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BFSI Reporting and Analytics

BFSI Contact Center Reporting and Analytics – An Opportunity to Improve Customer Experience!

Uthaman Bakthikrishnan

Uthaman Bakthikrishnan

Executive Vice President

Look at Banking, Insurance, or Financial Services as a business. You are talking about high-value customers and high-value transactions. You cannot afford to lose a customer due to service issues.

Now, what is your differentiator?

Everything gets commoditized within days. Your biggest differentiator is the customer experience you provide, which helps you maintain your revenues and leadership position.

What Is at the Center of Your Customer Experience Function?

It is your contact center, and you need to know how your contact center is helping your business grow and keep your customers happy.

When you look at today’s contact centers, you have multiple channels through which your customers interact – email, phone (voice, IVR), chat, social, website, and apps. Besides, your agents are spread across multiple locations, and your offerings may differ across locations.

So, you create a ton of data every day, and how do you make sense of them?

Smart Reporting and Analytics

It would be best if you had an intelligent reporting solution that gives visibility into what customer experience you are providing your customers. You need reporting that is intuitive, simple to understand, and actionable.

We look at reporting along with analytics because analytics is what makes your reporting actionable. Contact center reporting and analytics are in an endless loop.

Let me explain this.

Your reports identify a performance issue with your first call resolutions. Now that you know that you have a performance issue, what do you do about it?

Your analytics lets you know why there is an issue with your first call resolutions. Your checkout screen on your app is tacky, and customers don’t seem to understand how to make use of it. Some of them call your contact center, while a majority abandon the transaction. Now, you are equipped to handle the issue.

So, you develop a better interface for users to checkout and implement them. Now, your reports figure if the performance issue exists or has it improved? With reporting and analytics, you go through this customer feedback loop.

While reporting identifies issues, analytics provides you insights to work on.  

Contact Center Reporting System Challenges

There are two fundamental challenges that exist with contact centers when we talk about reporting. We create loads of data, but they are not actionable. Let us discuss those two challenges in detail here.

Standard out-of-the-box reports

Most contact center systems like IVR, Workforce Management, and ACD have integrated reports. However, they cover only the basics that are not actionable. They don’t take into account your organizations’ requirements. For instance, you want to know the ‘why’ of reports and not just the ‘what’ of them.

This is where your reports will have to be integrated across all the channels for a particular customer. With analytics on it, you would be able to pinpoint the challenges to address and enhance your customer experience.

Data exists in silos

You have multiple channels like email, voice, chat, social, website, and apps. Each of these channels creates a ton of data. The same customer would have interacted through multiple channels as well. The reporting engine at each channel would not provide the desired visibility for you.

Hence, it is necessary to integrate all of your channels, offering a single view of your customers. Then you look at reports from a customer’s point of view, and with analytics and intelligence, you would be able to identify the actionable insights from collating all of your data and matching them with purpose.

How Do You Make Your Reporting and Analytics Robust?

You need to have this vision at the beginning of your contact center project. Some of the questions to ask yourself are:

  1. What is the purpose of my contact center?
  2. How am I improving the life of my customer with every single interaction?
  3. Am I proactive in addressing my customers’ needs, desires, and wants?
  4. Do my customer experience scores improve at least by a delta every day?

Here, you have put customer experience at the center of everything. These questions would allow you to figure out the objectives for your reports.

Now, you will have to ask yourselves the following questions:

  1. Who needs these reports? Why do they need them? What do they intend to do with them?
  2. How do I identify a piece of customer information from multiple channels without taking separate reports from every channel?
  3. How intuitive should my reports be? Do you want suggestions on what needs to be done based on the information?
  4. Do we need to see cumulative data of a customer – daily, weekly, monthly, etc.?
  5. How do you see the reports? What distribution method needs to be done? If there are any red flags, does it have to be notified to some stakeholders differently for immediate action?
  6. Do I want automated suggestions to be provided to improve customer experience?

These questions are not the be-all and end-all for your reporting needs. These are only signposts. Once you have answers to these questions, you can identify the righ reporting and analytics engine to address your business needs.

After all, every entry in your report should enhance the BFSI customer experience and your revenues.

Saved 100S of Hours for a Customer – A Case Example

The monthly data size of one of our customers was about 3 million. Every day, different reports generated would add up to easily 300,000 rows. They were finding it difficult to make sense of this mammoth data.

Using our platform’s analytics and intelligence, we made them see actionable insights. This saved 100s of hours every week for our customer in report generation.

Besides, there is absolutely no gibberish in the reports. We provide all the reports in .CSV format, which means slicing and dicing the data becomes very simple. We also provided them with the dashboard view of the reports with relevant information that they can act on.

Reporting and analytics are at the core of every BFSI contact center’s operations. If you don’t monitor and measure your contact center’s performance, you are probably leaving a lot of money on the table.

Statistics say that managers and supervisors in a contact center spend about 30% of their time pulling together reports that they can present to their management. So, we know what needs to be pulled together that is actionable.

What if the information you are pulling together is available to you in an automated dashboard? Besides, it would become easier for you to easily improvise on the automated reports.

So, every contact center must choose the right set of technology for reporting and analytics that would allow them to improve their customer experience.

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