Credit unions and community banks are increasingly coping with federal and local legislation, interest rate hikes and volatility in capital markets, all of which entails placing greater emphasis on local and regional customer retention, quality assurance, internal controls, as well as more careful compliance and risk management. Although these smaller banks share many common challenges with large contact centers, they have unique needs that can be addressed using today’s modular, highly customizable call quality monitoring and workforce optimization solutions.
Small- to mid-sized financial services contact centers face a number of operational challenges relatively unknown to the larger contact center. With limited resources and shrinking budgets, a Branch or Regional Manager for smaller contact center needs to carefully keep an eye out for inefficient practices to find opportunities for cost reduction. He or she needs to carefully plan capital expenditures, and training investments, while keeping up with significant hardware and software investments within their broader organization.
Traditionally, customer service and help desk environments are known as high-turnover environments. This is rather typical for smaller financial services contact centers as well, where employees tend to consider helpdesk positions to be transient or temporary. To anticipate and reduce the impact of this phenomenon, it is best in the early days of their careers to give agents some time off the phone for cross-training and multi-skilling to respond to email or perform other administrative duties while they are mastering the skills to becoming expert contact center professionals.
Another necessity is ongoing training to keep them engaged, alert and empowered to resolve customer issues quickly, while they answer phone calls during their careers. In fact, with today’s tightly integrated quality monitoring and coaching software tools, skill development can be highly personalized according to the needs and objectives of each agent and simultaneously targeted directly at business goals of the contact center as well as the broader home organization. Gartner predicts that staffing will account for up to 80% of contact center budgets in the new world of customer interaction. The need for such a substantial investment just cannot be left to a chance. Yet, it is often an area that is overlooked and not really routinely reviewed by managers.
Regardless of size, every contact center must provide excellent customer service, reduce costs and maintain a healthy profit margin to thrive in the new economic model. By adopting advanced technologies for monitoring quality and optimizing customer-service and contact centers — including analytics-driven call center quality assurance systems that help identify and automate routine contact-center and customer-service tasks — mortgage companies and credit unions can dramatically affect their performance and profitability.
By now, most successful contact centers have already adopted at least baseline grade digital call recording and quality monitoring solutions. They are the fundamental building blocks for any type of workforce optimization solution, but they are just a start that may be due for review and re-evaluation, especially if they come from early generations of quality monitoring that couldn’t see beyond the horizon of individual agent compliance with (possibly outdated) internal rules and policies. These older technologies did not really have a good way of connecting standards for customer/agent interactions with evolving business objectives of the bank, let alone being able to incorporate voice of the customer into any part of the quality management process. The good news is that the call center quality assurance technologies evolved to the point where contact centers can focus the entire process onto what really matters and what can make the biggest impact on business performance, without losing any objectivity in assessing agent performance. In fact, evaluating agents based on their quantifiable contributions to the contact center’s business success supports their drive to do well, succeed in their jobs and avoid defection.
The proverbial “needle in a haystack” is now rather easy to find – with the implementation of advanced desktop screen analytics, supervisors can easily identify and evaluate the calls that resulted in a customer cancelling their account and taking their business elsewhere. Or the calls where agents attempted an upsale successfully or unsuccessfully, or where they saved a customer by resolving their issue during the first call – even without unnecessary concessions. Instead of wasting time and adding costs with reviewing completely random selection of low-value calls, why not concentrate on evaluating those calls that provide insights into the bank’s business practices every time, so that something could be done about it before opportunities are missed or lost forever?
Real-time performance management and automated E-Learning tools are the latest additions to the workforce optimization family of solutions that can be closely tied into quality management processes, to provide options for action mechanism whenever a manager needs to be notified or agent supported by just-in-time help.
The decision to choose one solution instead of another depends on a company’s needs, goals and circumstances, but with modular workforce optimization software suites, there is a sensible, financially sound path for every budget and objective.
The beauty of a completely integrated suite of workforce optimization applications is interoperability. Each individual solution has valuable capabilities, but multiple solutions can work symbiotically to provide even greater results. Beyond the immediate improvement of contact center performance involving operating costs, workforce optimization solutions allow for quick decision making which in turn helps resolve issues for customers. Easy access to call recordings can help contact centers give better customer service. Call records can be used to settle disputes quickly and with minimum inconvenience.
Recorded calls provide excellent material for training purposes – real-life examples of good and bad agent-customer interactions. This helps the manager effectively intervene when agents are underperforming. The latest-generation solutions have the capability to automatically select and assign coaching and training through courses, tips, quizzes, training flashes, pre-shift announcements and bulletins according to individual agent needs, identified through quality evaluations or simply by monitoring their performance metrics. This tool allows you to set rules that send targeted coaching and training to individual agents or groups when they reach predetermined thresholds based on their performance scores, customer survey results and more. By targeting the right training to the right person at the right time, your agents will be empowered with personalized guidance that will make it easier for them to offer improved service, thus heightening customer satisfaction and ultimately increasing both, agent productivity and satisfaction with the job. Managers can track sales and address marketing and service challenges quickly.
Integrated workforce optimization systems can accomplish this in a cost-effective manner while decreasing expenses, increasing revenues and enhancing customer loyalty and satisfaction – all of which can lead to strengthened market position, customer loyalty and long-term bottom-line growth.