Optimised channels and delivered annual cost savings of $1.5 million for a UK bank

7%
reduction in voice calls
10.5%
increase in contact avoidance
$1.5 million
annual cost savings
Optimised channels and delivered annual cost savings of $1.5 million for a UK bank

 
 
Optimised channels and delivered annual cost savings of $1.5 million for a UK bank
Case study

Background

Our client is a leading UK bank servicing close to half a million customer interactions per month.

They were struggling to address the challenges and inefficiencies of operating across six siloed channels for customer servicing, with no clear digital support service strategy in place. Firstsource partnered with the client with an aim to identify opportunity areas related to:

  • Refining the customer journey and interaction touch points
  • Addressing points of friction during interaction
  • Channel performance analysis and avenues for refinement
  • Optimise branch visits

Business challenge

  • For account opening requests, 43% of the customers felt the need to follow up for status
    • 90% customers who referred friends had not received incentives
    • 11% to 17% customers faced issue with account login (card reader or PIN not received/ forgotten PIN or password or memorable data)
    • 18% customers repeatedly called for balance enquiry on low valued accounts
    • 4% agents/customers’ contact the branch for account query (non-standardised knowledge/systems)
  • 48% agents had opportunities to better handle refer-a-friend queries
  • 15% customers were forced to switch channels from voice to secure emails to get a resolution; this hampered the customer experience

Firstsource solution

First Customer Intelligence

Our First Customer Intelligence (FCI) analytics tool measures customer sentiment, emotions and behaviours across an omni-channel environment. Through FCI, we can bring structure to customer interactions and combine them with existing structured data to arrive at actionable insights. These are drawn from an in-depth, real-time analysis of customer engagement on voice and non-voice customer service channels.

Our FCI solution

FCI used best-in-class speech and text analytics across 100,000 interactions, including customer journey mapping for key touch point/friction point analysis. Based on the findings, the following recommendations were employed to tap into the efficiency opportunities:

  • Created an alternate channel strategy for secure messages
  • Streamlined their account opening processes/systems by removing non-value activities and process bottlenecks
  • Automated data capture processes
  • Optimised IVR redesign and mobile app
  • Promoted self-serve and optimised website

Business impact

7%
reduction in voice calls
10.5%
increase in contact avoidance
$1.5 million
annual cost savings

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