The Business Challenge
As financial service providers are increasingly being pressurized to sustain a competitive edge by balancing their revenues and profit margins, call center analytics turns out to be crucial for driving top-line and bottom-line results. Though leading banks and payment service providers have leveraged advanced call center analytics solutions to implement various degrees of customer service transformations, most organizations haven’t really utilized such solutions to their maximum potential. To realize the full potential of customer analytics solutions, financial institutions and other banking service providers will need to possess, acquire, and develop the relevant capabilities and use them to customize and enhance a wide range of customer interactions.
To sustain a competitive edge in today’s complex business environment it’s essential to understand the global customer base. Learn how call center analytics can help you better understand your customer base.
Like the other market players, the client was challenged by its siloed data environment. The client’s decentralized customer database and inefficient processes made it difficult to track and optimize their contact center services. This proved to be a major roadblock to their customer service improvement efforts. Though the client invested a significant amount in state-of-art technology, they lacked the basic analytics expertise and appropriate outcome-focused reporting tools to extract insights from the customer data.
Solution Offered and Value Delivered
The client approached Quantzig to leverage its data analytics capabilities to examine its call center data and drive significant improvements in customer service. To help the banking firm tackle this challenge we performed root-cause analysis and leveraged micro-segmenting techniques to identify the factors affecting customer loyalty.
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Our call center analytics experts also developed a best-in-class model to help them track call center metrics, reduce manual efforts, and optimize service efficiency to drive down costs. The optimization of call center operations not only helped them eliminate organizational silos but also enabled them to offer better services, which in turn, improved customer satisfaction rates and helped realize 2M in savings.
The call center analytics solutions offered also enabled the client to:
- Build a robust feedback mechanism by embedding advanced analytics into their MIS framework
- Reduce cost per contact due to enhanced proficiency and call elimination
- Improve satisfaction rates by more than 500 bps
- Increase first call resolution rate by 15%