Why Workforce Optimization is Critical in Banking

For the average consumer, the thought of the contact center often leads to thoughts of overseas tech support, long hold times and frustrating calling trees. While such situations may not be the norm, they cause enough discontent for the customer at the time that they dominate the thought process. Because of these associations, contact center agents have to work twice as hard to generate a quality experience. For that, a number of organizations rely on workforce optimization.

This is especially true in the financial services industry. We often assume that if we call our bank that we are talking to the same individual we see when we walk up to the teller window. More often than not, however, our calls are being routed to a centralized location so a contact center agent can handle the request. If this is the only voice we hear when interacting with the bank’s brand, its importance grows.

In fact, the contact center is so important in the multi-channel delivery strategy that Jerry Silva, research director and head of global retail banking practice at IDC (News - Alert) Financial Insights, recently advised the industry not to overlook this key division. Within that division, the biggest challenge continues to be the human element. How do you ensure you have the right people at the right time to interact with customers? The answer is often found with workforce optimization.

For the banking industry, this means more than just a skilled customer service rep. Contact center agents also have to be knowledgeable in financial services, student loans, mortgages, credit cards and other banking products so as to adequately serve the customer base. At the same time, these agents have to be completely trustworthy with customer information. The instance of fraud originating in the contact center is growing, putting more pressure on these organizations to ensure the right individuals are hired and the right protections are in place to keep them honest.

According to Silva, the contact center rests in the middle of the retail delivery process. It’s critical that banks strengthen their positions in contact centers. Plus, as customers have greater access to banking solutions outside of their geographical locations, financial services companies have to be at the top of their game in customer interaction and service delivery to build the loyalty necessary to survive.

Workforce optimization solutions force banks to take a closer look at the role the contact center plays in customer satisfaction. They also demand close attention to listening to the voice of the customer so as to deliver on quality expectations. Only after the contact center gets it right can the bank hope to prosper through this channel.