PREMIER Bankcard Delivers Premier Customer Experiences

PREMIER Bankcard relies on Verint Customer Engagement Platform to enable it to efficiently track and improve its customer engagement efforts.

Woman sitting at a laptop with a credit card in hand

The results

$500k
Identified nearly $500,000 in potential cost savings from 11 call studies yielding 52 performance improvement recommendations.
$65k
Found $65,000 annual savings per team stemming from decreased handle time.
$50k
Saved $50,000 annually through the elimination of a repetitive “end-of-call” phrase.

Opportunity: Improve customer engagement efforts with Verint Customer Engagement Platform

PREMIER Bankcard is a trusted partner to millions of customers, offering credit cards to people building credit for the first time or to those who need an opportunity to rebuild credit. The company is dedicated to meeting customers where they are on their financial journey and supporting them as they work toward a brighter credit future.

The company’s customer service operations are staffed by 400 agents who handle half a million live calls per month. To further support its operations, PREMIER Bankcard relies on Verint Customer Engagement Platform to enable it to efficiently track and improve its customer engagement efforts.

Solution: Harness millions of interactions with Verint Speech Analytics

PREMIER Bankcard first deployed Verint Speech Analytics to support its English-speaking customer service team. It then expanded the solution to encompass its Spanish-speaking customer service group, as well as teams in collections, customer retention, and a new customer center.

In tandem with expanding the use of Verint Speech Analytics, the company established a new Customer Experience and Process Innovation department to actively apply the solution and resulting customer insights to drive continuous improvement in customer engagement.

Under the umbrella of this department’s duties is a Voice of the Customer Task Force. The task force is comprised of quality assurance representatives and customer service agents who are empowered to identify issues and areas for improvement. Central to the task force’s efforts is data analysis from Verint Speech Analytics, which enables PREMIER Bankcard to harness millions of interactions, and customer survey feedback.

By assessing the cost and productivity impact of improvement areas identified, the task force provides management with the ROI associated with its recommendations, enabling the organization to prioritize the areas in need of attention.

“Verint Speech Analytics is helping the organization with ad hoc insights that are contributing to operating efficiencies and cost reduction. In turn, as part of our structured center of excellence approach, the solution is helping us deliver a premier experience to customers.”

Nicole Garber Director of Customer Experience & Process Innovation, PREMIER Bankcard

Benefits

Among the task force’s recommendations, operational changes have focused on reducing call volume and total cost to serve, while improving customer satisfaction (CSAT) and retention – all aligning to the overarching metric of first contact resolution.

Using Sentiment and FCR reports from the Verint Marketplace, PREMIER Bankcard is leveraging predictive first contact resolution algorithms in call studies to understand how likely it is that agents resolved customer issues and the impact on CSAT. In addition, this helps the company identify which agents and call types create the most friction.

The call studies are also key to identifying areas where customer service associates excel. In turn, this plays a key role in performance management and agent recognition.

PREMIER Bankcard’s line-level supervisors receive high- and low-performer comparisons exported from Verint Speech Analytics. This helps supervisors identify where new employees struggle. Subsequent coaching, whereby the struggling agents listen to exemplary calls to understand how top performers handle challenging calls, can then be employed to improve confidence and performance. By using actual calls to support these “teachable moments,” the company has seen quality scores improve across low-performers and new hires.

Verint Speech Analytics helps boost customer experience metrics

Powered by Verint Da Vinci AI & Analytics, Verint Speech Analytics and its robust data export functionality have also been critical in boosting customer experience metrics such as CSAT, reducing escalated calls, and improving handle time. The impressive results and business transformation earned Nicole Garber, Director of Customer Experience & Process Innovation at PREMIER Bankcard, a Verint Engage 2022 Global Customer Award in the Innovating with AI and Analytics category.

In 2021, PREMIER Bankcard generated 52 recommendations for improvements from call studies. This translated into nearly $500,000 worth of potential cost savings, as well as efficiencies resulting in a headcount reduction of nearly 10 FTEs. Moreover, it found potential savings as high as $65,000 per team annually stemming from handle time improvements.

“Verint Speech Analytics is helping the organization with ad hoc insights that are contributing to operating efficiencies and cost reduction,” says Garber. “In turn, as part of our structured center of excellence approach, the solution is helping us deliver a premier experience to customers.”

As an example, Garber notes a focus on listening to the end of calls, with the catalyst being insights uncovered using Verint Speech Analytics. In doing so, the company discovered that agents were often repeating the phrase, “Is there anything else I can help you with today?” This not only lengthened average handle time, but inadvertently annoyed customers.

“By making a minor change of eliminating this phrase repetition, we were able to save $50,000 a year,” Garber concludes. “At the same time, we improved the customer experience.”

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