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| A large financial services firm was experiencing major difficulties handling their customers' calls. They were trying to establish an in-house call center, but it just wasn't working. They were attempting to handle two functions: customers calling in to get approval on loan applications, and customers sending in loan applications via fax.
The firm was suffering from headaches due to a number of things. First, they had problems staffing. They couldn't find enough people to hire, and they didn't have enough space to accommodate the amount of business they wanted. Their building was simply not big enough. Second, their customer service levels were suffering. The customers were being subject to very long hold times, resulting in unacceptably high abandonment rates of 8-13%. Third, when the company did talk to their customers, the credit approval turnaround and fax turnaround times were too slow. |
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| The firm needed someone to fix these problems. They were referred to BizThinker. |
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| BizThinker immediately assigned a client management team to tackle this project. The team came up with a unique and very customized solution. More than 30 Inbound stations were dedicated to the client. A separate T-1 connection was established to link BizThinker's phone representatives (MSRs) directly to the client's AS400 computer system. It would be as if the financial services firm had a satellite operation at BizThinker. Everything the MSRs did was effectuated simultaneously in the firm's operating database. |
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| With this connectivity, a computer fax imaging program was put in place, enabling the MSRs to receive faxed loan applications and turn them around quickly. BizThinker also created special training and monitoring systems to keep the MSRs up to par with the firm's financially complex services. |
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| The highly customized project paid dividends for the financial services firm. The average speed of answer and abandonment rates improved significantly. The hold times were reduced to minimal, if any. The abandonment rate was cut from 8-13% to less than 3%. The fax turnaround time was sharpened to 7-9 minutes. Of course, these numbers mean happier customers, which means more business. As a tell-tale sign of the success of the project, the firm's loan applications per month boosted from 35,000 per month to 60,000 per month. This is almost a 100% increase in applications, which translates into almost a 100% increase in revenues. |
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| The firm was ecstatic to get the staffing problem out of its hair. They no longer had to worry about operating a call center. And the expansion issue was diffused-they could grow as large as they pleased. The firm was then free to aggressively market itself. Due to the overwhelming success of the project, this financial services firm has outsourced eight more projects to BizThinker. |
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