Using Actionable Insight to Drive Business Change
Financial Services Case Study
Company Overview:
The credit card division of a top 5 US retail bank is focused on cost effectively deepening relationships with the bank’s customers.
Purpose:
Improve cost effectiveness, first-call resolution, cross selling and compliance in two card services contact centers.
Business Objectives:
- Turn customer interactions into actionable business insights.
- Improve CSR performance and reduce performance variability.
- Improve cost effectiveness by reducing non interaction and set-up time.
- Increase first-call resolution.
- Improve cross-selling.
- Enhance compliance monitoring of the major processes transacted in the contact center.
- Affect these changes without making system changes, process modifications, or significant training investments.
- Build an implementation plan to deliver a positive return in year one of the deployment.
The Solution:
- Deployed Behavioral Analytics™ to 400+ CSRs in two contact centers.
- Adopted Business Monitoring to drive business benefits and a continuous improvement process.
The Process:
- Established base-line metrics, goals and objectives.
- Identified high-priority benefits targets.
- Built a business case for the deployment.
- Installed and tested Behavioral Analytics™.
- Used CTI to integrate the customer interaction records with detailed customer data.
- Deployed Business Monitoring to ensure all relevant business data is transformed into actionable strategies for continuous improvement.
Initial Findings :
- There is significant variability in CSR performance across key metrics:
- Non-interaction time
- Set-up time
- Time spent handling upset customers
- Transfer rates
- Cross-selling effectiveness significantly varies by call type and CSR.
- Compliance processes are difficult to track and monitor because sample rates of traditional call monitoring are very low.