CASE STUDY
Creating Efficiencies in a Financial Services Organization
$600,000
Potential Annual Savings
24%
Increase in Calls Answered
19%
Increase in Service Level
CASE STUDY DETAILS
Project Summary:
A well-known financial services organization was experiencing suboptimal customer service metrics across domestic contact center operations. Low service levels, agent occupancy rates below 65%, mediocre CSAT scores, and cumbersome reporting processes were negatively impacting performance.
CASE STUDY DETAILS
The Challenge:
Outdated Excel-based reporting and workforce management practices made it difficult to analyze trends, forecast workloads, optimize staffing, and enhance the overall customer experience.
The company needed to modernize their workforce optimization technology and introduce more analytic capabilities to drive meaningful operational improvements.
PLAN OF ACTION
Project Solution:
The client selected Knowledge Rhino to provide managed services for workforce management and analytics. The Knowledge Rhino team began by assessing current processes, systems, and pain points through stakeholder interviews and data analysis. They discovered utilization of outdated legacy systems, data silos, and reliance on Excel limiting proactive planning.
THE OUTCOME
New Initiatives:
In a transformative leap, Knowledge Rhino introduced several groundbreaking initiatives to enhance their operational efficiency and customer insight capabilities.
- A Consolidation of Data Sources into a centralized analytics platform with customized dashboards revamped reporting capabilities.
- The New Workforce Management System automated forecasting, scheduling, staff modeling, and interval-based management to optimize resourcing.
- Implementation of Speech Analytics unlocked customer insights from 100% of calls vs. only 1% previously.
THE OUTCOME
Project Results:
Within months of Knowledge Rhino workforce optimization initiatives, the contact center saw significant improvements including:
- 12% increase in occupancy
- 24% increase in calls answered
- 19% increase in service level
- CSAT increase from 3.75 to 4.87
- +$600,000 in potential annual savings based on increased agent productivity
Additionally, Knowledge Rhino speech analytics technology helped reduce agent shrinkage turnover and enhanced coaching by surfacing trending issues across all interactions.
By leveraging Knowledge Rhino’s analytics-based workforce optimization managed services, the financial services organization succeeded in enhancing contact center efficiency, the customer journey, and operational performance.