The BPO industry has played a significant role in ensuring proper customer support and revenue generation. However, it took a lot of effort, development, and technology to implement such an effort. However, each time you are satisfied with the kind of performance that your financial services BPO in the United States, you should know that it isn’t only the technology but its implementation that matters too. The implementation of call center performance metrics has played a crucial role in ensuring that all technology and infrastructure are put to good use.
What’s noteworthy here is that not every brand looking for outsourcing BPO companies knows about the KPI metrics that boost the performance of the agents. So, for the businesses that don’t have much idea about the KPI metrics that could enhance the agents’ performance, take a look at what we follow up with. It will give you a great idea of what goes behind in achieving the result you get from call center services in the financial sector.
Call Center Metrics for Inbound Process
-
Average Handling Time
AHT is one of the most vital KPI metrics that call centers monitor. This metric indicates the average time that the agents take to resolve a particular customer query. The reports that the metric generates open up the analysis area of how to deliver quicker customer support. Be it with the training of the agents or changing the entire approach to the operations, the reports can trigger the changes.
-
Average Wait Time
Average waiting time is something that affects the customers’ experience with the brand directly. It is the queue time that customers have to wait for before an agent is available to take the call. So naturally, no one likes waiting in the queue for a long time. But then again, improving the average handling time and streamlining the number of agents can also help decrease the wait time.
-
Call Abandonment Rate
Call abandonment rate is total the number of customers/callers that hang up the call before any agent is able to answer. This is a very crucial aspect to take into consideration since a high number of callers hanging up after waiting is a sign of irate customers and should be alarming.
The main objective for every financial services BPO company is to ensure that the call abandonment rate should be lesser than the missed call. If it exceeds the number, you might have to make changes to the IVR or try something that can hold the customer for a longer time.
-
Average Age of Query
The age of query refers to the total time that the BPO company takes to resolve a particular query from the customers. It considers the total time and how many times the customer has had to call to find a solution to the same issue.
The general idea is to keep the average age of query to the minimum possible. Also, the following metric is like an extension to this.
-
First Call Resolution
We save the best for the last. FCR can have a direct impact on your customer satisfaction rate. It is a no-brainer to guess the quicker you can resolve a particular issue, the better it will be for your brand since it boosts the CSAT (customer satisfaction) score.
Call Center Metrics for Outbound Process
Businesses and brands have to keep a note that the KPI metrics for the outbound process are very different from inbound. So, let’s take a look at a few of the most important ones.
-
After Call Work
After-call work is the wrap-up activity that comes after the call. The metrics point out the total time taken to perform the activities after a call. These activities include documentation, processing of leads, information sharing with other team members and in the master data processer.
It is important to keep this at the lowest possible. Then, once you have streamlined the after-call work time, your agents can get back to communicating with the customers quicker.
-
Calls Per Hour
Call per hour is a crucial element to take care of when it comes to outbound sales, lead generation, and marketing. Calls per hour can be one of the most highlighting indicators of the performance of the agents. However, having a very high calls per hour rate but low conversion is not the score you would expect. So, there should be the right mix of calls per hour and conversion.
-
Call Attempts
Call attempt is another very important financial services BPO metric for the outbound process. It denotes the number of calls made per agent, team, or the entire campaign. This metric aims to ascertain the number of calls that are being made along with the success rate. A high call attempt rate with a low conversion rate is something to avoid at all costs.
Conclusion
Call center services in the financial sector work is more or less similar to any other industry. However, the difference comes from the way the campaigns are strategized and implemented.
As for the agent’s KPI (key performance indicator) metrics, the data collection heads are the same. All of these KPI metrics aren’t easy to implement for the business itself. It is only possible if it supplements a huge about of investment in the infrastructure.
On the other hand, outsourcing the financial call center services can give you a competitive edge to ensure that you can monitor and analyze your agents’ performance and impart necessary training and refresher sessions if needed.
Moreover, these reports also facilitate the change of the entire approach and game plan to the campaign, if need be.
