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.

A quick search of automotive trends shows that the industry is growing. With the rapid technological advancements and disruptions, are you ready and equipped to keep up with the market’s demands? As with other sectors, excellent customer experience (CX) is vital. But what is the relevance of CX in the automotive industry?

Below are examples of how a great customer experience strategy in the automotive industry can lead to great results.

1. Paving the way for improved customer experience at the dealer level
2. Putting the client—and their customers—in the driver’s seat
3. Boosting CSAT scores for an EV charging solutions provider
4. Driving smoother and smarter
5. Streamlining purchase and delivery management for a car parts supplier

Paving the way for improved customer experience at the dealer level

Customer service can make or break a company, especially in the much-changed competitive luxury automotive market. Today, there are so many high-end vehicle options that lagging in just one area encourages consumers to shop elsewhere.

This client was struggling with a reputation for poor customer service in its dealerships. Customers were made to feel as if they should be grateful for the mere privilege of buying a luxury car, not only at the time of sale but, more importantly, in the service after the vehicle was purchased.

To remedy this situation, the client sought to determine current customer satisfaction levels and specific areas for improvement at the dealer level.

With the right outsourcing partner, the client was able to develop and initiate a customer loyalty campaign for both new buyers and existing car owners, integrating a customer satisfaction survey:

• Inspiro provided end-to-end management, from survey design to online platform development to reporting, with the overall goal of determining solid and weak points at the dealership level. 
• Over 1,000 surveys were conducted per quarter, through email and phone, with follow-up calls undertaken to track down surveys not returned within two weeks.

Over eight weeks, the target 50% of survey respondents was not only met but substantially surpassed, ending the period with 70% customer response. This enabled the client to analyze and address not just the desired half, but a significant majority of customer concerns, providing an excellent head start on the road to renewed customer satisfaction.

Putting the client—and their customers—in the driver’s seat

A renowned German multinational manufacturer of luxury vehicles was struggling with each of its dealers taking their individualized approach to lead generation. This made it difficult to perform a company-wide analysis of customer reaction, along with cause analysis and increased working hours for each dealer since additional training and labor management were required for temporary staff during the generation period.

For the holiday launch of its new car model, this automotive client was looking to transition from a dealer-led to an enterprise-led lead generation campaign to maximize results and learn about their customers:

• Whereas the dealer-led system naturally made calls during each dealer’s working hours, Inspiro arranged agent shifts to initiate calls when many customers were more likely to be home, significantly improving the chances of reaching the client’s 4,000 existing customers.
• Inspiro’s domain expertise and resources came into play through the outbound call system, which was efficiently used to seamlessly manage KPI progress, conduct agent motivation management, and gather additional information via a voice-of-the-customer survey.

A full 6.0% of customers agreed to visit their dealer, and another 17.7% of customers responded that they would consider visiting. A significant 23.7% database-to-leads conversion and a unified view of customer sentiment were achieved compared to the dealer-led campaigns.

Boosting CSAT scores for an EV charging solutions provider

A US-based electric vehicle charging solutions company wanted an outsourcing partner with proven customer experience expertise to address their high abandonment rates and low CSAT scores.

To ensure better call coverage, Inspiro:

• Introduced new staff schedule patterns that factored in coverage and call volume
• Implemented coaching and mentorship program focused on product knowledge, including random call listening sessions
• Handled incidents and complaints efficiently, with an average of 10-15 tickets resolved daily

In less than a year, Inspiro improved the key metrics leading to a CSAT score of 90.04%.

• Improved abandonment rate by 3.35%
• Achieved 98.96% reliability score vs 95% target
• Achieved 92.50% quality score vs 90% target
• Lowered average speed of email response by 90% – down to 6 minutes from 1 hour
• Reduced average speed of answer to 12 seconds from 20 seconds

Driving smoother and smarter

With automobile technology getting more sophisticated every year, drivers and passengers can really use concierge and technical support to ensure the safe, comfortable usage of their advanced vehicles.

A leading automobile manufacturer, therefore, sought a partner to provide specialized operators, supplying detailed information 365 days a year for its connected cars and premium line, via the client’s Telematics Support Center.

Since the Center needed to be able to handle 12,000 to 15,000 inbound calls per month, Inspiro implemented the following:

• Hired 80 agents to man operations. This number—and corresponding expense—might well have been substantially larger, but a streamlined approach was developed to strategically deploy support during the crucial period from 9 am to 6 pm.
• A modified training curriculum and call flow with a strong technical focus were overseen by a Quality Manager, who helped improve each agent’s learning speed and service quality, focusing on types and trends of inbound inquiries and developing a FAQ to help answer calls more efficiently.

By focusing support during critical and peak driving hours, we improved first call resolution (FCR) by 14% while reducing average handling time (AHT) by 26% in the first year of operations.

Streamlining purchase and delivery management for a car parts supplier

A leading global independent supplier to the automotive sector was looking for a partner to support purchase and delivery management from the backend. Their main challenge was handling many different automobile products across multiple manufacturing locations. 

With not only their own but also clients’ and sub-contractors’ PO management systems in play, management was hardly unified. This created many complications, including the need to adjust delivery dates multiple times, increased human error, and additional costs to the client. 

To streamline client processes:

• Specific agents were assigned to manage different units, so they could collaborate and streamline the communication process. Dealer Parts Inventory Assistance was established to ensure timely delivery of sub-parts to various departments, while Inquiry Management was tasked to analyze prior human errors and delivery delays.
• With one location selected as the dedicated, cost-efficient delivery center, Inspiro established delivery date and PO management, functioning as the liaison between factory-warehouse-sales and the client to get delivery date responses and communicate client requirements.

Through the dedicated delivery center, various processes and multi-operations were streamlined, which helped reduce the overall cost for the client by a substantial 40% compared to the previous vendor. Assigning specific agents to definite tasks and units reduced human error to zero.