How financial firms can turn higher contact center volumes into happier customers and profitable growth

Since the onset of the pandemic, more and more financial services customers are relying on contact centers. Financial institutions report unprecedented increases in call volume, and these aren’t all service requests. It’s no wonder: consumers are worried about their financial well-being and our clients say they’re being peppered with questions about payments, loans and investments.

Why contact center call volume matters in the financial services sector

The increase in contact center volume requests reflect customers with unmet needs, and the shift in call volume and call type should be a rallying cry to move beyond solving simple problems. Once, contact centers required firms to choose between serving more users or serving users well. With new technology, you can do both and more. In fact, there’s a growth opportunity here, too.

Make the experience count by making it personal

In banking, for example, three out of every four customers indicate their contact center experiences influence their purchasing decisions. Even more important, one-third of all customers say that just one bad experience would tempt them to walk away from a brand they liked.

Customers contact you with a wide variety of issues. Some of those issues require general help, and others require help from a specialist. By using technology to understand the motivational drivers of different types of customers and their needs, you can route the customer to someone who has the right skills to help — not just “the next available representative.” Fewer needless transfers means higher customer satisfaction.

The bottom line

Not all customers want the same thing. Some want their problem solved quickly and don’t necessarily need to talk to a person. For them, a good automated tool can help show that you respect their time. For others, personalized service with a human touch is key to customer satisfaction. Understanding what your customers value can help you design your contact center to deliver the right customer experience and growth to your bottom line.

Contact us

Julien Courbe

Principal, Financial Services Advisory Leader, PwC US

Mohib Yousufani

Principal, Financial Services, Strategy&, PwC US

Varun Sharma

Partner, Strategy&, PwC US

John Jones

Managing Director, PwC US

Follow us