Banking Case Study
Taylor Reach assisted a Major bank to review its Interaction/Contact Center processes and identified more than $5 million dollars of operational efficiencies.
A major financial institution with a national network of contact centers, saw significant staff turnover, unhappy customers. The bank was uncertain of any benefits that outsourcing might present. These were some of the challenges facing one of the largest financial institutions in Australia when they began speaking to Colin Taylor.
Colin and his team of consultants began at the beginning, a full end-to-end assessment and review of each of the ‘moving-parts’ within the contact center infrastructure. The sweeping engagement assessed the people in the centers, their skills and competencies, the processes, procedures, operational methodologies, technologies, quality and service practices and business objectives. With a number of centers on multiple continents and thousands of agents, this was a significant exercise in terms of scope.
The client employed state of the art, best of breed technologies and had invested heavily in self-service and workforce management solutions. Their operational methodology was based on a very successful internationally accepted model…so what was the problem?
There were fundamental gaps in the process maps and underlying assumptions that were proven to be invalid were being employed in defining the objectives and means to attaining these objectives.
By vetting and re-engineering the process maps, procedures and operational methodology we ensured that the objectives of the organization could be met. In the process, we streamlined the use and application of the existing technology and implemented a limited outsource relationship, both of which improved efficiency and reduced expenses.
The bank improved its customer satisfaction, reduced turnover and leveraged enhanced benefits from their technology investments. In addition, they established an outsource relationship that allowed better control of the contact patterns arriving in their captive centers which improved the center performance, as well as improving employee morale. This re-engineering process improvement leveraged technology and outsourcing resulted in more than $5,000,000 in annual operational cost savings!
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