Many financial institutions have shifted from on-premise solutions to cloud computing contact centres as a result of the shift in operations. Cloud-based systems enable banks to scale quickly in order to better manage increasing call volumes.
Fremont, CA: As businesses closed their doors because of the pandemic's health concerns, brick-and-mortar bank branches also closed, and financial services providers across the country struggled to manage the surge in call-center volumes.
This adversity has provided an opportunity for banks to transform their call centres and win the loyalty of their customers through quality service.
Recognizing that COVID-19 has created a "new normal" is the first step toward capitalizing on this seismic shift. Financial service providers should recognize that their processes are still evolving and may need to be modified. It is critical to conduct regular reviews of the new processes and metrics to ensure that operations continue to evolve.
Shifting to the Cloud
Many financial institutions have shifted from on-premise solutions to cloud computing contact centres as a result of the shift in operations. Cloud-based systems enable banks to scale quickly in order to better manage increasing call volumes.
Cloud-based systems also enable financial services firms to maintain fixed costs. Banks will be able to quickly adjust their resource requirements and prices in response to changes in demand. It is critical to consider expenses because most businesses are bracing for varying degrees of financial stress and unpredictability in the coming months.
Another consideration is agent monitoring, coaching, and retraining. Many financial institutions have traditionally used Key Performance Indicators (KPI) to assess the overall performance of their contact centres. KPIs, on the other hand, are no longer providing a clear picture of the contact center's health, and new methods of measuring agent productivity are required. To assess agent performance, contact centres can use workforce optimization capabilities such as analytics and quality assurance. These tools enable supervisors to remotely monitor the agent's productivity and gain insight into how much time is spent managing the desktop agent.
The abrupt change in business processes caused by the pandemic must be addressed meaningfully. Employees should be provided with virtual training and change management programs to educate them on how to use new technologies, processes, policies, and collaboration toolkits. Agents should be coached on a regular basis using collaboration tools to ensure that productivity levels remain consistent, as they were before the pandemic.
AI to Improve Efficiencies
Banks now spend up to $10 per contact on call centres. With increasing call volumes, the cost of handling these calls rises. Hiring, training, and retaining call centre staff has long been a source of frustration for banks, with attrition rates of up to 30%. Furthermore, in the current uncertain environment, many banks are hesitant to invest in additional staff, putting additional strain on their balance sheets.
Instead, to improve operational efficiencies at the call centre and to handle the ever-increasing volume of customer calls, several banks have turned to artificial intelligence-based solutions. This strategy may include placing a "virtual assistant" in front of a bank's existing call centre to automate responses to a large number of incoming calls. Such automation can free up bank employees' time to answer more complex questions from customers, improving their overall experience.
Banking technology that is advanced enough to understand questions with near-perfect accuracy enables banks to engage with their customers more effectively and provide personalized experiences 24 hours a day, seven days a week. It may also assist financial service providers in cross-selling products to customers in ways that promote financial wellness.
Better preparations are being made to ensure business continuity as a result of the pandemic's experiences, challenges, and learnings. Banks are implementing technologies to transform call centre operations, allowing them to scale more efficiently, provide better customer experiences, and be future-ready.
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