A closer look: Banking and Financial Services


A closer look:
Banking and Financial Services

A closer look: Banking and Financial Services

The growth in the financial technology industry has been rapid, yet it is still expected to boom aggressively in the coming years. While keeping pace with the latest technological innovation is a must, another facet should also be prioritized: having a customer experience platform and a CX design that seamlessly incorporates these advancements with what matters to the customer.

Read further below to discover how partnering with a customer service and experience company such as Inspiro can positively impact the banking and financial services industry.

  1. Upskilling boosts CSAT and NPS while decreasing AHT for a financial services company
  2. Enabling excellent e-wallet support
  3. Improving QR code service quality and quantity

Upskilling boosts CSAT and NPS while decreasing AHT for a financial services company

The client is a leading US-based provider of reloadable prepaid cards and related financial services. They serve millions of underbanked consumers who do not have a traditional bank account.

The client was adding PayPal prepaid credit cards to its portfolio. The client’s in-house team developed a training plan focused primarily on program features and the differences between PayPal Prepaid credit cards and standard credit cards. Inspiro reviewed the client’s upskilling and refresher agendas and recommended a five-day agenda to cover additional simulation along with hands-on activities.

The team began this activity in April 2015 and continued throughout the year:

  • Screenshots of a sample account were used, and learning was validated through an online assessment. After 90 days, the class was surveyed, with 71% of trainees stating that the number of lectures and activities was adequate to achieve the targets, while 25% responded that they needed additional exercises and drills to be more successful.
  • Refresher courses were developed over the next two months, including using PayPal Online Account Center Simulators, Activation/Registration, Linking, Funds Transfer, and PayPal Process Flow. The team developed suggested call scripts.

The upskilling produced substantial results. CSAT climbed from 61.5% in May 2015 to 80% in February 2016. Net Promoter Score steadily increased from -1% in May 2015 to 34.2% in February 2016. While CSAT and NPS were increasing, Average Handle Time decreased from 7.84 minutes in May 2015 to six minutes in February.

Enabling excellent e-wallet support

A leading financial technology company in Japan, which provides e-wallet service for a popular VOIP and instant messaging app. Their existing complement of 32 FTEs was struggling to handle their vast merchant support service, which encompassed a monthly communication log of 2,000 outbound calls, 1,200 inbound calls, 1,500 chats, and 300 emails a month.

Inspiro devised a B2B solution covering general merchant inquiries, including pre-registration, credit card, and bank account enrollment.

Agents were trained extensively to:

  • Handle campaign management, with additional data entry and validation support to the merchant base
  • Learn client-preferred accounting software to ensure there was no compromise in quality

Inspiro also set weekly targets for agents to handle and improve resolve ratios and ensured continuous feedback for agile individual action. Weekly meetings were held to share any ongoing challenges and devise a list of actions to counter and mitigate any risks.

Due to tiered and well-trained support, the monetized ratio of merchants hugely increased from 9.7% to 70.5%. Resolve ratio for specific issues improved from 60.9% to 78.6%, with calls expertly managed and challenges resolved weekly, with actionable insights.

Improving QR code service quality and quantity

A leading financial technology company in Japan that had launched a QR-based electronic payment service in 2018. Despite their large pool of 133 FTEs—providing 24/7 business-to-business (B2B) and 12/7 business-to-customer (B2C) service from their main delivery centers in North and South Japan—the client was struggling to provide real-time voice, email, and back-office support since its ever-growing user and merchant base was generating more than 6,000 transactions a month.

Inspiro executed a multipronged solution, supplying real-time support to handle a large volume of monthly transactions for both business verticals. B2C agents were explicitly trained to handle general inquiries and provide the technical support required for the payment app, while B2B agents were trained to provide continuous support for:

  • registration,
  • QR code kit arrangement,
  • general inquiries,
  • campaign management, and
  • technical support for the e-pay app.

Agents were also ranked in average handling time (AHT), encouraging productive competitiveness and reducing AHT length without compromising quality. Inspiro also implemented a buddy system, teaming up junior and senior agents to handle inquiries together to facilitate:

  • coordination and exchange of communication,
  • continuous training of juniors by seniors, and
  • query resolution in real-time,
  • leading to the overall quality of service and enhanced time efficiency.

Additionally, two kinds of agent teams were set up, with Top Box agents in charge of identifying weak points of Bottom Box agents and providing them with critical feedback to improve quality.

With these initiatives, the client was able to see the following improvements:

  • AHT surpassed the target of 1000 seconds, coming in at 937s, thanks to highly-trained agents addressing multiple issues, including service level, quality, and productivity.
  • Customer response time exceeded the target of 90%, coming in at 99.7%, with streamlined services enabling critical support during peak hours.
  • Inspiro’s timely reports empowered the client to track all metrics and performance, which helped optimize decision-making.