Market Evolution – Lessons Learned

As other industries have faced similar market changes, they have crafted new business solutions to overcome the challenges presented.  Very positive changes resulted when a solution delivered both customer experience benefits and at the same time, operational cost reductions.  Such was the case in the Financial Services industry, when online banking began to reach broad market penetration.  As customers transitioned from bricks and mortar to online banking, a significant spike occurred in call center traffic.  Online banking customers made inbound calls requesting a range of needed support.  The high volume call center demand increased annual operational costs by millions of dollars.

mobile-banking-260308[1]This business issue quickly triggered an analysis of customer support – why were they calling.  It was determined that a significant percentage of these inbound calls were for common reasons – often simple requests for account activity or other customer life cycle events.  These reasons for inbound calling, or reason codes, became the foundation for a new process – banking alerts.  This new process allowed alerts to be selected by banking customers online.  Once the customer opted-in to the alerts program, account activity information (they selected) was delivered proactively – current balance, overdraft, account fraud updates, etc.  The customer was also allowed to select their channel preference for alerts delivery – voice, SMS/Text or email.  The alerts process resulted in a dramatic reduction to inbound customer support calls, and substantial savings in operational cost.  At the same time, it generated significant improvements in customer satisfaction.  Ultimately, banking alerts drove market distinction and have been promoted internationally as a customer relationship benefit.  Successful market trends and tools from other industries will also offer service distinction in this new healthcare marketplace.  This is the foundation of XCL’s healthcare communications solution.