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August 17th, 2016

Can your customer experience provide a competitive advantage?

For years, banking executives have looked at the contact center as a necessary operating expense. This “cost center” mentality is one of the reasons the industry has largely focused on containing costs rather than improving customer touchpoints to provide a competitive advantage. But recent research by the Everest Group suggests that call centers may be refocusing on the customer experience.

According to the article, “Why call center roles are coming back onshore,” technology is causing more enterprises to shift their focus back on consumers. Everest Group research program director, Skand Bhargava, said the desire to improve the customer experience is playing a critical role in today’s call center strategies.

“The call center outsourcing value proposition has transformed over the years from labor arbitrage-driven cost containment to focus on delivering business outcomes such as high customer retention.”

New research shows an increase in call center onshore delivery, climbing to 53 percent in 2015 compared to 35 percent in 2010. With companies focusing on providing best-in-class customer service, Bhargava added that more businesses are willing to invest in technologies that separate them from the competition, with the goal of managing costs while enhancing their ability to provide a better overall customer experience.

“While companies are ready to pay more for better quality services, increased technology leverage in a traditionally labor-intensive contact center space has offset some of the additional cost.”

The Everest Group found that along with analytical solutions, contact centers are spending in areas such as automation that can bring added value to their services.

Tools like the TRUSTID® Physical Caller Authentication solution can help banks and businesses improve the efficiency and security of their telephone environments at lower costs than with more conventional knowledge-based authentication (KBA) tools.

By automating critical caller identification processes, TRUSTID allows contact centers to eliminate unnecessary and expensive telephone interrogations that can negatively impact customer trust and confidence. Through automated telephone authentication, call centers have the ability to take action on every inbound call in real-time to speed up customer resolution on validated good calls while removing high-risk ones from the telephone system before they reach an call center agent.

As a result, customer issues aren’t interrupted by needless identification processes that create friction with callers. Instead, banks and businesses can focus on delivering a better overall experience at less costs to improve customer satisfaction and retention. That’s a competitive advantage any executive can see is worth investing in. 

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