The different forms of call center risk

Posted on: February 03rd, 2016 by Art Barger

Think fraud is the only risk to your contact center? While fraud can be costly and damaging to your brand, it represents just a piece of your overall enterprise risk.

To ensure your call center is running on all cylinders, financial institutions look at many aspects of their operations, including costs, processes, performance, security, compliance, and the customer journey. Ultimately, some of the top business objectives of a contact center are to retain customers, boost efficiency, increase revenues and improve customer satisfaction. Managing risk to achieve optimal operability requires deploying, monitoring and re-evaluating the ongoing success of these and other components.

The following are some areas that banks and other businesses focus on to help meet their call center initiatives.

  • Cost-effective operations: When it comes to cost-efficiency, it’s not all about lowering your overhead or over-stretching your remaining resources. Doing this will negatively impact your service quality, customer confidence and business profits. In order to achieve and maintain optimal performance in a growing environment, implementing processes that are faster and more productive can are effective than merely cutting costs.
  • Availability/Quality assurance: Meeting benchmark Service Level Agreements is critical to ensuring quality service. This means making sure your call center agents are available to take calls 24/7. Any obstacles that interfere or limit the availability of your call center agents will impact service quality and customer confidence.
  • Customer satisfaction: When your customers aren’t happy, it can affect your bank or business in many ways. High customer churn takes a heavy toll on your profits. Your brand takes a hit when unsatisfied customers are talking about you. But the biggest impact may be in your customers’ behavior. Studies show that high customer satisfaction rates are a key success metric of customer retention and loyalty.
  • Customer protection: Trust is at the core of any relationship, including those with your customers. When it comes to the contact center, as in any other sales channel, a safe and secure environment plays an essential role in building and maintaining your customers’ trust and confidence. When they know their sensitive information is protected, they’re more willing to trust and stick with your brand.
  • Compliance: Meeting call center requirements around authentication and protecting sensitive customer information is paramount to mitigating risks that can result in costly security breaches or compromised data. Adhering to federal regulations not only protects your customers and business from ever-evolving fraud scams, but it keeps you up to speed on policies and procedures that support your operational and business initiatives.
  • Scalability: When it comes to the call center, the value of your business may lie in how scalable you are. The ability to scale your contact center to adequately meet fluctuating call volumes is critical to your operating budget, managing employee schedules, operating more efficiently, and achieving quality service levels that meet increasing customer needs and demands.

Today’s business enterprises present a level of risk at every corner. Whether it’s a financial risk, security risk, compliance or reputation risk, investing in a safe and better overall experience will help ensure your customer channels are protected against the latest threats. It will also help your contact center run at the most optimal level to improve customer satisfaction and consumer confidence with your brand.