Customer service is the backbone of the auto lending industry. When customers consistently have positive interactions with your representatives, they’re more likely to become repeat customers or recommend their friends or family to your business. In fact, 80% of customers say the experience a company provides is just as important as its products or services.
However, excellent service requires a great deal of work. From the initial query to finalizing a loan to collections, lenders have various touchpoints with customers, and ensuring the best experience every time is no easy feat.
As a leading service provider for more than 30 years, we understand the challenges lenders face in maintaining consistent, positive interactions with customers. This article analyzes the criteria needed for more insight into the importance of customer service in BPO or managed servicing (outsourcing of auto loan or lease portfolios).
#1 Customer Retention is Valuable
Having a framework for personalized communications, including multi-language support, allows you to provide meaningful and results-driven messaging to customers. Every customer interaction can positively or negatively impact your brand, so making every customer interaction count is essential.
#2 Customer Satisfaction is a Competitive Advantage
Customer service can be an excellent differentiator for your business. For example, more than half of customers stop doing business with a lender after one poor service experience, and 67% of this churn is preventable if the customer’s problem is resolved during their first interaction. That means if you provide excellent customer service, you’ll not only retain your customers, but you’ll attain your competitors’ as well.
A well-trained, outsourced customer service team can make your business the most excellent version of itself. Their ability to communicate directly with customers has the power to transform your company and grow your customer base, putting you at the top of the list for preferred auto lending services.
#3 Increased Customer Lifetime Value (CLV)
Customer lifetime value metrics represent the total revenue you can expect from a single customer account, and growing this value means that your customers are using your services more frequently. This makes new customers more trusting of your business and permits you to upsell and cross-sell additional products or services with less friction. In addition, new clients will trust that your team is recommending services that truly fit their needs, creating a better overall experience.
Seasoned lending professionals and innovative technologies provide a solid foundation for efficient, high-quality customer service and allow the BPO provider to gather detailed data on customer service performance. This data is regularly analyzed to ensure your business and customers realize all the benefits of contact outsourcing.
#4 Customers Expect High-Quality Service
Customers don’t want to feel like they’re being treated as just “another number.” Instead, they expect to feel a personal connection with a representative that has the insight and expertise to resolve their issues. If that’s not the case, it’s likely you won’t be receiving any repeat business from them.
Recent surveys show that 66% of customers said they would switch brands if they felt they were being “treated like a number, not an individual.” There are many other lender options out there, so it’s up to you to meet customer expectations if you want to attract and retain loyal customers.
The Importance of Customer Service in BPO and Managed Servicing (Outsourcing of Leases and Loans): How We Make It Happen
Customer service is one of the most under-valued assets in business. Lending professionals understand how invaluable outsourcing many processes can be, and service providers understand the importance of customer service in BPO and managed servicing outsourcing of leases and loans.
We seamlessly integrate the power of white-label customer service with your unique brand to build customer retention and scale your business. To ensure a positive customer experience, defi SOLUTIONS’ representatives employ a proprietary communication model called defi Customer Connection. Our solutions are designed for:
- Agility
- Scalability
- Stability
- Ease of implementation and integration
- Configurability and compliance
Which allows lenders to focus on their business goals.
Getting Started
defi SOLUTIONS’ understands the importance of customer service and has more than three decades of experience providing lenders with managed servicing customer service outsourcing. Our representatives have the skill and expertise to ensure your customers always have a positive interaction and build lasting relationships with your brand. If you’re struggling to provide these services in-house, contact our team today to learn how outsourcing can help you achieve your business goals.
