Why Financial Institutions Need Customer Analytics

Posted by Rebecca MacLeod

6/29/15 4:24 PM

Click2coach workforce optimizationIs your financial company’s contact center in the best possible position to acquire, retain and improve relationships with customers?
Are you hampered by incomplete agent training, subpar visibility into how your customers think and feel, lackluster oversight from managers or an inability to provide added value for existing customers who reach out?

You can address any such deficiencies in effectiveness by incorporating customer analytics in your contact center. Herein, we will look at how banks and financial institutions can grow their businesses by properly collecting and analyzing data to gain insights that will beneficially inform their sales and marketing efforts, approaches to risk management and customer service strategies.

To begin with, decision makers should understand that customer analytics will become a core competency among the majority of financial institutions within the next five years, according to a report titled “Customer Analytics in Retail Banking: Why Here? Why Now?” by Celent. This represents a change from a minority of banks that currently undertake these projects. The report explains that this advance will be precipitated by evolving retail banking economics, growth in data analytics technology and the obligatory focus on the customer in an increasingly self-service interactive environment.

Let’s take a look at how agent, manager and customer experiences can be improved with customer analytics, or predictive analytics applied to customer data:

Managers: A great avenue for managers in their efforts to identify customer trends that can lead to improved customer satisfaction is to study audio interactions between agents and customers. The use of analytics can be a simple and effective means to search out keywords or phrases important in service discussions. With Envision’s Speech Analytics, you can not only document interactions, but provide insights into the underbelly of customer-agent conversations.

Another business driver for bankers is regulatory reform and compliance. In the absence of a robust analytics solution, banks are unable to optimally judge their risks and exposure. Our Click2Coach solution can help in creating refined customer risk profiles. For example, Click2Coach’s extensive search and retrieval feature allows managers to easily find customer call recordings they need to address compliance concerns. This includes wildcard-based searching and filtering, as well as filtering by agent or group of agents, interaction duration, caller ID (ANI) and much more.

Agents: Would you like your agents to be wildly productive? With Click2Coach, you can easily coach your agents to just that level. You can capture everything an agent says or does, and give you the tools to tie those conversations back to desktop workflow—to get the most complete picture of what’s happening before, during and after a customer interaction. Visibility into workflows provides the data to accurately schedule your workforce, and our enhanced interaction search allows you to easily identify interactions you’d like to review.

Envision also provides the tools to monitor and coach agents when they’re not communicating with customers. Our desktop data capture feature lets you collect and analyze activities such as keystrokes, data entry and screen navigation. Video capture of after-call processing gives you a window into exactly how your agent is researching a customer problem. Monitoring all agent activity ensures that every task performed on and off the phone is in support of agent workflow. These and other Click2Coach features give you a complete 360-degree picture of both sides of the customer experience, which you can use to coach agents down a more productive path.

Customers: More effective agents that can quickly resolve issues lead to happier customers. With the data we help you collect and organize, your agents will be properly trained in whatever method your customers choose to communicate—phone, email, chat or social media.

Agents with more information at their fingertips can also help customers take advantage of special offers and promotions they might not have otherwise known existed. For example, if a bank is offering a special rate for student loans, managers could use contact center software to search for all mentions of college-related words or phrases uttered by customers. Whenever a customer mentions casually in conversation that his or her child is starting college next fall, for example, the manager sees the key word or phrase used and can shoot the agent a quick reminder to make the customer aware of the special offer. Although the customer may not have been considering a student loan before the call, if the promotion is a good fit and they end up benefitting from the agent’s suggestion, then that experience will stick with them down the road.

Click2Coach also helps you know your customers better so that you can serve them better. The software does this by providing the structure, format and criteria you need to decipher customer feedback. You can then apply that information across your business to improve operations in billing, sales, marketing, product development or any other customer-facing aspect of your financial company. With Click2Coach you can sync your internal agent evaluations with external customer surveys to give you insight into any discrepancies that may exist, allowing you to take corrective action.

It is increasingly clear that banks and financial firms must leverage their information assets to compete in a consumer-empowered economy and to understand their customers, channels and markets. Click here to schedule a Click2Coach demo and get more out of your contact center today.

Topics: customer experience, contact centers, Contact Center Technology

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