Posts about Customer Experience and Services offered by Redial BPO.

Why Does Every Bank Needs a Customer Service Call Center
Veronica Mascareno

Why Does Every Bank Need A Customer Service Call Center

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Banks are the cornerstone of the current world we live in; businesses and clients alike interact with them daily, some going as far as doing so every minute.

For this reason, Banks understand that their clients, small, medium, or large, need a way to interact with them at every moment to ensure business continuity or take rapid action when a critical situation arises.

The added complexity of the operations needs to be handled every day by a bank; visiting a bank for these operations can take a considerable part of the day.

With this in mind, a Banking institution would not see a viable investment in opening more locations with a large volume of tellers or employees, especially for simple tasks that can be resolved otherwise.

To put things into perspective, a study performed on 200 Banking institutions reported that employees and managers on location spend at least one-third of their day answering questions and inquiries.

For this reason, the investment in creating a Call Center is not a question for a Bank, and their existence is essential to ensure that there is available service 24 hours a day the 365 days of the year.

Rethinking your day-to-day operations.

The Added Benefits of Having a Call Center for Customer Service Also Provide a Wide Range of Solutions Such As:

  • Faster interaction and resolution for inquiries, allowing clients to solve their needs without the need to visit their Banking institution.
  • Saving time for your clients, through a call it is also possible for clients to receive guidance.
  • Resources available to the bank such as mobile applications, website portals, or other digital tools which in turn provides additional options for clients.
  • Increase their productivity and interaction time with the banking institution.
  • A decrease in the cost of the operation, with proper training and guidance a Call Center is a far cheaper solution than increasing the number of employees in location.

Flexibility in Operations

  • A Call Center Customer Support Representative can easily perform different tasks when there is a micro-segmentation in the departments, it is easier to place an additional workforce when the call flow increases on another queue.
  • Call Centers can be built as a safe environment that aligns with the needs of a Bank, by following compliance and rigorous security measures it stays inside the requirements that allow for client data to remain private and secure.
  • Visibility on Services and Options, clients may not be aware of the full set of services or options at their disposal which a Customer Service.
  • Representatives can provide guidance and assistance, this in turn adds an additional return of investment when clients wish to obtain additional services or a loan making it an excellent opportunity for an upsell
  • Communication through different methods, Call Centers can provide support beyond calls such as live chat, e-mail, and fax, allowing the clients of the bank greater flexibility on their options to get support, especially when limited on the current tools at their disposal.

Call Center as an investment

The current global situation of Covid-19 also brought up an important change in how Banks and their clients interact, Banking Call Centers around the United States saw an initial surge in January of 2.2% in volume of calls.

In February the increase came to 21.5% and by March the volume had gone up to 36.2% across the board, in a single Banking Institution going up as much as 43.3%.

While these numbers are particular to this situation it is a key factor as to why Banks see a Call Center as an investment that provides them with a considerable return on investment.

It is important to note that to keep up with the requested contingency the Call Centers had to apply measures to allow their representatives to work from home, continuing with the flexibility of growth and service with the required security by the banking institutions.

In the end, a Bank without a Call Center is immediately losing the competitive edge against other peers in the business and risks seeing their clients and their business moving elsewhere to those who offer this option.

Are you keeping at the front of the competition, do you need help expanding your current Call Center solution or creating one for the benefit of your clients?

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[1] https://silvercloudinc.com/blog/top-3-banking-call-center-best-practices/

[2] https://www.americanbanker.com/news/how-banks-prepared-call-center-reps-to-handle-surge-in-volume-from-home

Why Your Company Needs a Billingual Call Center Woman with Headset
Veronica Mascareno

Why Your Company Needs a Bilingual Call Center

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Why Your Company Needs a Bilingual Call Center? Call Centers and Customer Service continue to be one of the pillars to ensure that business grows and retains the current client base, it is the fastest and most efficient way for clients to interact with your business and acquire the services and products that they need.

Numbers in 2017 give us a better idea of how much of an impact a Bilingual Call Center can have in improving the reach of your business. The study shows that in the United States at least 22% of the population, approximately 67 million, speak a second language aside from English.

For this reason, the growth of Bilingual Call Centers has become a key factor in improving the quality of service and expanding the outreach of your business towards an ever-increasing pool of clients.

Four key factors make Bilingual Customer Service valuable for the growth of your business.

Rethinking your day to day operations.

Offering a Branded and Personalized Service

While English continues to be one of the most spoken languages it is a delight to clients when they can engage with your business in their native language.

Ensuring that this is available to your clients gives them reassurance that their business is important and allows them to convey ideas that they may otherwise not be able to communicate to you.

Additionally having an engagement with someone that speaks fluidly as they do in their native languages gives confidence and a new perspective on how they can acquire services and products from you.

To put this into perspective, a study performed in 2014 showed that 78% of clients would prefer a company that offered them Customer Service and other interactions in their native language, when evaluating the situation if 8 out of 10 clients would rather do their business anywhere else if they cannot do it by interacting with someone that they feel will understand them.

Lowering Abandon Rates

Many key factors will make a client take the decision to abandon their intentions to perform business with you or for current clients to look elsewhere for products and services.

By having a Bilingual Customer Service team there is a new middle ground for understanding the needs and requirements, complaints, and interactions for your clients with your business.

In turn, this opens new pathways that link directly to language and cultural situations in which a monolingual team would not be able to engage in the same manner.

This situation applies to both existing and upcoming clients but there are different interactions.

Retaining Existing Clients

For existing clients, the possibility of engaging with a Bilingual Customer Service team is a clear option for them to have their voices heard in a way that makes them feel sure that communication is going through the proper channels.

While new clients may avoid engaging your business if they cannot convey their ideas properly it is the current client base that may look elsewhere to businesses that can interact with them through the same language.

Buying power of Hispanic consumers in the United States from 1990 to 2020.

With the Hispanic population in the United States having an expected expenditure power of 1.7 trillion dollars for 2020 and currently standing at 18% of the current United States population it is definitely clear why having a team that can engage fluently is a key factor in ensuring your business grows and expands exponentially.

Increase Brand Loyalty

With everything that has been said so far there is one final item that is potentially the largest key factor in choosing a Billingual Customer Service option for your Customer Service.

Client loyalty is what ensures that businesses continue on their route to excellence and exponential growth, having a business that provides clients service in their language a great way to improve customer loyalty, combined with great customer service, rapid response times, and a service that continues on giving, it is no surprise that clients will always look for this option and choose it over others that do not have it as an option.

Final Thoughts

It is no surprise that businesses are always looking for new ways to improve their current service and look for a partner that can provide what they need, and more.

For this reason, our current services will always provide you with quality service through a Billingual Customer Service option and ensure that your business grows and your clients are satisfied.

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[1] https://www.jivochat.com/blog/marketing/advantages-of-multilingual-customer-service.html

[2] https://www.statista.com/statistics/251438/hispanics-buying-power-in-the-us/

[3] https://www.statista.com/statistics/270272/percentage-of-us-population-by-ethnicities/

5 Customer Service KPIs You Should Be Tracking
Veronica Mascareno

5 Customer Service KPIs You Should Be Tracking

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In the world of Call Centers, there is Customer Service, the bread and butter of every available service in the world, the cornerstone that makes your business stand in a great foundation for success.

But one crucial question to know how successful this venture is, how do I measure it and how do I know we are doing the right thing with our Customer Service service?

There are important KPI, Key Performance Indicators, that can be easily identified and measure throughout every interaction which is known as Customer Service KPIs, below we have built a list of the five most important ones to ensure quality and excellence are reached.

First Response Time (FRT)

The FRT is potentially the most important of the KPIs that you will find in this list, to ensure that the client is satisfied on their first contact in the shortest amount of time is the key to ensure that their business will retain a solid relationship with your service.

How to calculate First Time Response Time

Average Resolution Time (ART)

The ART shares the same space with the FRT, it is the average period that your Customer Service team takes to solve questions, needs, or issues and must remain as low and as solid as possible to ensure that clients are satisfied and returning.

How to calculate Average Resolution Time (ART)

Customer Satisfaction Score (CSAT)

The CSAT stand very close to the top in this list, it stands as the KPI which helps you identify how your clients perceive the quality and effectiveness of Customer Service by asking key questions such as:

  • How satisfied are you with your interaction with Customer Service?
  • How satisfied are you with the product/service?
  • Would you have any recommendations or comments about this interaction?
  • Would you have any recommendations or comments about the product/service?
How to calculate Customer Satisfaction Score (CSAT)
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Net Promoter Score (NPS)

The NPS is a measurement that together with the CSAT allows you to understand the full scope of your current client base through their satisfaction and how likely it would be for them to recommend this service to family and friends, a successful Customer Service interaction may not always produce a promoter but it will prevent detractors from arising.

How to calculate Net Promoter Score (NPS)

Customer Retention Rate (CRR)

The CRR may be the last in the list but it is as important as the previous items Customer Service KPIs on this list. Customer Retention is achieved through excellent service and ensuring that all client expectations are met.

How to calculate Customer Retention Rate (CRR)

From these points, we can identify how the procedures in place effectively impact the relationship between your business and your client; if these KPIs aren’t met, then actions should be taken to identify any pitfalls or improvements.

Missing out on the FRT or ART can produce a chain reaction in how your clients interact with your service; they may avoid contacting Customer Service altogether and find out other services that provide a faster and more effective response time.

The CSAT is the microscope that gives you the best insight on how satisfied your clients are with their interaction with Customer Service and your current selection of services; if this KPI is not addressed accordingly or not attended at all, your clients may feel ignored and that their opinion is of no concern to your business which in turn may produce detractors.

Interactions Would Take Your Business To The Next Level

On the other hand, by ignoring the NPS, there is ample space for a detractor base to be built and impact revenue and business; it is easier for a detractor to be born through Customer Service interactions when there are wrong procedures or concerns are ignored.

To make it clear in numbers, 41% of consumers will spend less money if they have a terrible experience; for B2B interactions, this raises to 51%, but the main difference would be that they would instead take their business elsewhere than continue with the interactions.

These numbers, in turn, will tell us that at least 41 billion dollars are lost due to these detractors, and this is a number that is only focused on the United States. [1]

Finally, ignoring the CRR allows clients to step out of the spotlight without their needs being met, their comments being heard, or their opinion is considered, building a more extensive base of detractors that generally affect the business.

Suppose the Customer Service KPIs are not assessed. In that case, there is always the possibility of losing critical business and eventually getting behind the race against competitors who take note of what is happening in their most crucial department by looking at these indicators.

Ready to jump into giving your clients world-class Customer Service and ensuring that all these KPIs are met and exceeded?

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[1] https://www.retently.com/blog/nps-detractor/

How customer service helps your business with a woman on headset
Veronica Mascareno

How Customer Service Helps Your Business

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Customer Service is one of the key pillars of any type of business around the globe and it has an incredible impact on how a product gets handled as well as the image of the company, a Customer Service Representative is the first contact of any potential or recurring customer of any service or product.

But you may be wondering, is it true that Customer Service can truly make or break a company, and does it impact what I do?.

Bad Customer Experience Impacts More Than Sales

There are many stories out in the world about how Customer Service has made an impact in the memory of customers from excellent, to good up to complete dread. Customer Service is not only about picking up a phone and answering questions, it does not mean someone should be there to sell, it means that a complete culture and idea is expelled into the world to your customer and show them what your company is all about.

Your product may be the greatest invention of the twenty-first century, it could be what everyone needs during the time of Covid-19, but without a good team to support it, this product may as well remain in the back storage rooms and warehouses, never seeing the daylight just because someone did not know how to treat your customers.

Customer Service represents your brand image, mission and values.

This is another important factor when looking at expanding your business and looking at a Call Center or Customer Service Representative team as a business cost, this can be detrimental for your business and in turn have a lasting impact on revenue, image, and potential future Ventures.

The Impact of Bad Customer Experience on Your Business

To better understand how Customer Service can have a positive impact on your business we have produced a small list of key factors that help in keeping customer loyalty and ensuring that expectations are met and exceeded all the time:

Being honest, knowledgeable, and professional are three additional pillars that make the house of this great foundation when a Customer Service Representative can provide answers for all the questions, is honest about your product, and ensures that every interaction is made with the utmost quality there will be a returning satisfied customer every time.

50% of customers increase their purchasing with a brand after a positive customer service experience.

Human Presence to Active Interaction

  • Automation of Customer Service tasks has been on the rise through the years, providing clients with automated response systems such as voice prompts or chatbots, while this does help remove the burden and stress on your Customer Service Frontline it is the human interaction that humans want in the end.
  • Customer Service can help you reduce the number of conflicts and issues that would arise otherwise, humans can commit errors and we understand that (to err is human)  which can be easily resolved through the four aforementioned pillars of Customer Service.
  • It is also a fact that great Customer Service can increase the revenue of your company by up to 25%[1], this through great interactions, resolving conflicts, and improving the lines of communication with customers.

With those ideas in mind we have to return to the main question, does Customer Service truly make or break a company? The answer is: absolutely.

Customer Service is the main buffer, the zone where your clients can come to find answers to all their questions and doubts, the area that exudes a shining example of your company culture and ideals, it is here that relationships can be made or broken all from how your customers feel they are being treated.

With this in mind, we can state that Customer Service is one of the primary components that every company should be looking at when deciding how to best expand their business, ensuring that their current customers are kept satisfied and coming back for more. Ready to make the jump into excellent Customer Service with a great partner in Mexico?

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[1] https://ebq.com/sales-and-customer-service/

US customer experience is a bilingual affair
Veronica Mascareno

US Customer Experience is a Bilingual Affair

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Nothing is more fascinating than a look at how the United States is evolving as a consumer market so as   And, the changes can be tracked across a wide variety of demographics. None, though, has been as pronounced as the growth of the US Spanish-speaking population.  While this trend has emerged over the past two decades, it is clear that companies across verticals continue to grapple with its impact on how they manage end-users.

But one thing is certain – an English-only strategy will not work either today or in the future.  So, enterprises must decide how they will ensure a supply of Spanish and English front-line talent and start operations with a bilingual BPO contact center.

Why You Should Offer it?

A good starting point in this discussion is to look at the US Hispanic population using a few key statistics.  Consider the sheer size of those that count themselves among this community, which the US Census Bureau places at nearly 60 million.  This is a submarket roughly the size of the United Kingdom or Italy!  And what should not be ignored is its increasing buying power. Household incomes for members of the US Hispanic community have continued to rise over time, a trend that appears to be ongoing. 

Logically, this means more consumption of services and products by American Hispanics, which will require a variety of support by agents at BPO contact center that is adept in Spanish.  But language is just one thing that BPO contact center executives need to consider in this dynamic.

Taking into account how US Hispanic community members differ from other demographics is very important in how they interact with enterprises.  For one, the service culture is different. Those with experience in the American BPO contact center space will speak of how agents have longer interactions with callers speaking Spanish (which tend to be much more conversational), compared to those who choose English. 

Equally, the need to service this community digitally will be a major factor in the coming years. This is because of the higher amount of time spent online by US Hispanics than the overall population, coupled with the fact that the majority of US Hispanics are under 30 years old.  Brands will have to be better at tailoring a digital strategy to this Spanish-first community.

Expansion opportunities Nearshore

This raises the question around the best business model to service the US Hispanic community, and BPO contact center professionals should take into account some hard realities.  The first of these is that onshore delivery simply is not viable, with low unemployment rates in the US driving up labor costs. This is notwithstanding that domestic bilingual delivery has traditionally been more expensive than English-only. 

Equally, there is offshore. Realistically though, the main locations overseas servicing the US (Philippines and India) have small numbers of Spanish speakers. That takes this option off the table. The bpo contact center nearshore is really the only choice for US enterprises, and the closer to the US the better.

This is why Mexico–the country to which most US Hispanics trace their ancestry–retains so much interest among buyers of BPO contact center services.  Not only is it closer than any other country in the nearshore, but the understanding of US commercial and popular culture cannot be compared in any other part of the region. 

The variety of delivery points in Mexico is important, too. US consumers can be supported from as far south as Mexico City, all the way to Tijuana, which borders California (where bilingualism is also pervasive).  

Bottom line – the US is no longer an exclusively English play, and enterprises need to get serious in supporting Spanish as a business line.  To avoid this reality is to simply lose business over the long term.

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