Data-driven Call Center Analytics Helped a Financial Services Provider to Realize $2 M in Savings
A leading financial services provider, based out of the United Kingdom needed to optimize the operations of its credit and debit cards’ division. Having established its presence in the banking sector the client had a loyal customer base across the UK. To cater to the varying needs of its global customer base and address their [...]READ MORE >>
A leading financial services provider, based out of the United Kingdom needed to optimize the operations of its credit and debit cards’ division. Having established its presence in the banking sector the client had a loyal customer base across the UK. To cater to the varying needs of its global customer base and address their queries the client had set up 11+ call centers that were spread across Norway Europe, Sweden Europe, and Switzerland. With call center operations spread across regions, the client found it challenging to address customer queries.
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%
What is Call Center Analytics?
Call center analytics (or contact center services) employ a variety of advanced tools that help companies to proactively address customer queries. Leveraging analytics in this regard can also help improve call center operations by offering real-time insights into customer datasets through advanced analytics reports.
The customer’s demands and expectations of call center services are changing rapidly, and your ability to efficiently respond may fall short at times. Request a Free Demo to know how we can help you tackle this challenge using call center analytics.
Types of Call Center Analytics
Learn more about call center analytics and determine ways to improve your call center operations.