it gets disconnected after two rings, and the bank’s system sends the details of the services required.  It helps keep banking simple and fast.

 

  • Enhance Employee Productivity

Front desk employees no longer have to spend time addressing simple queries like checking bank balances and last five transactions. The bank websites and other channels can educate the customers on the use of such automated services. This helps more efficient use of bank employees.

 

Missed Call Banking: Use Cases

Some of the prominent use cases of missed call alert solutions in banking include the following:

  • Provide account details: Customers can just give a missed call on a specified number in the SMS to know their account balance or details of the last few transactions to check for potential misuse or fraud.
  • Send request for ATM Card, cheques, or credit cards: Customers can send a request for ATM/Debit/Credit card or a chequebook by calling on a particular toll-free number. It’s helpful for customers not having access to net banking.

Missed Call Banking use cases

  • OTP verification and account activation: A user calls from the registered mobile number on a specific phone number. The service provider receives the call and matches it with the registered mobile number in a bank’s database. Users don’t require to enter an OTP.
  • Generating leads for loans, selling different types of cards: Lead generation is essential to survival for any business & has its own challenges. Lengthy enquiry forms and multiple cold calls tend to deter the prospects away. With a missed call solution, one can increase marketing qualified leads manifolds.  You can provide a specific toll-free number via SMS, conveying them to give a missed if they are interested in availing personal loans or cards. The interested party may approach you. And once you have the data, they can be converted into customers easily.
  • Marketing campaigns, polls, surveys, and feedback to gather useful data: Missed calls can be a powerful way to run various marketing campaigns like polls and customer feedback. To get the maximum feedback from your customers, you can share a missed call number through text message to receive their feedback or participate in a marketing campaign.

 

Final Words

A missed call solution is simple, convenient & easy to implement from a bank’s point of view. It can help banks to conduct banking with ease and cater to the day-to-day banking needs of a large number of customers.

For a customer, it’s fast, non-intrusive and also gives them the convenience to conduct transactions easily as per their schedules.

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