A simple solution to reduce call centre volumes

In the UK, the financial services industry employs some 18% of total call centre agents, who handle hundreds of millions of calls each year. The average costs to manage a call are estimated to be between £3 and £4[1], though this does not take into account variation across sectors or customer groups; queries associated with financial products are often likely to be complex and therefore require more agent time. In fact, average call lengths in UK financial services contact centres have risen by over 50% since 2010.[2] Reducing call volumes and duration is therefore an important operational objective to contain customer service costs.

IMPROVING EARLY COMMUNICATIONS

When assessing contact centre efficiency, businesses tend to focus on introducing new technology in the centre itself. However, since the call centre may be not the first port of call in a customer’s communication journey, it is also worthwhile to assess how other contact points may be optimised. If customers are able to access the information they need more easily, they won’t need to pick up the phone, clearing up agent time to support customers who have more complicated questions, or who prefer to speak to someone directly.

REDESIGNING CUSTOMER DOCUMENTATION

One possible intervention in the early stages of the communication cycle is to redesign documentation. If information documents are clearer and more effective at getting key messages across, customers are less likely to call for explanation or clarification. The costs of reviewing documentation are modest in comparison to investing in contact centre software, and this solution also produces immediate and substantial return on investment. However, with greater promotional effort around call centre applications, alternative methods of improving efficiency – such as revisiting document design – may be less visible to managers in the financial services sector.

A CONCRETE EXAMPLE

To provide hard data on the impact of optimising documentation, Go Inspire carried out randomised control trials (RCTs) with financial services clients. In one example, a general insurance client had an application process which could be considered as complex as applications in personal loans, mortgages or credit cards, and required a similar level of accuracy checking. The client currently has 1.55 million customers across the UK.

The first step in the redesign process was to analyse documentation for applications for clarity and comprehensiveness. Next, a number of design options were tested to find a format that made the information easy to read and absorb. This new format was then rolled out and compared to the ‘control’ of the original document format and contact centre call volumes.

The result was a 9% reduction in inbound call volumes, representing a baseline net saving of some £270,000 per annum and a rapid return on investment of over 15 times. In reality, this sum is likely to be higher, since it does not include other savings that may have resulted from redesigning documents, such as reduced letter production or agreement reprocessing.

A SIMPLE SOLUTION

If the model from RCTs conducted with Go Inspire clients is applied across the financial services sector – specifically, general and life insurance, mortgage, credit card and personal loan – this provides an idea of the wider potential benefits of document redesign. According to this model, the financial services sector could be reducing contact centre call costs by over £47 million every year. Considering the modest investment required, and the significant and easily measurable outcomes, this technique is a straightforward opportunity for operations and communications professionals to make savings. This is not an alternative to investing in new call centre software, but should be executed before such investments take place. Given the current turbulence in the sector, improving budget efficiency and maintaining excellent customer service must be a priority for businesses, and redesigning documents can enable quick wins on both fronts.

[1] See, for instance, Contact Centre Helper, How do I calculate cost per call, 27 Sep 2017

[2] Call Centres Briefing, Web chat high on UK financial services agenda, 1 Oct 2018