If the Service Level for Your Call Center Is Lacking—Auto Lenders Should Do This

Some say customer service is the last frontier where businesses can differentiate themselves, and the result has been an increasing struggle to deliver the best customer service possible. 

It’s not misguided—nearly 60% of customers say they’d switch to a competitor if they receive poor customer service. 

An auto lender’s reputation hinges on the experience customers have, whether they reach out regarding a problem, or you call them as a part of your cross-sales, collections, or retention efforts. The service level for your call center is a key performance indicator (KPI) that measures the quality of support your customers receive.

When your service level isn’t optimal, it eventually affects your reputation (and your revenue). Therefore, it’s imperative to constantly measure service level over time and engage in preventative or reparative tactics to help enhance it.

The impact that call centers and customer service have on revenue, customer retention, and business overall should urge auto lenders to re-examine their call center operations.

Calculate the Service Level for Your Call Center 

Measuring the exact performance level of your call center is essential to understanding where it’s lacking and where it’s successful. Start by defining your desired service level. For instance, a good benchmark is a minimum of an 80% success rate. Then, determine where your performance currently stands to make a comparison. Most auto lenders will calculate the metrics using this equation.

→      X percent of calls answered in Y seconds

Example: 80 percent of calls should be answered in 20 seconds

→      (number of calls answered in Y seconds / total calls offered)

Example: If you have 5 thousand calls in a month and 3 thousand are answered in Y seconds; (3000/5000) * 100 = 60 percent

Sixty percent is far from optimal, your target should be at least 80%. It’s critical to reach your desired service level consistently each month. 

These days, lenders are overwhelmed with the number of borrowers reaching out. It may be time to consider looking towards outsourcing your customer service.

Start by Optimizing Your Service with a BPO Expert

Workforce management involves forecasting call volumes, scheduling the optimal number of representatives to work throughout the day, creating schedules for each representative, and adjusting the workforce as needed. It’s a complicated and time-consuming task. 

A business process outsourcing (BPO) expert will relieve that pressure and provide you with everything your in-house call center may be lacking. 

The benefits of outsourcing call center operations include:

When workforce management isn’t optimized, it significantly impacts your call center’s service level and your bottom line. Understaffing results in fewer representatives fielding calls, longer wait times, and a decline in service level. Overstaffing alleviates some of the issues, but it’s not cost-effective.  

If you’re still unsure if a BPO expert is right for you, let’s examine other ways they help improve service levels.

Offer Borrowers 24/7 Customer Support

A 24/7 answering service is an invaluable resource that can make a world of difference in your service levels. However, it’s unrealistic (and unusual) for auto lenders to operate outside of typical business hours.

The bottom line is that customers want answers immediately. Having to wait for a response is an inconvenience and drives business away. According to a recent survey by HubSpot, 90 percent of customers rate an “immediate” response as essential when they have a customer service question. 

defi BPO solutions provide auto lenders with highly trained, expert customer service teams that are always available to help. Quality support through online chats, calls, and emails gives customers the chance to choose the channel most convenient for them and the satisfaction of a timely response.

A BPO partner with white-label customer service helps you demonstrate a positive commitment to your borrowers and boost the service level of your call center, but to resolve internal problems, you must fully understand what the issues are.

Analyze Customer Support Feedback

The best way to learn why your customers are unhappy is to ask. Offering a survey about the support they receive gives customers a direct line to explain why they’re not satisfied with their customer service interaction. Ask a few questions and include the opportunity to state the issue in their own words.

Asking your customers to provide you with feedback shows that you value their opinions and care about what they say. They’ll feel important and involved because you’re treating them as such.

An expert BPO partner will use the analytics of this feedback to pinpoint where your service levels need the most improvement. Using this data will fill in the gaps of your call center services and ensure a positive brand view by your customers.

Representatives of defi SOLUTIONS are trained on the proprietary defi Customer Connection communication model. This model provides a framework for customer communication that prioritizes the personalized connection and delivers meaningful, results-driven messaging and effective resolutions to the issues your customers are experiencing.

Is Your Business Ready for a Customer Service BPO Partner?

If the service levels of your call center are less than desirable, a BPO is the best option. An effective way of weighing your options is to consider the service level of your call center and ask yourself the following questions.

If you answered yes to any of these questions, you’re ready. Build your business with a partner that understands your needs and budget. Stay on the forefront of end-to-end lending technology and services that empower lenders and borrowers. Define and achieve your goals today and in the future with solutions designed to grow with ease.