Client: North American financial services firm with total assets in excess of $800 billion and millions of online and mobile customers
Business need addressed: Transform contact-center operations and convert data into insights for better decision making. Identify cost optimization opportunities while streamlining operations and improving customer experience
Genpact solution: Genpact built an analytics center of excellence (CoE) and transformed the firm into an analytics-driven organization, creating substantial business impact and a roadmap for continuous improvements
Business impact: $10 million in cost savings and a 15x return on investment from analytics-driven contact center operations
A prominent financial services firm operating across multiple channels with an annual customer call volume of 23 million and 160 million data records needed to transform its contact center operations. The firm acknowledged that streamlining contact center processes and expediting insight-driven business decisions were essential to providing superior customer experience, enhancing overall efficiency, and achieving profitability targets.
The financial services firm, with multiple lines of business spanning wholesale banking, brokerage, and consumer banking, had too many data silos as well as inconsistent processes. Moreover, customers using multiple channels to access banking services posed an even more complex challenge, as they created a massive volume of data that was not being leveraged in real time and at scale. Soaring operational costs also were a pressing issue. Some of the key challenges that the firm faced were:
- High cost of operations
- Pressure to identify cost optimization opportunities
- Inability to make informed, insight-driven decisions due to disparate data
- Different stages of data maturity and consumption across lines of business
- Low visibility into interactive voice response (IVR) performance and remote call forwarding (RCF) measurements
- Inability to integrate processes and set up a best-in-class measurement system for customer service
- Urgent need to enhance customer engagement and build competitive advantage
The firm needed an integrated enterprise-centric analytics strategy to streamline data collection, management, and reporting across multiple channels and lines of business.
To address these challenges, the firm turned to Genpact to provide a solution and aid their attempt at building an analytics-driven organization in order to lower operational costs and build a competitive advantage.
The engagement was spread over a period of three years with the solution being deployed in four different phases.
Phase 1: Assessment
Genpact conducted a thorough assessment to identify gaps that existed in the firm’s contact center processes, existing reporting setup, and data architecture. The assessment spanned across North American operations covering multiple sites. Based on the assessment findings, Genpact devised a strategy to transform the existing contact center into an analytics-driven organization and set up a specialized data, analytics, and reporting team to oversee the transformation.
Phase 2: Optimize costs and improve customer experience
During the second phase of the engagement Genpact began implementing solutions across the consumer banking and credit card businesses. Focus areas included:
Interactive voice response system: With the goal to lower operational costs while improving IVR utilization, Genpact assessed call flows to identify opportunities for improvement. A dominant path analysis of the IVR call flow was conducted by creating call tree and call log analysis. The team also performed an item imputation study to optimize call flow and create model reports for IVR.
Repeat call framework: Metrics created after a root cause study helped the firm identify agents with low first call resolution. Skill enhancement was planned for identified agents to improve customer service.
Call elimination: Customer base segmentation highlighted customers with a high cost to serve. Based on the findings, a proactive communication strategy was designed to reduce call volumes to that cluster of customers.
Phase 3: Data assessment and insights
The metrics created for different work streams in previous phases were digitized and automated to form a reporting set up for day-to-day operations. In addition, sales reporting for the North American subsidiary were improved by automating the incentive compensation process. A center of excellence (CoE) for analytics was set up to provide cost benefit analysis.
Phase 4: In the last phase of the engagement, IVR, RCF, and call elimination work streams were optimized for additional lines of business, including insurance and brokerage.
Genpact has delivered close to $10 million in cost savings through the analytics CoE and the associated intelligent reporting for the firm’s contact center. Other business impact delivered for the firm includes:
- A 15x return on investment to date
- Improved self-service tool usage
- Higher first call resolution rates
After the successful implementation of the analytics ecosystem, the firm further engaged Genpact to improve its sales reporting. Genpact continues to leverage Lean Six Sigma methodology, digital technology, and insights generated by the analytics CoE to further improve reporting processes and deliver a fully automated incentive compensation program.
For additional information, please visit, www.genpact.com/what-we-do/industries/banking-financial-services