The BPO sector has been around for quite some time now. However, not every business sector was a part of the clientele for the BPO industry right from the very start, the adoption took time. Nevertheless, we can be sure that the telecom, energy and utility, and IT industries were among the first to adopt the BPO sector services.
In fact, if we start a critical analysis, we will realize that the banking and financial services sector is among the latest to make use of the BPO sector and its service portfolio. Despite that fact, the financial services sector is among the top clients, thanks to the digital new-age technology. Both traditional financial institutes and new FinTech startups are equal contributors to this high growth rate.
For now, let’s just focus on the best practices that you can implement for financial services BPO in the United States and enjoy a big boost in the customer satisfaction rate.
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Focus on Customer Experience above Anything Else
Customer experience is the foremost goal any business should aim for. Unfortunately, the chances of encountering irate or annoyed customers are higher in the financial sector since there are money matters involved. So, dealing with customers may be a tricky affair.
So, it is important to hire agents based on the skills required to deal with such customers. Moreover, with the implementation of KPI monitoring tools, satisfying customers becomes harder yet possible from the data analysis front.
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Engage Your Agents
The agents or call center reps can be the make or break for the brand. Your brand reputation depends on the engagement of the agents working for financial services BPO. Now, if you are thinking about what could be the best way to increase your employee and agent engagement, we have got you covered.
First up, you can boost the performance of the agents working in the call center for insurance services by offering incentives to the dedicated performers. This will make the top performers perform well consistently and push everyone else to focus on their performance.
Second, the use of KPI metrics and data extracts important information regarding agent performance. You can consider arranging training and refresher courses for the agents who couldn’t perform as desired.
Arrange productive sessions with an element of fun. For example, you can organize product knowledge training and other refresher sessions in a fun way, with the help of quizzes and other games. This way, your agents will grasp the training is a great way and feel more engaged in the entire operations.
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Focus on the Right KPI Metrics
We have given enough build-up to the KPI metrics now, let’s describe them in-depth.
KPI, or key performance indicators, are metrics that provide data regarding the agents’ performance and the entire process as a whole. So, to enhance customer experience from the financial services BPO, it is important to analyze the data strategically.
Some of the important KPI metrics that you should keep a tab on are
- Abandon rate
- Average handling time
- First call resolution
- Customer satisfaction score
- Average wait time
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Don’t Forget the Supervisor
While every BPO company and call center for insurance services can automate your entire inbound customer service and support campaign, it is important to have supervisors for the same. Normally, BPO companies have strict competition in the market, so many startups tend to lower their service package to a surprising level.
If you happen to outsource your business process to such BPO companies, you might be subjected to cost-cutting. The cost-cutting might come from various aspects, including training, data analytics, hiring inexperienced agents at a lower cost, etc. All of this might hurt your customer service experience to a good level.
The Final Story
Enhancing the customer experience in the financial services sector is not easy, and you need to make certain important considerations. The priority should be to contract with BPO companies that are experienced in the field. ITcan offers uncompromised quality-centric services.
Secondly, implementing these tips will help you enhance the agents’ performance and consequently increase the customer satisfaction rate. So, wait no more, get in touch with a BPO company that can ensure quality and the implementation of all of these tips and KPI metrics to the best of their potential
