December, 2022 - RedialBPO

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Eliminating phone customer service, is it reliable?

December 26, 2022/in BPO /by Veronica Mascareno

Nothing new about companies choosing to completely remove phone customer service because of cost reduction and claims of finding more effective channels & alternatives to meet clients’ demands.

A practice that is already well known in the social media industry and some FinTech companies, but recently, airlines. They all share one thing in common: to enhance the customer experience through digital channels, ensuring that no client will be left behind.

Of course, this subject has sparked a series of debates, establishing various schools of thought on whether this is an issue to worry about.

If you consider applying or eliminating phone customer service for your business or organization, stick around!

How many people are still using phone customer service?

It could be the first question to ask if someone considers such a decision. Aren’t many people still using phones as their primary source of attention?

The short answer is, yes!

Understood as a way to eliminate the need for written correspondence and enable making instant inquiries. It is currently the most popular because it reduces the time required to solve clients’ problems.

Allowing more opportunity for both the agent and the client to connect through certain emotions like empathy, making the call more pleasant.

According to data presented by Consulting firm Fifth Quadrant, found that for 71 percent of consumers, talking with a live agent over the phone was still the top preference, especially for registering complaints (66%), making purchases (62%), and asking technical questions (70%).

This comes from the fact that most problems the customer might experience are a very specific type of problem, related to their account or process that by the end, will require assistance.

Sometimes, leaving FAQ or live chat bots is almost useless since they are designed to solve easy tasks, they can’t really make choices or truly analyze (yet) if the process needs escalating.

Imagine just a few scenarios, where you don’t recognize a few bank transactions, or need to book a hotel room ASAP, and your only options are live chat or email with no certainty of fast response, much less a resolution.

Frustrating, right?

Now, this is not a scenario that applies for every company or organization. But it is very possible one with the wrong partner or service providers.

There are some alternatives of the same nature that have been very reliable though their constant investment.

Omnichannel media is becoming a must for more companies that desire to exceed their customer expectations.

Especially considering that $62 billion is lost each year due to poor customer service.

So, should I keep phone customer service?

Keep in mind that at the end of the day, it all depends on your business and what your customer’s needs.

Maybe you have a product or service that runs completely on digital, so in case there is any need for assistance, maybe you can also provide excellent attention though other cost-effective digital channels.

Especially if you have already considered the demand or volume of calls and requests.

The truth is that not every business strictly needs phone customer service, but that means that you have other strong alternatives to resolve any possible issue.

Also, you must also keep in mind that phone customer service lets you:

Quickly resolve complex issues
Increase customer retention and loyalty.
Reduce the percentage of public negative reviews.
Your online conversion rate can improve by 8% when you include personalized consumer experiences.

Thank you for reading this blog, if you want to learn more about CX services, click here.

In-house Vs Nearshore / Offshore: Let’s revisit

December 15, 2022/in BPO /by Veronica Mascareno

Nearshore and offshore are terms that have come to define one of the biggest decisions companies make when it comes to outsourcing.

Should they outsource their work to another company in another country, or should they do it themselves?

In this blog, we’ll explore once again what nearshore and offshore mean as well as in-house and their respective advantages and important things to consider.

What does outsource through nearshore/offshore means?

Basically, it is the process where you hide external resources or capital to execute a specific operation or project.

This includes a long list of industries and activities that can be performed by top talent outside of your country. Like hiring a nearshore call center to attend to all your customer service needs, debt collection, web development, among other areas.

In-House refers to the local employees or operations already or about to perform certain activities.

Handling projects in-house.

For a long time, depending on your local team to handle specific activities and operations was the norm. Naturally, because executives wished to have everything at reach in case a problem could arise.

Having a team in-house is totally viable to establish the foundations and have a direct decision on skill setting.

Also, shared values and vision are more of a possible reality when you set motivation goals directly every day.

This is reinforced since in-house teams tend to be very efficient, as everyone is usually in the same place, working under the same system, making communication simple and fast.

With these mentioned, if you consider having a full in-house team, then you also must consider the increasingly wages in western develop countries, and the specific demands within the job market.

According to data from the SBA, on average, an employee costs 125% to 140% of their salary.

This is something that could affect every type of business, especially small and medium ones.

But things have changed in the last decade, since outsourcing solutions have become attractive every coming year.

The main reason for this is the cost-effective aspect of the industry. Offering in a lot of cases the same quality, even an enhancement on certain activities by providing modern services and technology.

VS outsourcing:

Whether you decide to nearshore or offshore, the two options offer less expensive living costs for residents, reducing labor wages but with the possibility to offer even more in terms of bonuses and benefits.

Furthermore, outsourcing companies constantly invest in professional staff and innovative tools to elevate CX operations, that way many businesses don’t have to worry about establishing certain departments or tool acquirement.

Worried about other legal inquiries like recruitment, insurance, safety and processes follow-up?

BPO got you covered, since it is a top priority to fulfill staffing requirements, including background checks and finding the right profiles.

The cost of initial and ongoing training. Miscellaneous items, such as uniforms and protective gear where needed.

And every process is followed, sending the necessary reports, just like any in-house teams. Executives can rest assured that they will be joined, all along the partnership with experts in the client services area.

Conclusion:

In summary, there are many benefits to in-house and nearshore/offshore outsourcing.

The ability to work with companies around the world is great for businesses, but it can also be a challenge if they don’t have the right processes in place.

If that is the case, BPOs have become reliable in providing business development services so you can thrive alongside your product or service.

It is important that you find an experienced partner who will help guide you through this process so that there are no surprises along the way. We hope this article has helped clarify some of these issues!

Thank you for reading our blog, you can learn more right here.

Want to talk with? Love to meet you at our contact page.

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What are the biggest challenges for the Fintech Industry?

December 9, 2022/in BPO /by Veronica Mascareno

Considered one of the most innovative & demanded industries internationally, the fintech industry has offered modern financial solutions through technology and digital tools for the last decade.

Understood as a combination of the terms “financial” and “technology,” refers to businesses that use technology to enhance or automate financial services and processes.

With a value of USD 112.5 Billion in the year 2021, is expected to grow around USD 332.5 Billion by the year 2028, following a Compound Annual Growth Rate (CAGR) of 19.8% over the forecast period, according to data presented by Vantage Market Research.

Finding venture capital & the right investors.

Although this is certainly a process more related to the startup phase of a fintech, due to its natural vision to grow and go worldwide, fintech’s usually rely heavily on considerable capital and investors.

But this could become a challenge if the business doesn’t have a clear list of objectives or goal alignment between the investors.

That is why it is so important to have a clear purpose and determine the list of factors venture investors are going to consider for the project.

Whether you are in the development phase or even full-on operations, epam anywhere shares the following questions you must follow:

What are the problems solved by the product?
Where are the potential risks to the business?
How big is the market opportunity?
What makes the founders think the product will be successful?
How will the investment capital be used to achieve the product’s goals

Competition in the fintech industry.

Yeah, there are a lot of fintech’s offering great financial services, and a lot of them are already huge, but hey, they are not the same.

Feeling confident about your product or service will be of great significance to know your value proposal once you determine to go B2B or B2C.

Once you have that confidence and full knowledge of what your product offers, you will detect the business opportunities and the problems it could fix.

Besides, there are a lot of areas fintech can attend from insurance, digital wallets, investments and more. The opportunities? A lot.

Industry regulation.

A very important subject that is constantly discussed, especially lately among experts and public figures.

Finance, being one of the most regulated sectors, naturally, because of the very sensitive data and transactions it holds, raises a lot of standards and processes to secure safety and good practices.

But in the fintech industry, many questions have been made about its safety and even legality, criticizing some practices as not very different from casinos.

Although we could make another article explaining more in depth the whole processes involving regulation, for the moment, we are just going to point out fintech’s need to stay in touch, more than ever, about all the necessary policies and relevant information to share with the user.

This could be in a specific section in the webpage or app, talking about general concerns and even financial education, in the format you prefer. Whether video, blog or even a certificate!

Users also consult this type of information in different omnichannel media, like phone service, live chat or email.

Something achievable by specialized nearshore services providers.

Data security.

As mentioned, users appreciate some privacy in their finances.

Securing that their money or transactions are safely secure from bad practices is imperative.

Why? Cybersecurity company appsealing shares that the most preferred methods like one-time passwords, fingerprint, codes, although effective, are not invulnerable to cyberattacks.

Recommendations to attend this area go from establishing an internal IT department, capable of processing and comply with the required cybersecurity certificates and constant supervision for compliance.

User experience.

For many years, we were subjected to not so cool customer attention from traditional financial institutions. Well, fintech’s could be credited with enhancing CX through real care and attention.

Therefore, consumers have higher standards on how to receive attention and resolve a problem, and with that comes more demand within the different attention channels available for clients.

The business may be going well, but you are receiving a lot of customer inquiries. Well, that is the moment to determine not only how you can obtain new clients, but also retain and ensure loyalty.

But with all the rising costs and economic uncertainty, having alternatives to take care of your CX operations can be possible through a nearshore call center, lowering costs and securing efficient market reach and attention.

Conclusion.

We are in an exciting time where technology has brought us amazing tools and possibilities to improve or even satisfy our financial needs.

FinTech’s will continue growing at a fantastic rate, which will also bring benefits for both the consumer and the company, but these challenges must be considered to thrive and adapt.

Thank you for reading our blog; if you want to learn more, click here.

Ready to delegate your operations and talk with the experts? Delighted to meet you.

Best Ways To Thank Your Business Team

December 2, 2022/in Redial Culture /by Veronica Mascareno

The end of the year is approaching, and it is the perfect time to appreciate your team’s effort.

Showing appreciation for your team is essential to fostering an enjoyable and productive workplace.

Whether you’re looking to thank your team for their hard work or to show that you recognize their efforts, there are many ways to thank your company team.

Finding the right way to thank them will depend on the size of your team and the type of work they do, but with a little creativity, you can create a culture of appreciation and recognition that will help your team develop a strong bond and stay motivated.

Read on to find the best ways to thank your company team!

Why show appreciation to your team?

When everyone feels valued, it creates a more positive and motivating work environment, which can have a positive impact on productivity and employee retention.

A study by the Journal of Business and Psychology found that gratitude is linked to higher levels of job satisfaction and lower levels of turnover and absenteeism, so when you show appreciation for your team, you are encouraging a culture of gratitude that can help improve your entire business.

One of the best reasons to show appreciation to your team is that most of the time, it costs nothing!

When money is tight, it can be tempting to focus on the financial benefits of gratitude, but it’s also important to remember that it can have a powerful, positive impact on your team’s morale.

Employee recognition programs

If you want to thank your team for their hard work, one of the best things you can do is create an employee recognition program that recognizes employees for their achievements.

You can create a program that recognizes employees for different reasons or categories like hard work, exceptional performance, and longevity with your company.

The best way to create an effective recognition program is to start by identifying the goals behind it.

Are you trying to boost employee morale? Is improving retention a priority? Are you simply trying to show your gratitude for the hard work your team has put in?

Once you have identified your goals, you can create a program that is tailored towards addressing those subjects, boosting employee motivation.

Team outings

One of the best ways to thank your team for their hard work is to treat them to an outing.

Whether it’s a trip to a nearby restaurant or a more elaborate getaway, team outings are a great way to show appreciation.

When choosing an outing to thank your team, it’s important to keep in mind the size of your team and the type of work they do.

The best way to select an outing for your team is to find something that will make your team members feel valued, but also something that fits within your budget.

You can select the best team either by their metrics or a specific challenge.

Also, you can pair your outing with a fundraising event, you can create a win-win situation for your team and the community at the same time!

Thank you cards

While thank you cards are a more traditional way of showing appreciation, they are just as important as other ways to thank your team.

When writing thank you cards to your team members, it’s important to remember that the best thank you cards show real gratitude and are tailored to each person.

For example, if one of your team members works in sales, you might want to write a thank you card thanking them for their incredible lead generation or appointments made.

If you have a large team, you may want to consider writing a general, team-wide thank you card.

With a team-wide card, you want to ensure that the card is personalized and tailored to the needs of your team members, while still staying general enough to be appreciated by all.

Flexible working hours

If you want to thank your team members for their hard work and dedication, one simple and effective option is to offer flexible working hours.

Therefore, you can make it easier for parents to return to work and for employees to care for sick family members.

Having a flexible work schedule can help improve employee satisfaction and make it easier for your team members to achieve work-life balance.

Conclusion

Showing appreciation and gratitude can be one of the most rewarding parts of being a manager or business owner.

At the end of the day, they are the ones who keep the business going.

You can make your team feel valued and appreciated by celebrating small successes and being thoughtful.

The best ways to thank your team are those that are thoughtful, personalized, and appropriate to your team members.

Whether you choose to celebrate with a team outing, host a team meal, or write personalized thank you cards, the most important thing is that you show your team members that you value their efforts and appreciate their hard work.

Thank you so much for reading our blog, if you want to learn more about BPO and work culture, you can read more articles here.

Want to talk? We would love to meet you!