Best Call Center Software for Financial Institutions and Banking
  • admin
  • Last Updated: 23 Dec 22
  • 11 min read

Best Call Center Software for Financial Institutions & Banking

  • admin
  • Last Updated: 23 Dec 22
  • 11 min read

People are a little more sensitive when it comes to financial transactions. Since wealth and monetary dealings are involved, it’s plausible to be a little more careful about that.

According to a study, 61% of people stop transacting with a business if they face poor customer service. And that value can be even more while taking services from banking and financial institutions (BFIs).

So offering a good customer experience is crucial for BFIs to maintain a good customer inflow. To ensure that, call center software can come in handy.

But what’s up with this call center software, why do businesses need them, and what are their benefits? Curious to know all about it? Then let’s dive right in!

What is Call Center Software for financial institutions?

A Call center software for financial institutions is an advanced communication system that handles incoming and outgoing calls, SMS, and faxes for managing open cases and transactions within financial offices.

Some of the financial service businesses where call center software ensures efficiency are:

  • Banks
  • Insurance Companies
  • Financial Advisors
  • Lending Institutions
  • Credit Unions
types of banks financial institutions bfis

Why do Financial Services Companies Need Call Center Software?

Financial Service Companies use call center software because they help them reduce operational expenses and improve efficiency.

And, the clients expect you to provide them with a great customer experience from professionals.

On the whole, call center software for financial institutions allows you to engage more with customers. It also builds trust and ensures customers’ success.

How Does Call Center Software Help Financial Institutions?

Whether you are a bank, insurance company, or financial advisor, you play a vital role in managing your customers’ finances.

Call center software can help customers with different concerns like:

  • How to make deposits?
  • How to withdraw money?
  • To check balances
  • Pay bills
  • Report stolen cards and block them
  • Providing investment pieces of information
  • Activation of Debit or Credit cards
  • Getting insurance quotes
  • And more…

Financial companies can use cloud call center software to keep their customers updated. It also answers the customer’s queries and problems as soon as possible.

10 Best Call Center Software for Financial Institutions & Banking in 2022

Financial Institutions need a phone system with strong security encryptions as they have to deal with sensitive information every now and then.

Its will be quite difficult to figure out which one would be a better fit for you. So, we have compiled a list of secure call center software’s for your organizations.

Let’s take a look.

1. KrispCall

KrispCall is one of the most secure virtual cloud phone systems with multiple security encryptions. Its  bank call center software consists of sophisticated features and services that ease the work processes of financial institutions.


The unified callbox dashboard provides KrispCall with a smooth user interface and easy-to-learn system. KrispCall has a well-built third-party integration feature to integrate CRM apps. It provides automation tools for reducing the workload.


  • Intelligent call routing
  • Voicemail
  • CRM integration
  • IVR
  • Click-to-call widget
  • Sales automation tools

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 15 per month per user

2. RingCentral

RingCentral is a popular cloud-based phone system with strong security encryptions. Many financial institutions use RingCentral because of its sophisticated features and services. It provides an easy-to-use UI for general users.


RingCentral provides contact center software including call center solutions. If you want more than a call center then RingCentral can be a good choice. It enhances the overall customer service experience with its omnichannel support.


  • Call routing
  • Call forwarding
  • Agent Management
  • Real-time insights
  • CRM integration

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 22.49 per month per user

3. Nextiva

Nextiva is a well-known commercial communications firm with exceptional call center software. Its products have reasonable prices and easy-to-use for new users. Its call center is branded as Nextiva Contact Center because it can support multiple communication channels.


Like all call center softwares, Nextiva is easy to deploy and doesn’t have additional hardware requirements. It’s one of the quickest platforms to get your financial institution a phone system.


  • Call forwarding
  • Call recording
  • Auto Attendant
  • Call Waiting
  • Call groups

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 30.95 per month per user

4. Freshdesk

Freshdesk is a fresh financial call center solution for businesses of all sizes. It is a trusted and well-known brand in the market. Its cloud-based services are simple and easy to use with the modern user interface.


Freshdesk is generally used by inbound sales representatives and customer service departments. It provides sophisticated features and services to financial institutions with multi-channel support.


  • Call forwarding
  • Call recording
  • Auto Attendant
  • Call Waiting
  • Number porting

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 15 per month per user (Free version available)

5. 8×8

8×8 is a powerful cloud phone service provider in the market. It offers financial call center software with multi-channel capability known as a contact center. It provides an excellent foundation for connecting all channels in one place and managing users.

8x8 X Series for virtual phone numbers

This implies that all customer communications will be handled by your call center agents through a single platform. Giving your staff access to full customer interaction across all channels is crucial in today’s marketplace.


  • Call routing
  • IVR
  • Queued callback
  • Number porting
  • Web callback

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 85 per month per user

6. Zendesk

Zendesk Support’s ticketing system includes Zendesk Talk, a cloud-based call center solution. The complete client history as well as other services like call recording and automatic ticket creation will be available to your agents.

Zendesk Sell

The software’s goal is to make your support process better while getting rid of pointless chores. Instead of concentrating on the bottlenecks in the workflow, your agents may focus on solutions, conversions, and customers.


  • Call forwarding
  • Group routing
  • Custom greetings
  • Conference calling
  • Advanced Analytics

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 49 per month per user

7. CrazyCall

CrazyCall is a prominent call center solution for financial organizations. It provides powerful features designed to maximize customer service satisfaction in call centers. These features are easy-to-use thanks to their simple user interface. 


The voice calling capabilities of CrazyCall remain its standout qualities despite the fact that it also offers other solutions for financial institutions, small enterprises, and supports teams. It provides features to generate leads from a business website.


  • Call transfer
  • Auto dialing
  • Click to call
  • Call scripts
  • Call back widget
  • Call monitoring

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD 30 per month per user

8. Avoxi

Avoxi is a global communication platform for financial institutions that provides financial call center services. It allows businesses to create a local presence as well as scale customers by giving an excellent customer service experience.

Avoxi has a wide range of features that will provide reliability, quality, and coverage for any business.  It enables you to integrate the system with necessary technologies. It provides a smooth calling experience without any call drops.


  • Call monitoring
  • Call routing
  • Caller ID
  • Integration
  • Call center analytics

Supported devices: Android/iOS/Windows/Mac

Price: Starts at USD  19.99 per month per user

9. BrightPattern

Bright Pattern is an AI-powered contact center solution for mid-sized financial institutions. It is quick to deploy to provide bright, easy, and fast customer service. There is no need for an expert for tutorials as it has an easy user interface. 

Bright pattern

Bright Pattern provides an omnichannel capability for seamlessly interacting with customers across different communication channels. Along with that, it provides CRM integration and call center analytics.


  • Predictive dialer
  • ACD
  • Skill-based routing
  • Dynamic web chat
  • CRM integrations

Supported devices: Android/iOS/Windows/Mac

Price: Request for quote

10. Five9

Last but not the least, Five9 is a growing cloud-based phone system for banking services. It provides an all-in-one solution for financial contact centers.

It provides excellent support to customer service representatives for enhancing the customer experience.


Five9 is famous for being customizable. It can be customized to handle the work processes of financial institutions and meet their demands. It provides good voice calling, a secure system, and high uptime.


  • Call routing
  • Predictive dialing
  • CRM integration
  • Analytics
  • Call forwarding

Supported devices: Android/iOS/Windows/Mac

Price: Get a quote

Benefits of Call Center Software for Financial Institutions

Companies must provide excellent customer experience if they want to gain new customers or retain old customers.

Moreover, the call center software can reduce the workload and increase the agent’s productivity.

Some of the benefits of call center software for financial institutions are as follows:

1. Saves Cost

Most finance companies believe cold calling is the most effective way to generate leads and convert them. And this technique is mainly used by insurance companies and stockbrokers.

For this reason, debt recovery companies also make calls to the defaulters to remind them of the EMI due.

On the other hand, call center software can benefit the agents as they don’t have to stick to their workstations to call. They can be anywhere and call their customers.

You need a mobile phone and a cloud application running on it.

It can save the investment in hardware, equipment, and other infrastructures.

2. Interactive Voice Response

IVR is the first voice customers hear after they connect with you. When you call a finance company or mainly a bank, you can listen to a recorded voice on your phone.

For instance, press 1 for technical support and press 2 for sales and marketing. This pre-recorded voice is IVR.

When a consumer calls, they can listen to a recorded voice with a pre-programmed list of functions from which to pick.

The banking industry has also started to use IVR technology. It offers self-service to answer typical consumer questions. Such as:

  • Transaction details
  • Available Balance
  • Loan Status
  • Credit Card Payment Due
  • Activate ATM Pin codes

3. Automatic Call Distribution

Automatic Call Distribution is a very important part of a call center. It is software that answers the incoming calls and routes them to appropriate agents. This solves the problem quickly.

Yet, it reduces the waiting time of customers.

You can also set the criteria or sequence of the agents to answer the call. For instance, if the customer is Japanese, the call routes to the Japanese agent.

4. Voicemail and Notifications

Customers can leave messages or voicemails to the agents if they are not available at that very time.

And then, when the agents become available, they will see the customer’s notification and reply as soon as possible.

Also Read: Work From Home Tools To Ensure Productive Employees

5. Live Call Transfer

This feature allows agents to transfer the call to another agent without disconnecting the call of the customer.

For instance, if one agent picks up the call and won’t solve the problem. Then that agent will transfer the call to another agent who can solve the customer’s problem

6. Analytical Reports

Call center analytical reports mean keeping records of things, like records of call volume per day, per week, at peak hours, traffic from different regions, etc.

It also keeps the customer data which can be beneficial in the future. You can easily meet the customer’s demand if you know what they need by looking at those reports.

7. Choosing Number

With virtual call center software, you may assign various phone numbers to different departments. On the contrary, it makes it easier for customers to reach the correct agent.

And, customers will be able to call you for free if you pick a toll-free number.

A toll number is a phone number that won’t charge customers when they call. Instead, the company pays for the phone bill, which will help the customers to engage with you often.

8. Call Recording

Listening and recording conversations has become a common practice. These voice clips can be used to improve agents’ efficiency. As well, it can be used while giving training to the agents.

With this, it is a plus point for you on customer satisfaction and the team’s productivity.

9. Call Whispering and Live Coaching

There will be moments when your frontline agents need help during a call, from pricing negotiations to quality control and onboarding.

Having some backup from a colleague or a manager when dealing with a difficult customer can help frontline agents. It helps to solve the problem and maintain relationships.

But the customer should not know there is a third party involved.

With a live coaching function, a third-party person can join the call secretly. They can guide or coach the call agent to solve the customer’s problem.

To Sum Up

Financial institutions should have a good balance between them and their customers. They should ensure customers’ satisfaction and offer them great services.

A cloud-based call center software can offer different features which can make their work very easy.

Yet, if you are looking for cloud-based call center software, then KrispCall can come in handy. KrispCall offers you all those advanced features that you need for your daily banking communication operations

Book Free KrispCall demo now  to know how it makes your financial calling smooth.

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Head of Content @ KrispCall (or, in plain English, I'm the guy responsible for ensuring that every blog post we publish is EPIC).

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