Richard Mill from Business Systems (UK) explains how the Contact Centre Manager can benefit from better insight for team delivery
In today’s global business environment, data compliance needs are getting ever-stricter and customer expectations are continuing to rise. Meantime, in the outsourcing world SLA (service level agreements) benchmarks are getting ever higher and more complex.
Put these drivers of change together, and it’s clear Contact Centre Managers need all the help they can get – whether they are directly on the front-line for customer interaction or acting as a Contact Centre delivery partner. Contact Centre leaders need high-quality, in-depth management information to give them all the data they need to provide operational insight and so implement plans and strategies to address these business drivers.
Notably, customers are adopting these systems — and are realising tangible results out of them. One such is Equiniti Group plc, a British-based outsourcing business focussed on financial and administration services and listed on the London Stock Exchange and on the Financial Times Stock Exchange 250 Index. Equiniti is the UK’s leading provider of share registration services and associated investor schemes, providing administration services for employee share plans, pensions and employee benefits schemes.
What did Equiniti do when the transaction didn’t end successfully?
Every year the Equiniti Customer Experience Centre assists over 2.6 million customers with its 400-strong workforce, handling 88 million documents and processing £90bn in payments. Continuous improvement is core to achieving the consistently high level of service its clients had come to expect. To accomplish this, the successful financial services customer rebranded its Contact Centre function to the ‘Customer Experience Centre’, placing a greater emphasis on great customer experience by analysing interactions, the way that agents converse with their customers and the language/sentiments being used.
In line with this ethos, Equiniti has also re-launched its entire Quality Monitoring process, integrating it with data analytics to ensure it was fully auditable but will also drive quality improvements as well as analytics root cause analysis. One of the outcomes of this work was implementing Nexidia, a Speech Analytics tool from Business Systems.
The Equiniti marketing team was able to use the tool to search voice datasets and identify phrases to find the break points in the process and so gain extremely valuable customer and marketing intelligence. What became clear was that the existing process wasn’t delivering a first point of resolution – customers were confused with the steps they were required to take and the information they were required to provide.
To remedy this situation, Equiniti has implemented a new script for all agents – and as a direct result the new Customer Experience Centre saw an average call length fall from 5 minutes to an impressive 3. So the organisation is already realising huge savings and an improved customer experience. Equiniti also offers a share dealing account where a yearly fee is taken from customers via Direct Debit; through a deep dive process, Equiniti leadership found this to be generating unnecessary call volumes, customer dissatisfaction and a lot of effort by the customer to undertake a simple transaction.
Quantifiable improvement metrics
With the right data analytics gathered, however, Equiniti has extended the renewal period, while also ensuring the maintenance and customer effort required is kept to a minimum. All this great front and back office blended performance improvements means Equiniti has delivered around 30,000 improved customer experiences using the data provided by the speech analytics tool Nexidia, resulting in a 2% increase in Customer Satisfaction scores and an increase in Net Promoter Score from 48 to 51. Additionally, the system can also be used to demonstrate in fine detail to senior decision-makers the details of the cost savings accomplished with these changes.
So in conclusion, as well as helping to identify processes to improve, generate savings and increased customer satisfaction, use of speech analytics has given this leading British financial services player far greater insight into its Contact Centre performance, and even improved compliance monitoring.
No wonder its Continuous Improvement and Insight Manager, Gareth Wallis, says, “Using speech analytics has really helped us gain insight into the way our customers interact with us, enabling us to really listen to our customers, gain feedback from their calls and enhance our ability to deliver a positive and memorable experience.”
Richard Mill is Managing Director of Business Systems (UK) Ltd, a specialist in providing call recording and workforce optimisation solution.
Business Systems (UK) Ltd is the UK’s largest and most established independent call recording specialist. Founded in 1988 to service the City’s financial institutions, the company has built an impressive reputation for implementing complex projects on time and counts among its clients, institutions such as The Bank of England and Standard Life, as well as the Home Office, DEKRA, Hexagon, Equiniti and BetFred.
Today Business Systems ranks as one of the most experienced independent providers of call recording and workforce optimisation solutions, with expertise spanning systems design, project management, implementation and ongoing service delivery and support. As contact centres demand increasing sophistication in their voice and data applications, we have built a reputation as a leading systems integrator and workforce optimisation specialist, for organisations such as Capita Customer Management and Experian. Open standards are key to the solutions we provide.
Equiniti Group plc, a British-based outsourcing business focussed on financial and administration services and listed on the London Stock Exchange and on the Financial Times Stock Exchange 250 Index. Equiniti is the UK’s leading provider of share registration services and associated investor schemes, providing administration services for employee share plans, pensions and employee benefits schemes.
For additional information on Equinti visit their Website