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Traditional European banks faced significant challenges in transforming their customer service operations amidst rising competition from fintechs and changing customer expectations. The need to reduce customer service costs while simultaneously delivering a high-quality experience became paramount. The COVID-19 pandemic exacerbated these challenges, as banks had to adapt to increased demand for support while managing shifts in revenue patterns and customer needs. To address these issues, EY collaborated with a major retail bank to streamline its customer service operations. The tailored solution involved categorizing customer contacts based on their value, migrating to self-service options, and optimizing contact center processes. This comprehensive approach not only simplified operations but also aimed to enhance service quality. As a result of these initiatives, the bank achieved a 15% reduction in call volume within the first year, a 22% decrease in time to answer, and a 10% reduction in full-time employees in the contact center. Additionally, there was a notable increase in digital adoption across various channels, including interactive voice response, mobile, and online platforms. The transformation led to significant cost savings in the initial six months and positioned the bank to better meet evolving customer demands. With a 72% rise in the use of fintech apps and a substantial increase in internet banking usage during the pandemic, the bank's proactive approach to customer service not only improved operational efficiency but also enhanced customer satisfaction and loyalty. This case study illustrates how strategic transformation can turn a reactive cost center into a proactive generator of value, aligning with the broader trends in the banking industry.
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