Boosting Customer Engagement in the Banking Industry
Drive customer loyalty and revenue with Calabrio contact center solutions

Calabrio ONE – a software suite for customer service in banks and credit unions

With the rise of new technology like mobile payments, the financial services landscape is changing rapidly. Traditional banks, credit unions, and other financial institutions are competing hard for customers and competitive advantage while consumers continue to demand greater convenience and more personalized customer experiences.

Regardless of the latest promotions and interest rates, customers are six times more likely to cite service as their top reason for recommending their bank. By focusing on relationships instead of transactions, financial institutions can inspire trust and build customer loyalty. Banks are increasingly turning to their customer service call centers in search of the intelligence they need to win customers and protect their business, like:

  • Uncovering the voice of the customer (VoC) insights through customer interaction analytics
  • Maximizing sales opportunities for increased customer loyalty and revenue
  • Tracking compliance with new and increasingly complex regulations

Calabrio Analytics turns thousands of unstructured phone, email, chat and social media interactions into meaningful information that is automatically reviewed, categorized, analyzed and made ready for action by your contact center and others in your organization. It’s easy for everyone to gain insight – from the contact center supervisor, or an executive in legal/compliance, human resources, sales or marketing.

Improve Customer Experience and Drive Loyalty

According to Gallup, banking customers who had a positive interaction with a contact center representative are 14 times more likely to be engaged with their bank and purchase more products as a result. A traditional, manual quality assurance method, in which only one to two percent of customer interactions are reviewed and analyzed, is no longer enough to keep your bank on top.

Analyze 100% of customer interactions across all channels with Calabrio Analytics, the only contact center analytics solution that bundles speech, text and desktop analytics for a holistic view of the customer experience. The contact center can now share the true voice of the customer and provide value across the organization. For example, you can let executives know how customers are reacting to the transition to EMV cards, or you can tell the marketing team that customers are excited about their latest 0% interest promotion.

Capitalize on Sales Opportunities

Most customers don’t fully defect from their bank but go to another provider for additional products such as mortgage loans or credit cards. With the explosion of mobile and online banking, it’s easier than ever to open a new account, and customers are far more likely to have multiple accounts with multiple banking institutions. Typically, primary banks have no idea when their customers are shopping for new products and often end up unknowingly losing a sale to a competitor.

Contact center customer service representatives who miss opportunities to cross-sell or upsell put your bank at risk of losing revenue. According to Accenture, 51% of customers want their bank to recommend products and services. And over 37% of customers who purchase new banking products do so after receiving a recommendation from a bank employee.

Calabrio Analytics helps to identify interactions in which a sale took place and those in which an agent or advisor missed a sales opportunity. This knowledge allows banks and credit unions to train and empower their call center representatives to identify sales opportunities and convert them into revenue.

Get ahead of issues and reduce risk by targeting interactions that include pre-defined phrases, like “100 percent guaranteed” or “all costs are covered.” With Calabrio Analytics you can pinpoint the exact location of phrases that might set false expectations or place the organization at risk which helps you save time by not listening to the whole call. Take action to ensure that approved scripts and materials are being used at all times and avoid costly fines and penalties, while continuing to build the trust of your customers.

Ensure Compliance to Banking Regulations

The Dodd-Frank Act has placed huge compliance, operational, and recordkeeping burdens on all banks. The ever evolving recordkeeping and reporting requirements are especially important in the contact center, where software solutions that offer secure storage and configurable retention periods are mission critical.

Calabrio ONE’s 100% call recording makes it easier to prove adherence to regulations, settle transaction disputes and defend against litigation risk. Recording files are encrypted at no additional cost and can be kept on a need-to-know basis by restricting playback access to authorized users or roles.

Calabrio Analytics can find potential compliance issues and achieve a level of monitoring that is not possible with random sampling. Complete interaction analysis through a holistic speech, text, and desktop analytics solution allows you to identify script or process deviations that could put your bank at legal or financial risk or that could lead to issues with customer satisfaction.

Customer Experience Update