Contact Center Provider for Leading Financial Institutions Saves Millions with Level AI’s VoC Insights

The Challenge

Modern financial institutions offer an endless array of personalized products and services for their customers, who often number in the tens of millions. However, it’s not always smooth sailing. When anything goes wrong, customers are quick to dial up customer service for an instant resolution. After all, it’s their hard-earned money on the line!

One provider of contact center support for finance companies faced the formidable challenge: how to efficiently handle an ever-increasing volume of diverse customer inquiries ranging from banking services and payment issues to subscription cancellations. They built a reputation for providing exceptional customer service, and soon, they were getting contracts from multiple major financial institutions in the United States.

Despite commanding a dominant share in the industry, the benefits of scale were elusive. They had a large team of highly skilled contact center agents for every customer leading to large overhead costs. They were looking for ways to reduce their expenses without sacrificing customer experience when they came across Level AI.

Voice of the Customer Insights

Level AI offered a comprehensive AI platform that addressed a wide range of needs for the company. From fully automating QA with QA-GPT to providing real-time insights for agents to automating workflows, Level AI brought benefits to every part of the contact center. For the company’s VP of customer service though, one particular feature stood out. That was the Voice of the Customer Insights.

This innovative solution leverages a comprehensive analysis of past conversations – capturing 100% of the data – to generate, quantify, and categorize customer priorities and concerns. The knowledgebase teams used VoC to update internal company articles, highlighting best practices and addressing the most common customer questions. QA teams used VoC to sift through a large number of customer interactions quickly and identify areas of agent improvement.

VoC Insights also proved invaluable for the product team. They were able to quantify and categorize the customer calls into topics, subtopics, and concern themes, giving a complete picture of the customer interactions.

The Solution

The product team identified cancellations as a major source of customer calls that could be easily deflected. They quickly set up a banner on the customer service portal and a message in the IVR system guiding users to the cancellation option on the bank website. This brought immediate results, saving the equivalent of three agents’ workload. The product team went to the next challenge highlighted by VoC insights - airline cancellations. Due to the way their contract was structured, the company was not compensated for customers calling in to cancel their flight tickets, leading to them losing money on every call. The product team worked on a solution to link their backend with the airlines, enabling customers to cancel on the customer service portal without calling agents, saving over a million dollars annually!

The estimated an additional saving of a quarter of a million dollars with every 10 second reduction in AHT. The QA teams meticulously analyzed VoC data to identify improvements in agent performance, bringing in an additional million dollars of savings with faster handling time.

That was all before they had even enabled VoC insights for their biggest institutional client! In total, the company estimated over 3 million dollars in annual savings from Level AI’s VoC Insights!

The journey didn’t end there. Their product team is now focusing on optimizing their IVR system with VoC Insights and leveraging Level AI’s expertise for a chatbot to further deflect calls. Level AI continues to upgrade its AI capabilities to improve accuracy and bring more features to existing clients, providing a greater return on investment.