I was listening to a Bloomberg technology panel the other day called “Seeing Around Corners.” It was a panel made up of senior technology executives from very large financial institutions, and the discussion was focused on the digital transformation going on in banking.
As the title suggests, the panelists were sharing their insights into how they could anticipate customer needs and be ready with their new digital solutions.
It occurred to me that “Seeing Around Corners” is what Cyara Customer Experience Monitoring allows our customers to do in your production environment. First off, with CX monitoring, Cyara bots call into a company’s IVR just like their customers do. These bots make sure that the IVR journey is timely, accurate and easy for the customer to understand.
By doing this, Cyara is really giving our customers the ability to see the future. What is the future of your CSAT or NPS scores if you leave issues in your caller’s journey uncorrected? Those scores will be negatively impacted for sure, and there is real business value tied to each of those measures of customer experience.
Sometimes the issues that you can see coming around the corner are not even that noticeable on a single call, but when the impact is measured across millions of customer journeys the impact can be quite large. Take, for example, a recent monitoring pilot we did for a large financial institution. This company was migrating from one contact center environment to another, and they were really only focused on the customer experience in the new environment. We suggested that they monitor both environments, side-by-side in one single dashboard.
What we found was an issue with a portion of the IVR journey where the new IVR took 10 seconds longer to respond to the caller than the previous IVR had. Ten seconds may not sound like that long in the context of a single call, but that particular IVR flow handles about 45,000 calls per day. Ten seconds for every one of those daily calls adds up to 45,625 hours of wasted customer time per year. That is more than 22 person-years of wasted customer time that would have occurred if they hadn’t found that issue and then worked to resolve it.
10 seconds per call = 45,625 wasted customer hours per year.
What would that do to your CSAT or NPS scores?
That is the key to seeing around corners: you must know where to look. We guided this customer to focus some of their monitoring on the vulnerabilities in their caller journeys. Accessing data from a backend system is always an area of vulnerability in your IVR flows, and it turns out that is exactly what was causing the ten second delay. Problem solved, leaving 45,000 callers per day just a little more satisfied with their interaction. What’s that worth? I am guessing that would be easy to quantify for someone at that company.
At Cyara, we can help you to see around corners too. We not only have the technology platform to enable this type of production CX monitoring but we also have the expertise to guide you where to look. And when the next corner might present challenges to your customer experiences, seeing them before your customers do can be the only way to prevent a small issue from growing into a large problem.