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Financial Services Client Story

Data insight reduces churn and decreases costs

B2B company identifies key customer pain points and proactively deflects call volumes.

10%-15% call reduction

per year over the next 3 years

Tens of millions

in cost savings

Increased client

retention

Challenge

Customer support volume and associated costs were on the rise for a leading business services provider. It did not have a formalized system in place to truly understand customer issues and prioritize corrective actions. The company needed to transform its data and processing procedures to more swiftly react to and subsequently pre-empt customer problems.

With aggressive call reduction goals in place, a data-driven approach was necessary.

Solution

TTEC was selected to perform detailed analysis and develop the tools to drive call deflection action. First, utilizing guided text analytics, we examined millions of unstructured phone logs to determine the root causes of the high volume of inbound calls. We developed an actionable system of categories and sub-categories to classify and quantify customer issues. These included identification and addition of correct codes, running reports, and challenges presented by product functionality. With the categorization structure in place, we then integrated the robust call interaction detail with customer-level information in a cloud-based reporting platform.

Call volumes and trends, as well as valuable customer-level insights, could then be disseminated to contact center decision makers and business leaders in impactful dashboards in near real-time. With a deeper understanding of customer issues, the company more swiftly and effectively deployed call deflection initiatives and strategies like product enhancements, self-service options, updates to documentation and training, and revisions to FAQs. The company proactively contacted clients who were struggling to provide them with links to self-help resources. And we continue to work with the client to refine and improve the solution, drive continuous data and insights, and address business questions.

Results

With regular, up-to-date call volume trends and insights, the client can take actions necessary to tackle the next issue or initiative, reduce call volume, and improve customer experience. As a result, the company estimates call reduction to be between 10%-15% per year over the next three years, equating to tens of millions of dollars in cost savings. The identification of types of problems experienced by customers and the resulting actions have improved the customer experience and satisfaction levels to the point where increased client retention is reported.

Benefits

10-15% call reduction over three years

Cost savings projected to be tens of millions of dollars

Informed product development due to evidence-based call classification

Improved customer experience and satisfaction with the aim of minimizing client frustration

Increased client retention

Cloud-based dashboards provide information in near real time

 

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