3 Ways Contact Centers Can Boost Consumer Credit

3 min.

29.05.2024

Claudia-valente

Written by.

Cláudia Valente

Consumer credit is crucial in our daily lives, enabling us to purchase goods and services easily. Contact centers can play a pivotal role in this process by helping financial institutions achieve their goals and provide an exceptional customer experience.

Read on to learn how contact centers can boost consumer credit.  

1. Provide a Personalized Experience

According to a report from Next in Personalization 2021, 71% of consumers expect personalized experiences, and 76% feel frustrated when this doesn’t happen. Contact centers can help financial companies deliver personalized experiences by:  

  • Offering customized solutions. Data analytics can help companies better understand consumers’ needs and offer relevant products and services. 
  • Simplifying the application process. Online forms and dedicated phone support make applying for credit quick and easy.  
  • Resolving doubts and concerns. Contact centers provide personal, proactive services that address doubts and concerns about credit.

2. Improve Loyalty and Retention with Upselling and Cross-Selling

According to studies from HubSpot and McKinsey & Company, upselling can increase average order value by 41%, and cross-selling can increase customer lifetime value by up to 14%.  

Here are three ways to take advantage of these tactics. 

  • Identify opportunities to upsell. Use a consumer’s purchase history and behavior patterns to identify opportunities to offer higher credit limits or lower interest rates. 
  • Suggest complementary products. Offer insurance, credit cards, or other financial products that complement the consumer’s personal credit. 
  • Create customized campaigns. Use marketing automation tools to create customized upsell and cross-sell campaigns for each consumer. 

3. Use Digital Channels to Reach Wider Audiences

Consumers expect to interact with companies on multiple channels, including mobile, email, chat, and social media. According to recent data, marketing campaigns that use an omnichannel approach have a higher order rate than those using a single channel.  

With the right contact center platform, financial institutions can:  

  • Deliver consistent omnichannel service. Integrating various channels allows consumers to interact with the company without losing important information.  
  • Personalize the customer journey. Use data and analytics to create personalized journeys for each consumer, regardless of the channel used. 
  • Offer self-service options. Invest in self-service tools and chatbots so consumers can solve simple problems on their own. 

Conclusion

The consumer credit market is booming, and companies that provide exceptional customer service experiences can reap the rewards. By implementing the strategies in this blog post, financial companies can: 
  • Increase conversions and drive consumer credit sales 
  • Improve loyalty and increase customer lifetime value 
  • Reach a wider audience and serve consumers more effectively 
  • Deliver personalized, proactive service across all channels 
  • Effectively upsell and cross-sell 
  • Automate repetitive tasks, freeing agents to focus on more complex tasks 
  • Gain valuable insights into consumer behavior and make informed decisions 
Together, we can boost your consumer lending company and reach new heights of success! Book your free, customized demo now.  

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