Infinity, has seen a significant spike in calls to financial service institution using its platform in relation to UK interest rates soaring.
During the week of 25th September, following Kwasi Kwarteng’s mini budget, Infinity’s data shows there was a 20% increase in calls from anxious customers looking for vital information about their finances.
Warren Newbert, CEO, Infinity, said, “The increase in calls around interest rates, and consequently mortgage payments, skyrocketing emphasises customers’ financial worries. Bank of England has now raised interest rates to 3% and expects the UK to fall into its longest recession. In response, banks must prepare their customer service teams to provide an outstanding customer experience, supporting those with.”
In order to best service the increasing number of calls, Infinity recommends that financial services institutions take the following steps:
Focus on empathy: brands should consider investing in tools that can give them real-time insights into how call agents are handling calls. In doing so, organisations pinpoint techniques such as tone of voice that are needed to deal with customers worried about making repayments. Brands can further train staff, based on conversation analytics, to ensure customer queries are met with positive and helpful responses.
Improve call handling times: calls signify one of the few direct points of contact customers have with their bank. After the mini budget, call minutes went up by 21%, proving that the period ahead is critical for financial institutions. By using call intelligence to better train staff and improve communications across other channels, organisations are able to strike the perfect balance between addressing customer queries in the contact centre efficiently and providing outstanding customer service.
“The Bank of England has said a recession may last until mid-2024. The next few days will be the most important time for banks to provide an exemplary customer call experience. However, the next couple of years will be an ongoing scramble to maintain or establish their reputation as a brand,” Newbert added.
