How Does the Rising Cost of Living Impact Customer Contact?

Rising cost of living concept with piggy bank, lightbulb, house, trolley and wallet with arrow going up
Filed under - Industry Insights,

Frank Sherlock at CallMiner looks at how the rising cost of living is impacting customer contact demand.

Almost one in every two people (48%) report declining confidence in their ability to pay their bills and make ends meet, and more than 53% say they have had to delay a bill payment in the past 12 months.

The rise in vulnerability, and the requirements outlined by the Financial Conduct Authority (FCA) Consumer Duty, emphasise a growing need for organisations to effectively engage with, communicate with, and deliver services to customers – in the right way. Recent research shows many organisations must work harder to achieve this.

Changing Expectations

Being able to offer omnichannel customer service has never been more important. Customers expect faster, more personalised communication, in first call resolution, relevant cross-sell or upsell offers, and more.

However, organisations are still struggling to deliver, missing huge opportunities to proactively communicate and engage with their customer base. This includes identifying those at risk of becoming financially vulnerable and helping them before they slip through the net.

How to Thrive, Not Just Survive

For organisations – regardless of sector – to not just survive but thrive in these challenging times, they must understand their customers better. It’s critical to gain a holistic view of their customers, including the customer journey.

When organisations deeply understand customer demands and identify common behaviours, they gain the insights needed to deliver better communications and services.

Further, organisations can provide proactive information before the customer has even asked or attempted to make contact, and if customers do have to make contact, arm their agents with the knowledge to successfully deliver the appropriate resolution.

Declining Confidence in the Ability to Pay Bills – How Contact Centres Can Support

By doing more with less and rethinking the opportunity for proactive communications, organisations can improve the perception of customer service, as well as increase loyalty, reduce churn, and deliver a higher quality customer experience overall.

Recent research by the Call Centre Management Association (CCMA), supported by CallMiner, explores to what extent consumers have been affected by rising costs and consumer perceptions on how well providers are supporting to those who need it.

The findings also highlight a proactivity gap – with more consumers welcoming more contact from their providers regarding help with spending.

This blog post has been re-published by kind permission of CallMiner – View the Original Article

For more information about CallMiner - visit the CallMiner Website

About CallMiner

CallMiner CallMiner is the leading cloud-based customer interaction analytics solution for extracting business intelligence and improving agent performance across all contact channels.

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Call Centre Helper is not responsible for the content of these guest blog posts. The opinions expressed in this article are those of the author, and do not necessarily reflect those of Call Centre Helper.

Author: CallMiner

Published On: 10th Jul 2023
Read more about - Industry Insights,

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