As companies across the financial sector are responding to the urgent and prevalent need for Reg F compliance and the application of a digital strategy, customer-focused companies are gaining a competitive advantage.
For decades, companies have implemented call monitoring to improve service, compliance, and customer satisfaction. But with the massive shift in consumer preferences toward digital communications, the need for digital quality assurance (QA) has exponentially grown along with a focus on delivering a high-quality, consistent experience in every digital interaction along the customer journey.
Strategic insights from digital touchpoints are critical.
Meet SuccessKPI and InDebted. This article delves into how InDebted is achieving such a competitive advantage by leveraging SuccessKPI’s experience analytics and action platform.
Approaching Digital First QA
InDebted’s roadmap for digital communications is framed in their digital-first strategy (almost digital only) as a receivables BPO with zero outbound calls. 96% of InDebted’s consumers self-serve via digital means, and of the remaining 4%, only 3% will respond with a phone call.
Leading Digital Transformation
Consumers now have the power to choose their method of contact and preferred communication channels and are increasingly turning to self-service options for convenience and reduced wait times that digital communications and online self-service portals provide. As nearly all InDebted consumers self-serve via an online portal, the need for full journey digital quality management became critical. Traditional call monitoring didn’t solve for their most prevalent channels: email, SMS, and webchat. They needed a solution to monitor the quality of their digital communications across all channels.
This is where InDebted found strategic opportunity with the power of SuccessKPI. As the leading provider of data-agnostic QA across channels and sources, SuccessKPI was the only provider that was able to meet all their needs. Leveraging SuccessKPI, InDebted can create a unified view of the full digital experience.
Dramatic QA Shift
People aren’t perfect. Call centers rely heavily on agent availability, intensive agent training, and the communication/negotiation skills of the team while delivering customer service. While call monitoring can help provide coaching and support, humans, despite best efforts, are fallible. Calls accidentally get transferred or dropped, customers can get frustrated by wait times, and agents can be limited by generic responses and their own stress levels.
Digital touchpoints can provide a huge competitive advantage as technology can dramatically aid people in delivering an exceptional customer experience.
The question then becomes how do companies analyze data from each of these digital communication touchpoints and use that insight to create a more consistently positive customer experience? In order to do this, QA programs have had to shift dramatically to be more consumer-focused, analyzing every chat, every email, and every SMS in addition to all voice calls.
Reading Between the Lines & Looking Past Outcomes
Engagement is the future differentiator for successful customer service, and ultimately, the key to increased account resolutions. SuccessKPI and InDebted are stepping forward from outcome-based data to building strategy that is centered more around how to engage. This means gathering data on the sentiment of the digital communication; reading between the lines and leveraging qualitative metrics, rather than quantitative.
As consumers integrate digital communications into more facets of their daily lives, the need for companies to leverage QA on these communications becomes increasingly important. By analyzing and identifying keywords and tones in written communications such as email, SMS, and webchat, InDebted has been able to create a more inferential-based strategy that drives engagement and helps account holders resolve debt with ease. It’s not only the outcome of the communication that matters, it’s the nuance of each communication that is the true key to a successful strategy.
Feedback Loop that Drives Innovation
Continuous improvement requires a feedback loop. By analyzing customer feedback, developing solutions in response to relevant opinions and suggestions, and integrating product improvements, businesses can insightfully evolve their products and services. Capturing customer feedback in real-time and responding promptly establishes shorter feedback cycles and enables nimble evolution that meets clients’ specific needs.
With the help of SuccessKPI, InDebted has been able to analyze interactions in this manner. They can accurately assess the tone of written communications, provide feedback on agent and consumer exchanges, and create a customized interaction strategy for each consumer. Are there keywords or a certain overtone in a text, email, or webchat that indicate that the consumer is not happy or may need a cooling-off period? If so, InDebted may choose to wait 30 days before attempting another communication. By going beyond the quantity of the contacts and focusing more on the quality of contact, InDebted has been able to substantially improve its rate of recovery, and specifically, its rate of first contact resolution.
SuccessKPI is Channel Agnostic
With a focus on the customer journey, SuccessKPI offers a channel-agnostic approach, meaning interactions through every channel can be unified and evaluated the same way. Regardless of the channel– email, chat, SMS, or voice– it’s the quality of the engagement that drives results.
InDebted understands that not only the bad or negative must be evaluated, but also the good and positive. Leveraging this type of insight helps drive a more successful strategy across channels.
The Digital Human Element
Digital communication isn’t the future, it’s today. Companies that are neglecting to implement digital QA strategies are missing a key component to delivering a better customer experience and are, in turn, also missing large opportunities for increased revenue. The future is happening now. Consumers have the power to decide their channel of communication, and companies must provide the engagement channels they prefer. As shown through the relationship between SuccessKPI and InDebted, success can be found by looking past outcome-based QA and instead, analyzing qualitative conversational data to deliver more of a human element in each digital customer experience.
InDebted is the only global, digital debt collection agency changing the world of consumer debt recovery for good. With a fully distributed team of over 225 people living and working in over 10 countries around the world, InDebted is built on digital communications and data-driven decisions, to deliver customers an exceptional debt collection experience. InDebted currently has operations in Australia, New Zealand, Canada, the United Kingdom, and the United States, and is expanding into Germany, Italy, Malaysia, Mexico, Singapore, and Spain in 2022.
SuccessKPI’s Insight and Action Platform is an AI-driven Experience Analytics SaaS Platform. The platform unifies data from the cross-channel customer experience journey and integrates insights and action recommendations with popular CCaaS solutions, including Amazon, Genesys, UJet, and Talkdesk. SuccessKPI serves a global enterprise market with operations in the US, Europe, and Latin America. Some of the largest contact centers in the world leverage SuccessKPI including government, BPO, financial, and global retail enterprises. Learn more at www.successkpi.com.