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Making the Case for a Call Center
By John M. Floyd
Customers today are looking for convenience and convenience is the name of the banking game. That is why it is a good idea for you to look into a Call Center for your bank.
You may have already considered a Call Center if you were aware that:
- only 11% of an average bank's customers ever walk into its lobby today; and
- less than 30% of today's bank customers typically use the drive-up window.
Given these statistics, it's no wonder more and more banking customers are choosing to do business by phone, online or through an ATM machine. With a Call Center, your employees are able to serve your customers in the best manner possible. By having your Call Center staff more highly trained in the banking issues that would be answered over the phone, your customers will no longer be passed from one banker to another to get a single, very specific question answered.
It's also important to note that a Call Center is a very cost effective way to operate. You'll need fewer people in the lobby to manage one-on-one issues with customers, and fewer people in the operations area because you are able to consolidate all those calls into one Call Center. With a Call Center, you'll be able to run with a leaner staff or, better yet, you'll be able to grow without adding additional staff.
How do I know if my bank really needs a Call Center?
- The primary determinate of your bank's need for a Call Center is the volume of calls that are picked up in the lobby versus the number of walk-in customers.
- A second important determinate is the workload in your bank's back office. If the operational areas for loan administration can't handle the load, it's time to seriously consider a Call Center.
Why don't all banks have a Call Center?
There are a number of reasons why some banks have not taken the first step toward a Call Center structure. And the fear of change may be number one.
- Current employees play a very important role in your bank and its future. You value their opinions and some may have resisted the idea of a Call Center because face-to-face interaction means a lot to them. But they have nothing to worry about because the customers who are more inclined to bank by phone aren't physically walking into your bank anyway.
- Technology holds a lot of banks back from establishing Call Centers. Many bankers either don't understand the concept of Automated Call Distribution (ACD) technology or feel they can't afford it.
- Cost-effectiveness is another worry for many bankers. For a larger bank with many branches in one city, it is easy to see how a Call Center will pay off. On the other hand, smaller banks that are spread out over a large geographic area may see some efficiencies, too, but they may not be quite as cost effective as their larger counterparts.
What makes a Call Center most effective?
The following points need to be given serious consideration before establishing a Call Center in your bank.
- Staffing - The people assigned to your Call Center can mean the difference between success and failure. Think of your Call Center as a separate banking branch, so putting the new kid in charge wouldn't be your best move. You'll want staff members who are extremely knowledgeable about all of your bank's products, procedures and data processing systems. This will allow your customers to get the right answers they need as quickly and efficiently as possible.
- Centralization - Having calls come into one centralized number is key. It should be transparent to most customers that they are dialing into a Call Center. The challenge comes when customers call, expecting to get their questions answered by the banker they've known their entire life.
- Call Center Space - You want to be sure you consider the space you designate for your Call Center is set up for the job. Make certain:
- the area is not open to traffic;
- the appropriate technology is available to the staff; and
- it's a pleasant working environment.
- Automated Call Distribution (ACD) System - Most bank consulting firms will recommend installing an ACD system. From this program, you can get reports on the volume of calls coming in, where they are coming from, and the callers' demographics. In a more sophisticated setup of an ACD system, you can direct callers to specific Call Center agents based on their level of knowledge of a particular subject.
Where do I begin in setting up a Call Center?
If you've determined that a Call Center is a good choice for your bank, you may want to bring in an expert to help you get started. A banking consultant such as John M. Floyd & Associates will visit your bank to do an on-site assessment. During that time, the consulting team will assess your objectives for implementing a Call Center (and/or Internet Banking system) and review your bank's needs. Then you'll be given a complete proposal and - once accepted - the installation will begin.
Your new Call Center will allow your lobby staff to concentrate on selling more products and you'll retain and gain new customers because you are catering to their need for convenience. When you see the improved efficiencies of your operation, the increased level of customer service and higher profit margins, you'll know you made a wise choice.
JMF Boilerplate
John M. Floyd & Associates (JMFA) is a leading vendor of overdraft privilege programs serving more than 2,000 financial institutions in 49 states and Central America. JMFA is also nationally recognized for training, account acquisition and earnings enhancement programs, as well as product, service, pricing and technology improvement consulting. To learn more about John M. Floyd and Associates and to receive a FREE Overdraft Privilege Analysis, please visit www.JMFA.com or call 800-809-2307.
First published on BankersOnline.com 8/25/03
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