Digital transformation is necessary to improve the customer experience and reduce operational costs. By adopting digital tools, financial services can build an omnichannel strategy whereby customers have a choice of communication channels and each channel is optimized for speed, flexibility, and efficiency.
This omnichannel approach is popular with customers. In a 2019 Accenture study, more than half of respondents expressed a desire for a banking experience where they could switch seamlessly between physical and digital channels. Yet 35% of financial organizations are either just beginning a digital transformation, or not pursuing digital transformation at all.
In this article we look at the top call center KPIs that allow each team to measure how performance is improving.
Call center KPIs for Inbound and Customer Support
Inbound call centers are there to help customers solve any issues or problems they’re encountering. KPIs should therefore be focused on improving customer satisfaction and reducing resolution time. The following can be put in place to measure and monitor performance.
- Average handle time (AHT): by measuring the average length of contact of a customer on a call, teams can assess how efficiently calls are being handled and establish a benchmark against which the overall customer service can be improved.
- Service level: this indicates overall call center performance and is usually orientated around cost efficiency i.e. how many calls are answered within a certain time frame. For example, you might aim to answer at least 80% of all inbound calls within 60 seconds.
- Cost per contact (CPC): this refers to the average cost of each call handled and indicates how much it costs to run current operations. Keeping an eye on this metric ensures a center can maintain cost-efficiency and optimal resource allocation.
Unblu’s Co-browsing solution allows financial services to decrease their CPC by reducing the length of calls. A phone call without co-browsing might have an AHT of 8 minutes. Using co-browsing reduces this to 6 minutes, entailing a 30% CPC saving. Similarly, a live chat session AHT can be reduced from 10 to 7 minutes with co-browsing, again entailing a 30% CPC saving.
Call center KPIs for Customer Service
In order to measure customer satisfaction, you need KPIs that are more customer service-based. These indicators will allow you to interpret how customers are finding their experience and therefore their level of satisfaction.
- First contact resolution (FCR): in order to reduce churn rate, you need to keep the first-call resolution rate high. If a customer’s problem is resolved during their first interaction with a service, they are far more likely to return.
- Average waiting time: customer support teams should always strive to reduce the amount of time customers spend on hold as this has a direct relationship to satisfaction levels. While holding some calls is inevitable, the average waiting time should always be minimized.
- Abandon rate: the percentage of calls dropped or ended by customers is a strong indicator of customer satisfaction, revealing whether a customer judges their wait times and call experience to be acceptable or unacceptable.
- NPS: Net Promoter Score is established by asking how likely a customer is to recommend a service, rather than how satisfied they are with a service. Gauging a customer’s loyalty and the strength of their relationship with a company is a better indicator of satisfaction. Hence why 63% of banks plan to prioritize improving their Net Promoter Score as a customer metric (2020).
Call center KPIs for Sales teams
Sales teams have different priorities to customer support call centers and therefore different metrics. For example, the AHT has less significance for sales teams than support teams.
- Conversion rate: by measuring how many phone calls on average it takes before a member of the sales team closes a deal or makes a sale, the sales department can analyze those sales processes used and decide which are the most efficient.
- Cost per acquisition (CPA): in order to ensure cost-efficiency, monitoring cost per acquisition is imperative. By revealing how much converting each lead costs your team, this metric shows where you can save money and helps you to optimize your ROI.
- Sales per agent: by measuring the sales and total calls by each sales agent, managers can see where their team is falling short, examine why this might be the case, and adjust targets as necessary to improve overall sales.
Unblu’s co-browsing technology allows sales teams to increase conversion rates and therefore sales per agent. Our customers using co-browsing allow advisors to provide a better level of service and to convert more prospects.
Digital customer service & Unblu
Unblu’s range of conversational banking solutions empowers banks to improve their digital customer service and raise all key performance indicators. Tools such as co-browsing reduce resolution times, improve conversion rates, and boost sales. Learn more by booking a demo here.