Setting New Customer Service Standards in Banking Through Technology
Nothing drives growth for banking institutions faster than customer satisfaction. When it comes to finances, organizations and individuals alike demand fast access to information related to their funds and investments. They expect their bank’s representatives to be knowledgeable and helpful, and increasingly expect to find answers on their own. Leading institutions, such as this major Midwestern bank, understand this and turn to technology to provide competitive advantage.
With total asset holdings of over $19 billion and more than 370 branches across 8 Midwestern states, this organization acknowledged that outdated technology and processes were standing in the way of consistently providing the highest level of customer service. They recognized challenges on several levels, including:
- Operating five separate call centers was not only expensive, but carried the potential threat of inconsistent service for customers
- Obsolete computer systems prolonged customer interaction times and required agents to rely on cheat sheets to remember the multi-character screen codes and function keys needed to access customer information stored on the company’s mainframes
- Limited on-line customer self-service options frustrated customers and added unnecessary call volume to the call centers
- Processing hand-written customer forms was costly and error-prone
The bank turned to Genus Technologies for an initial proof of concept in line with its desire to start small and build on certainty. Genus Technologies developed and implemented a custom web portal giving this customer’s agents access to information from multiple mainframes through a single, easy-to-use interface.
Automating seemingly simple tasks such as populating an agent’s screen with customer account information, the portal eliminated the need for cheat sheets and function keys allowing agents faster access to the information they need. It also streamlined the process of entering customer requests. Combined with the addition of self-help support on their website, these improvements reduced the time necessary to make customers happy. Ultimately, the solution enabled our customer to realize the following benefits:
- 100% increase in call center agent productivity by cutting the average customer engagement time in half
- Decreased call center operations cost by approximately 60% through consolidation of 5 call centers down to 2
- Reduced time needed to enter customer forms by 50% with electronic forms processes
- Reduced calls by 25% and increased customer satisfaction with additional customer self-service
- Reduced mailing costs by enabling e-Statements
- Improved accuracy of information submitted by call center employees
- Eliminated re-keying of data into back-end systems