The growing importance of call tracking data in the financial services industry

Warren Newbert

By Warren Newbert
28 Sep 2022

4 min read


Covid-19 was the ultimate operational sucker punch, testing financial service institution’s (FSIs) resilience in unprecedented ways. But now they are emerging even stronger. FSIs now have the conviction and power to overcome almost any challenge that comes their way, despite the complexity of their operations and services.

Financial service products, such as mortgages, are some of the most complicated for customers to understand, review, and ultimately purchase. Complex terms and conditions can leave customers with more questions than answers, causing them to call customer services for clarity.

Therefore, it comes as no surprise that call analytics and data play a critical role when customers are searching for a new financial product or service. However, this provides FSIs with a great opportunity to foster relationships with their prospects and customers.

Strong relationships are at the heart of a great customer experience – according to research, 1 in 3 customers will stop using a brand after just one bad experience. Meeting customer expectations and ensuring positive phone interactions ensures an excellent brand image.

The generation of data-based customer service has exploded. Call analytics play a key role in understanding changing customer behaviours and fostering existing relationships – but why is it so important?


Ring, ring. Money talks – are you listening?

In the age of remote and digital work, customers have a lot of choices when it comes to FSIs. Customers can also research and buy financial products from the comfort of their own homes. However, it has become even harder to ensure the highest level of customer service and build solid customer relationships.

Yes, digital platforms are great for creating a seamless online experience, but sometimes you still need to pick up the phone to speak to customer services. With studies showing that 80% of consumers consider the customer experience to be just as important as an organisation’s products/services, this is where Conversation Analytics are needed.

Investing in Conversation Analytics is essential to understanding customer financial behaviours, which will lead to vital and actionable data-based insights. Actioning thought-out steps based on these insights enables FSIs to configure their services to the customers’ needs. By doing this, FSIs can increase customer retention levels and close deals with new prospects. It will ensure the customer considers them as a vital go-to interface for dealing with financial services issues.


A short call analytics story. Optimise. Secure. Experience. Focus.

The pandemic has brought with it a shift from online research to offline contact via phone – which represents a significant juncture of data leakage. FSIs are unable to differentiate between customer journeys that result in calls or simply leaving the website. Call analytics fills this gap as it enables them to answer questions that lead to considerable savings and efficiencies.

Over two-thirds of financial services companies are increasing their spending on marketing, and for this investment to be successful, organisations need more insight into customer behaviour. Call insights empower FSIs them to sell more, streamline operational processes, and optimise marketing budgets. For example, our platform is a cloud-based call intelligence platform, and an integral part of the technology stack for marketing, sales, and contact centres. This enables our customers to:

  • Optimise: Identify common routes to products and queries. Insights empower our customers to create highly targeted campaigns that resonate with the modern consumer. Organisations must understand how modern consumers purchase financial services in order to build contact centres that handle customers’ needs more efficiently.
  • Secure: Multiple layers of protection. Customers’ financial data is extremely sensitive. By partnering with a call analytics specialist that uses secure data centres, FSIs know private information collected online or via the phone is kept confidential.
  • Experience: Strive to make every conversation better than the last. Rate every call received and use the results to organise call recordings. These can then be used to train staff in handling policy queries correctly and how to provide a better customer experience. This drives improvement in the short term and produces a better-performing team with a lower staff turnover in the long run.
  • Focus: Reduce operational costs by tracking the journeys that lead to support calls. Integrate with a variety of AB testing software, empowering FSIs to test iterations of their website to see what versions are answering queries on the site. By lowering the amount of lower value FAQ type calls, they will be taking a strain off their contact centre and reducing wait times for their customers with more complex queries.

Essentially, call analytics is the first step to gaining clarity from customer conversations. This is because it is vital for analysing customer phone calls to generate revenue and reduce costs. By knowing what led to these outcomes, FSIs can refine their campaigns, customer journeys, and phone agents to deliver more. The end goal should always lead to impactful calls, insightful conversations, and intelligent conclusions – resulting in a heightened customer experience.


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Originally published in Finance Derivative.

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