Loved or loathed, the call centre remains a major
delivery channel within retail finance, but is this just for the
short-to-medium term? Many in the industry see a less certain
future for the call centre given consumer disaffection with service
standards combined with the growing use of alternative retail
finance delivery channels, in particular the internet.
A new report from VRL KnowledgeBank* assesses the changing
strategic role of call centres in retail financial strategy and
defines call centre excellence and best practices, including:
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• Organisational brands and cultures;
• Optimum call centre design;
• Sales and service quality; and
• Workforce management.
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By GlobalDataAll of the above variables have consequences that result in good
or bad customer experience. While much discussed and debated,
understanding what really constitutes a good customer experience is
an area where many retail financial providers struggle, and this
report focuses on the key metrics in these areas.
Case studies and market data are included from Australia,
Germany, India, Italy, New Zealand, the UK and the US. Each case
study has been chosen because of the way in which some part of its
commitment to call centres exemplifies industry best practice.
Research from Europe and the US provides extensive insights into
consumers’ experiences and views of call centres, as well as
examining the differing types of service shortfalls and the major
adverse consequences that result.
Service quality crucial
The quality of service provided by the call centre is critical
to its effectiveness and future viability in the face of an
increasing number of consumer channel choices. And where the call
centre is not regarded as the primary delivery and relationship
management channel, the case for considering its outsourcing is
strengthened.
Given the growing use of internet banking, there may also be the
need to consider the development of an exit strategy for many
bankers with a major call centre commitment.
There are now six distinctive business models – branch-led
retail banking; the domestic direct bank; the international direct
bank; the postal bank; the non-bank brand and the credit card
issuer – from which the call centre delivers retail financial
products and services.
These differing business scenarios may not cause significant
variations in the nature of the infrastructure that is required to
support their respective call centre operations. However, they do
materially affect the role and significance of the call centre. And
this will, in turn, have a direct impact on its future
prospects.
When assessing the effectiveness of a proposed or existing
delivery channel, the following objectives should be kept in
mind:
• To project and represent the brand (or sub brand);
• To protect and develop the existing customer base;
• To acquire profitable new customers, and
• To provide service that is a critical requirement of its
location.
There may also be a need for the channel to show a return on
investment. This is certainly the case for the majority of branches
but has not always been a requirement of call centres.
The report examines how these four objectives can be met by call
centres within the context of the customer experience that they
provide.
The banking headlines of the early 1990s included many boastful
references to both the increasing volumes being handled by call
centres and the size of the workforce being employed to handle
them. There is ample evidence to demonstrate the context within
which call centre banking will continue to prosper but there is a
critical need for retail bankers operating call centres to
understand the nature of customer usage.
*The above is a very brief extract from a new report published
by VRL KnowledgeBank called Call Centres in Retail Banking – the
Path to Excellence.
Written by David J Cavell, the report assesses the changing
strategic role of call centres in retail financial services and
defines call centre excellence and best practices, including case
studies and market data.
For more information, contact VRL customer
services on +44 (0) 20 7563 5600
or email cuserv@vrlknowledgebank.com
