Firms have questioned recently whether they’ve taken outsourcing too far. To quote the Economist, “Service companies, for example, contract out customer complaints to foreign call centres and then wonder why their customers hate them.”
Sound familiar? At APT, we’ve helped banks work through understanding this issue. While the cost savings of outsourcing customer calls tend to be clear, whether there is a decline in cross sell revenue, customer satisfaction, or retention is less so.
The magnitude of this impact varies by type of customer and type of call. It is important to look back and assess the impact of outsourcing and develop an optimal strategy for each customer type and call type. This can allow banks to effectively use outsourcing to maximize profits and minimize any impact to customer satisfaction.