These days, many businesses are using a predictive dialer system to automate their outbound calling system. Since predictive dialing technology ensure
These days, many businesses are using a predictive dialer system to automate their outbound calling system. Since predictive dialing technology ensures a flawless transition between customer calls and creates a balanced flow of calls with the lowest downtime, this call center software has gained popularity among businesses of different types and sizes. If we pay attention to some stats, it has been observed that the size of the global predictive dialer software market was valued at USD 1.03 billion in the year 2020. Furthermore, this value is expected to reach a Compound Annual Growth Rate (CAGR) of 37.0% from 2021 to 2028.
For businesses, especially those that deal with a large volume of calls and need to communicate with existing and potential customers, having predictive dialer software can help them enhance their productivity and improve the customer service experience. With the help of a predictive dialer system, businesses can significantly reduce their agent’s idle time and help them serve their customers in the best possible manner. Like several other businesses, a predictive dialer is the most efficient and effective solution for the banking sector.
What is a Predictive Dialer, and How Does It Work?
A predictive dialer is an automated outbound calling system that allows users to dial numbers in bulk from a list of contact numbers available in the system. One important thing related to predictive dialing is that it started as a hardware solution initially and gradually became a Software as a Service (SaaS) solution.
In today’s time, a predictive dialer is a smart auto dialer capable of predicting the right time that an agent should wrap up a call and become ready to pick the next call. It uses advanced algorithms to determine the right time for bulk dialing other contact numbers. As soon as a customer picks the call, the dialer transfers the call to the available agent. Another key benefit of using a predictive dialer is that it filters out voicemails, busy tones, no answers, fax machines, and disconnected numbers and connects the call with the agent only when a person answers the call on the other end. An advanced predictive dialer can also analyze failed calls and determine if that number requires a callback. This eliminates the manual dialing process, reduces the agent’s idle time, and increases the agent’s efficiency.
What is the use of Predictive Dialer in the banking sector?
When predictive dialing technology was introduced, it was primarily used by the banking sector for debt collections. However, after a while, many other businesses also started adopting predictive dialer technology to make their communication flawless. For the banking sector, predictive dialer software plays an important role in efficiently managing their day-to-day tasks. Below mentioned are some of the key benefits that banks and other financial enterprises can get by implementing a predictive dialer system:
- Smart and Efficient Call Transfer: A predictive dialer works on an algorithm that dials a number of contacts provided in the system. When a customer answers, it automatically transfers the call to the available agent. It doesn’t wait for a particular agent to be available to take the call; instead, it predicts the availability of an agent and transfers the call to him/her. The system helps banks and financial companies handle each customer’s calls without making them wait for long, thereby resulting in an instant resolution of their queries or issues.
- Better Management of Customer Database: As mentioned above, a predictive dialer is designed in a manner that it can easily filter out unanswered calls, busy tones, DND (Do Not Disturb) numbers, voicemails, and so on. The management at the banks can frame the call structure based on the record of previous calls with the help of predictive dialer software. It helps provide the agents a separate list of contact numbers that had received no answers, were busy, or asked to call some other time; the agents can call these numbers again. The numbers belonging to the DND category or those which don’t have any potential of generating sales can be removed from the contact list. The banking industry has to deal with a huge volume of contacts for numerous purposes, such as connecting with customers looking for a loan, sending EMI payment reminders, connecting with investors, and others. With a predictive dialer system, banks can easily organize and manage such large databases of customers.
- Improved Efficiency: With a predictive dialer system in place, banking industry agents can connect with existing as well as potential customers as quickly as possible. A hosted predictive dialer solution that uses cloud technology allows users to handle a huge database of customers and other call-related data seamlessly. Moreover, the information provided by the dialer to the bank agents keeps them updated about the customer’s history and background, which helps them deal with the customers most appropriately. Even the managers and supervisors can optimize their resources efficiently and make informed decisions with the help of all the relevant data provided by the predictive dialer system.
- Superior Customer Service: With the help of a predictive dialer, agents can immediately attend to their customers and resolve their queries quickly and efficiently without making them wait in a queue for long. Moreover, with access to previous data about the customers, agents can directly provide the relevant information to the customers without wasting any time. This way, the software helps the banking industry in offering superior customer service.
On the whole, a predictive dialer system is an advanced call center software that helps to ease the complex communication system for banking and various other industries. Furthermore, it allows call/contact centers to connect with their existing and new customers in real-time and provide a superior customer service experience. Hence, the future of predictive dialers seems quite bright, and businesses must utilize this technology to make their entire communication process more effective, efficient, and profitable.