Financial institutions are all about the numbers. Credit scores, income levels, tax brackets. You name a piece of big data and the financial industry has learned how to find it, measure it, slice it and dice it.
Except when it comes to Voice of the Customer (VOC).
VOC data has historically been extremely challenging to collect and measure as a data point. There are millions of conversations flowing through financial organisations’ contact centres each year. The good, the bad and the ugly. It seems like an impossible task to measure and collect this sort of qualitative data in any sort of meaningful way. As a result, VOC data is often the missing puzzle piece when analysing revenues.
The bottom line is, if you’re not using VOC data to your advantage, you’re missing out. The good news is, advanced call centre analytics and reporting tools now give you the ability to measure and collect VOC in a quantitative way. This critical and missing VOC data enables organisations to have fact-based conversations about their customers versus feelings-based conversations.
And the really great news is, once a financial institution has determined how to harness VOC data, it can be used as a huge competitive differentiator to increase revenues.
Here are three ways you can use VOC data to find ways to increase revenue at your financial company:
Armed with voice-of-the-customer analytics identifying disgruntled customers, your customer service team can proactively reach out to these customers and offer gifts or incentives (seemingly out of the blue) to thank and reward them for their loyalty to your organisation.
Increasing revenue at large financial institutions is easier said than done. But when you add in your missing data set—VOC—you’re able to unlock a multitude of new opportunities to help you increase sales and profits.