A leading bank cuts call center expenditure by over $600mn with intelligent automation

The increase in contact center call volumes and the demand for personalized services to customers made banking services expensive at the contact center.

The maintenance and operational expense of the call centers combined with the need to maintain a huge FTE caused a financial constraint for the bank. The prolonged call handling and response time impacted customer experience. With consumer expectations skyrocketing in the digital age, our client was looking for a cost-effective way to streamline customer service and support.

We deployed a full suite of AI capabilities to augment customer service, reduce cost, and increase customer satisfaction.

  • The Challenge

    The annual cost of running the call center was close to $1 billion and was expected to increase in line with the banks 7%+ CAGR, which they had already maintained for 5 years. The bank wanted to build a solution that could control costs, save valuable time and resources, and enable personalized customer service without disruption.

    • The agent productivity was restricted due to multiple legacy systems, swivel chair tasks, and operational overheads. More than 12-14 screens needed to be accessed for each customer call leading to average handle times of more than eight minutes.
    • The average call waiting time of more than three minutes led to high call abandon rates of over 10%.
    • There was a lack of tracking of customer satisfaction metrics and no unified view on call trends.
    • There was a lack of self-service options and limited channel integration.
  • The Solution

    To maximize the call center efficiency and enhance client engagement, the bank leveraged Virtusa’s AI-driven call center strategy that brings together the best of advanced analytics, chatbots, voice-to-text, and bots for agent desktops, and ensures incremental gains.

    Key features of the solution include:

    • A UFE (unified front end) solution that provides a 360-degree customer view to agents and unified data from 13 disparate front-end systems.
    • Intelligent IVR and call routing solutions with intelligent bots as the first line of support.
    • Conversational AI-based self-service interfaces to handle customer queries across mobile and web channels.
    • An integrated sentiment analysis framework to track the customer mood from voice and text and display insights and trends.
    • Attended bots on the agent desktops to reduce agent call handling time by automatically fetching data from over 15 source systems accessed by agents.
    • Efficient network, agent, and bot analytics for accurate reporting and continuous improvement.
    • Cross-sell recommendations to agents based on advanced analytics-driven customer insights.
  • The Benefit

    With intelligent automation, the harmonized experience across mobile, web, chat, and email helped call center executives to manage straightforward queries better and reduce overall call handling time. Using natural language processing, the client accelerated banking at the speed of a voice command.

    The key benefits include:

    • A 20% boost in cross-sell opportunities using analytics.
    • Over 75% calls that were zero touch.
    • Zero wait time with intelligent routing.
    • Over 80% faster customer service agent responses.
    • More than 50% improvement in first call resolution rates.

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