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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, leading to shifts in revenue patterns and increased demand for support, particularly for customers with complex financial needs. As a result, banks struggled with long wait times for telephone support and a reactive customer service model that was costly and inefficient. To address these issues, EY collaborated with a major retail bank to implement a comprehensive transformation of its customer service operations. The tailored solution focused on demand elimination, which involved categorizing customer contacts based on their value to the bank and its customers. This approach facilitated the migration to self-service options and improved the overall performance of contact centers. Key measures included simplifying processes, designing an optimal operating model for the contact center, and transferring skills to foster a culture of sustainable improvement. The results of this transformation were quantifiable and significant. Within the first six months, the bank achieved a 15% reduction in call volume and a 22% decrease in time to answer customer inquiries. Additionally, there was a 10% reduction in the number of full-time employees in the contact center, alongside increased digital adoption across various channels, including interactive voice response, mobile, and online platforms. The transformation not only reduced operational costs but also enhanced the quality of service provided to customers, positioning the bank to better meet evolving customer needs in a competitive landscape.
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