Cost per contact is down 89% – and the company says it is now always reaching the right people
– Cost per contact is down 89% – and the company says it is now always reaching the right people –
Dublin & London – July 29th 2013 – Secured lender Swift says an Interactive Voice Messaging (IVM) and text (SMS) messaging solution from business communications solutions provider VoiceSage has slashed costs and improved customer service. Eight weeks in and the organisation’s collections department has already reported improved contact rate and costs per contact cut by a remarkable 89% – as well as excellent service and innovation.
The Swift Group of companies specialise in the non-conforming secured lending market. Part of the Alchemy Group, the organisation, funded by many of the leading banks in the UK, aims to provide customers with the high levels of customer service as well as 100% transparency on all its products.
Swift had been using an IVM service to contact clients but Swift’s management team was unhappy with performance, as well as the level of service it was receiving. “We knew we weren’t getting what we should from the solution,” explains Jonathon Pearson, a collections & contacts strategy analyst hired at the beginning of 2013 to help the team improve its results in this core area of the business.
One of the problems with the system was a lack of customer verification: this too often meant the majority of those transferred did not want to talk to the agents, or were not the correct contact in the first place.
In response, a decision was made to evaluate alternative IVM support solutions. After careful market probing and after an in-depth pilot, Swift decided to move ahead with VoiceSage, on the basis of overall price, basic per minute rate, plus value (the number of call attempts made plus contacts secured).
As well as the functionality offered – another key decision criterion for Swift, after its poor relationship with its incumbent, was the level of service it could expect. “A key thing with any new provider was to ensure it is geared up to properly support us in getting the most out of our system,” Jonathon points out.
Moving to VoiceSage has meant improved contact rates and cost per contact, by ensuring via the vendor’s verification technology, that Swift’s telephone team reach the right people, at the right time. “With VoiceSage, we are able to check it’s the person we want to talk to, and they can terminate the call in a way that does not impact on our agents,” Jonathon says.
Swift is also benefitting from other VoiceSage IVM functionality, such as its reverse blind call transfer, a process that saves time and improves service.
Meanwhile, the VoiceSage SMS product, about to be rolled out, will be used for proactive early payment reminders and as a highly efficient method of getting in contact with customers who have missed payments.
And on the service angle, VoiceSage has been very proactive and involved, according to Jonathon. “VoiceSage has been really keen to make sure we got what we needed and helped us look at making little innovations where we could,” he enthuses.
In bottom line benefits, Swift estimates that using VoiceSage the contact rate for its collections work has doubled, from 1.8% with the previous provider to 4.9%. Also, the cost for engaging with each contact has dropped from £18 to £2, a massive 89% reduction. “These savings reflect the service charge and do not factor in the savings on labour costs – so the ROI is considerable,” notes Jonathon.
What matters most is, he concludes, the fact that Swift’s agents are now only ever “dealing with the people who want to talk to us and engage.”
Press contact: Sarum PR, Amanda Burgess
+44 (0) 20 7241 1390 – firstname.lastname@example.org
Founded in 2003 and headquartered in Dublin and London, VoiceSage and its founders have deep heritage and experience in delivering transformational customer communications solutions that streamline and add value to high-volume outbound contact activities.
Household brands including Argos, Dun & Bradstreet, Thames Water, AXA Insurance and Freemans Grattan Holdings rely on VoiceSage to reduce inbound call volumes, increase appointments and deliveries, reduce debt and enable real time customer conversations.
VoiceSage’s cloud-based messaging product and services deliver more than 2 million messages a day and are used by businesses serving more than 75% of the UK population. More than 44 million individual phones in the UK have received a VoiceSage message at some time.
Please visit www.voicesage.com and follow us on Twitter @VoiceSage
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