Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

ContactCenterWorld.com

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used

Twitter

Facebook

LinkedIn

Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used

LinkedIn

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties

OK
BECOME
A MEMBER
TODAY TO:
CLICK HERE
[HIDE]

Here are some suggested Connections for you! - Log in to start networking.

Article : Outsourcing in Financial Services: A New Reality for the Industry

The financial services industry has changed beyond recognition. E-banking and cross-border competition have brought greater choice, meaning customers are more volatile. With relatively few prospects to recruit, profitability must be maintained by retaining customers, increasing their value and controlling costs. The conclusion reached by many companies is that they need to differentiate the approach to each customer, which implies:

  • Delivering the level of service each customer expects

  • Providing the products they need when they need them

  • Scaling the amount invested in each customer and measuring Return on Investment (ROI).

The promise of Customer Relationship Management (CRM) to create one-to-one relationships now has to be delivered.

CRM Challenges
Many financial services companies have yet to see a real return on their CRM investments from the mid-1990s. To do so, they must:

Gain a Single View of Customers -consolidating data from different product divisions, departments and channels is the first step in refining customer segmentations, which enables the company to take a customer and customer event-driven approach.

Use Channels More Effectively - the choice of channel (branch, contact center, etc.) depends on the individual's preference and type of transaction. While the contact center is increasingly important, companies must decide how to use branches, new channels (Web), and automated solutions, Interactive Voice Response (IVR) to facilitate communication.


The Future Is Outsourcing

The main burden for implementing a differentiated approach falls on the contact center, which needs to be more flexible and sophisticated, with greater speed to market. Outsourcing can bring these benefits, along with an ability to focus on results, service and return on investment.

For example, a US credit card company cut card activation costs, increased revenues and broadened the range of services it offers by deploying a mixed domestic and offshore outsourcing solution.

Given current economic conditions and the difficulty of meeting complex CRM challenges in-house, financial services companies will look to the additional expertise and flexibility provided by outsourcing partners.

What outsourcers need to recognize is that financial services companies have concerns about industry regulations, data protection and the return on their previous CRM investments. For their part, clients must understand that the benefits of outsourcing are today more strategic than even five years ago.

Many concerns can be overcome by choosing the right partnership framework, such as a joint venture or buy-out, which not only makes for a close partnership with operational continuity, but also enables the client to put its past investments to work.

Even in a multi-client environment however, outsourcers work in many regulated sectors, such as pharmaceuticals, where concerns about legislation and representatives' knowledge levels are at least as high. What outsourcers need to do now is deliver the required differentiated customer management approach and demonstrate their ability to integrate with clients' operations.

The Outsourcer's Contribution to Differentiation
The one-to-one approach requires refined customer segmentations that include variables such as customers' satisfaction, loyalty, preferences and value. While financial services companies have available more data than most, what they need is useable knowledge. The first step to take is to enrich and analyze data using market research and datamining.In the contact center, we then use this knowledge to define programs for each segment, route customers to the best representative or automated function, and tailor our response. Information about customer events - birthday, new job, marriage - further improves personalization.

A factor important not to overlook is that costs too need to be differentiated as each customer has a different value for the company and will only pay a certain price. The company should be  able to differentiate the cost and quality of the service given according to each customer's value and expectations. Options here include moving some functions to automated or offshore solutions.To ensure the performance of all operations, a formalized audit resulting in an outsourcing business case, and Customer Value Management, an economic model to predict and continuously optimize CRM program results, should be utilized.

Technology, Security and Integration
As well as enabling the client to put its technology investments to work, integration helps overcome data protection and compliance issues. An outsourcer may never hold a piece of customer information, but will rather access it over a private data connection, which the client can also use to monitor service in real time.

Outsourcers also consolidate and codify information - product data, customer responses, customer histories - to create Knowledge Bases, which improve quality and speed of service. For example, tracking customer profiles is an important for a student loan consolidation program, particularly as it handles the whole sign-up process from initial customer contact to loan agreement.

The final element is in the use of automated channels (e.g. IVR using speech to text), which need to be consistent with the client's brand and tailored to customers' behavior. Some customers will never accept automated channels, however for the rest their use must be encouraged, particularly to handle the 80% of transactions that are of little added value. IVR potentially is the most cost-effective way of security checking its client's credit card customers before transferring them to a representative.

Benefits the Industry Needs
Contact center outsourcing has matured remarkably in the past decade, and outsourcers are now strategic partners that help companies define and achieve business objectives.


About Olivier Carrot
Olivier Carrot is Divisional Director of SR. Teleperformance-France.

About George Kestler
The Chairman and CEO of Americall Group, Inc. is George Kestler, former President of Americall Corp, a subsidiary of SR. Teleperformance.

About SR. Teleperformance
SR.Teleperformance is a provider of outbound services and amongst the top 5 for inbound. Its subsidiaries operate nearly over 21,000 workstations in 155 contact centres across more than 30 countries and 4 continents, forming the most wide-reaching network in the contact centre industry.

Today's Tip of the Day - Assisted Transfers

Read today's tip or listen to it on podcast.

More Editorial From Teleperformance France

Published: Tuesday, January 27, 2004

Printer Friendly Version Printer friendly version

2021 Buyers Guide IVR

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
Computer Data Services, LLC

VIRTUAL PBX
Get the benefits of an expensive, on-premise telephone system without the high price tag and annoying maintenance.

- Never miss another phone call
- No more busy signals
- Feature rich
- Answer your calls from anywhere

3.) 
eGain Corporation

eGain SmartIVR
eGain SmartIVR is an over-the-top solution to modernize IVR systems. Businesses can offer smartphone callers an easy choice to resolve queries via digital messaging and intelligent self-service. And they can optimize the IVR experience with end-to-end analytics.

4.) 
Megacall

Virtual Switchboard
Megacall provides a fully customised Virtual Switchboard software for all companies (including IVR service). No matter the size of your business, our services adapt to the needs of each client.

Are you looking for a more effective way to communicate with your customers? Discover the advantages of using the IVR and how it can help in your communications.

5.) 
MightyCall

MightyCall's IVR that will increase your business’s efficiency at a fraction of the cost of a secretary. Your auto-attendant is designed to:
- Greet callers
- Deliver necessary information
- Forward calls to the appropriate extension
- Take human error out of the system

6.) 
Nuxiba Technologies

CenterWare
Provide your customers with an effortless self-service experience. Easily create menus using predefined or custom prompts and data dips and route customers to live agents when needed.

Enable your customers to make payments and access information 24/7 at their convenience. Request a quote or live demo today.

7.) 
OpsTel Services

SPEED
The SPEED solution solves for service level issues while cost optimizing the environment with automation.

Provides an enhanced way to speed up & optimize invoking temporary agent skills configuration changes into the contact center environment.

Speed allows you to schedule both future changes & temporary changes that auto-revert back to the original state when scheduled time expires.

Speed features:

*Automated / Scheduled Temporary Agent Skills Configuration Management
*Immediate Temporary or Reoccurring Schedule Skills Configuration Changes
*Easy to Use/Operations Administration Focused
*Descriptive Monitoring Activity Dashboard
*Detailed “End to End’ Audit Trail and Performance Monitoring

8.) 
Teckinfo Solutions Pvt. Ltd.

IVR Edge
IVR Edge is a high performance, robust and scalable ivr system that works on various leading hardware such as Dialogic, Keygoe and Synway etc. It can handle the simplest of simple to the most complex of requirements to when it come to creating an IVR. Integration with any 3rd party database, be it for banking, telecom, insurance, travel, payment gateway etc can be handled with ease. Ideally suited to create Hosted IVR and virtual patching solutions with scalabilities that can range from 4 to 128 E1’s per setup with voice recording and CDR functionality. Integration with leading text to speech (TTS) and speech recognition ASR engines add to the flexibility and functionality.
 

About us - in 60 seconds!

Industry Champion Award Leaderboard

Most active award (top 10) entrants in the past 48 hours! - Vote for Others / About Program
Submit Event

Upcoming Events

The most important day of the year for the CC & CX industry in the world!

We are proud to announce the winners of The 2022 '17th Annual' Global Top Ranking Performers Awards, The World's Most Prestigious Awards in the industry! Read More...
 292 

Newsletter Registration

Please check to agree to be placed on the eNewsletter mailing list.

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total = 1
session page-view-total = 1
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =