Earlier customers chose bank by proximity of its branch & the ease of working with the bank’s staff. Now the focus has shifted on how well the bank serves them ONLINE. Customers expect all banking & insurance services be made available online. And, seek online recommendations in selecting the products or self-help from Chatbot in case they are lost for answers. This sounds quite simple but involves many technologies working together. The time & cost required to deploy such infrastructure is huge & then the maintenance required is unpredictable. Digitization is great for consumers but it intensifies the workload & complexity in business operations for companies. Below we have highlighted one such small problem jeopardizing client’s profits.
One of our banking clients wanted that all its online customer prospects be given telephonic assistance for smooth online shopping experience. Client was facing challenges in managing too many call requests at one point in time resulting in delays and frustration. Moreover, a large number of calls did not convert in business, raising the cost of conversion higher & unjustified.
Client mentioned about his challenge in a casual conversation with our director. Our director sensed that its adversity on sales is far larger than what client thinks. Some research & quick math by Scrubbed team revealed that client was losing approx USD 100,000 each day in sales due to call drops. Scrubbed started mapping call delays, servicing time, call drops in the form of charts & graphs. This helped us identify the inefficiencies & root cause for call drops. We then custom created a solution which brought 30-35% more in sales revenues handling same number of calls. See below to know how we did it.
Scrubbed identified that more than 40% of call requests was due to spamming & advertising fraud. Telesales wasted time in multiple failed attempts to connect with such calls. By eliminating such requests on occurrence, Scrubbed reduced the number of calls in queue.
Most prospects requested for assistance when they were half-way through their online shopping. Telesales representative starts the call asking for ‘What assistance required?’ and ‘Basic personal information’. Usually this eats up about 5 minutes & prospects get impatient resulting in quite many call drops. With automated workflow, Scrubbed sent the already-filled customer data to telesales executive even before he connects. Also, helped the executive arrive at where was the assistance required. This reduced the servicing time and also made customers happy driving 30-35% more sales conversion from the same number of calls.
Scrubbed managed real-time queuing of calls in the order of priority. Whoever diligently checked the product description online and compared policies was given a higher priority and was directly connected with the telesales representative without wait time. This helped reduce the cost of conversion & the time to convert high intent customers.
For a successful digital transformation, too many specialized platforms were to be connected and the entire burden of writing API was on the company. With the introduction of Scrubbed, integrating platforms and automating workflow became easy. Scrubbed being pre-integrated with Google webmasters, Adobe Marketing Cloud, Salesforce saved the efforts at our end. Scrubbed created custom API for Ozonetel, a telecalling software, which further simplified day-to-day operations. Any new strategy that used to take weeks-to-month long to implement is now done in just a couple of hours.