June 27, 2017

Decreasing Call Center Costs Through SMS

One of the world’s largest financial services companies needed a way to deflect low-priority requests from around the world away from their busy Customer Care call center. Directly connecting to our proprietary APIs has led to a 10 percent decrease in call center services costs with at least 80 million customer experiences handled via text annually.

Background:

A U.S.-based multinational financial services company handles close to one-quarter of all credit card transactions in the United States by volume. Along with consumer credit cards, they provide other financial services including corporate cards, travel insurance and merchant banking.

Challenges:

The financial services company is constantly exploring options to improve their customer service. One solution is allowing customers to communicate with them using their preferred method. Consumers are increasingly turning to text messaging as a preferred form of communication, particularly millennials. A recent survey by the Center for Generational Kinetics showed that 41 percent of millennials would be “truly satisfied” to use text messaging as a primary way of connecting with the businesses or services they use; a second survey said that millennials preferred receiving text messages instead of app notifications for bill payment reminders and alerts to suspicious charges.

In addition, the client was interested in reducing costs associated with inbound service calls. According to The US Contact Center HR & Operational Benchmarking Report 2016/2017, the average inbound contact center call takes longer than six minutes and has a mean average cost to the business of $5.52. Reducing the frequency and length of domestic and global customer service calls would allow the financial services company to decrease costs while increasing customer satisfaction.

Solution:

The client created and deployed a messaging-based customer service solution based on mGage Connect, which includes enterprise-grade APIs to directly connect to the messaging gateway. mGage Connect allows the client to easily integrate messaging into their existing applications – such as CRMs.

By opting into text message alerts, customers can conveniently manage their accounts and stay on top of account activity without having to call a customer care representative. Through the program, customers can choose to perform the following actions via SMS:

Finance SMS Uses

Results:

The financial services company received immediate and long-term benefits by leveraging SMS messaging. Since implementing the program, they have seen a 10 percent decrease in call center service costs by delivering at least 80 million customer experiences via text annually. This includes the ability to perform customer care functions with international clients. The company has reduced costs while increasing customer satisfaction by providing their customers with a preferred method of communications.

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TOPICS: Financial Services

Jack Ukropina
Jack Ukropina / Administrator

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