Six Reasons for Call Center Services in Bank Merger Situations. Sanjay Jain Practice Manager Virtual Back-Office Services
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1 Sanjay Jain Practice Manager Virtual Back-Office Services
2 Market Conditions Driving Bank Consolidation Current economic pressures force financial institutions to consider significant countermeasures to grow revenue streams and reduce non-interest expense. As the overall industry efficiency ratio continues to rise (now above 60 percent), bank consolidation will continue to occur. According to Thomson Reuters, 2012 saw an increase in bank merger and acquisition (M&A) activity with transactions approaching pre-recession levels. Chart 1: Nationwide Number of Whole Bank & Thrift Transactions Source: Thomson Reuters Bank Insight The increase in M&A activity indicates that more institutions will need to execute sound conversions of core banking systems. One distressing statistic for acquisitive bankers to consider is that the success rate for M&A activity within American business as a whole has been less than stellar, according to several sources: Source Merger Sample Size M&A Success Rate % Business Week % Accenture 31 37% KPMG % McKinsey % (average) Mercer Management % Sirower BCG % AT Kearny 25,000 50% M&A Activity Statistical Success Rate Source: Mark Edwards Document Boss Web Site 2013 FIS and/or its subsidiaries. All Rights Reserved. 2
3 Sooner or later, most banks will have to undertake some kind of systems conversion. The key question is, How can merging banks ensure successful conversion results? Successful conversion is defined by little or no customer defection and, ultimately, revenue growth. Acquisitive banks must look to proven partnerships that can provide skilled resources to ensure completely successful transactions. These resources should include knowledgeable customer contact center staff who can provide extra high-touch services to protect a bank s most valuable asset in a merger their customers. Ultimately, bank merger success is judged on financial improvements, and all customer retention measures must be taken in order to ensure optimal merger results. One such measure is leveraging call center resources in the event of a bank acquisition. Whether you have a formal and well-defined call center operation or not, whoever is tasked to handle customer calls has a tough job. This is especially true in the middle of a merger. These resources are the frontline, even more so than the branch staff. They must deal with any glitches or a perception thereof. Having well-trained resources in adequate numbers goes a long way toward quelling any misperceptions regarding the value of the acquired customer base. Call volume after a merger usually increases as a result of changes in customer touch points, such as ebanking, mobile banking, interactive voice response (IVR), and e-statements. The challenge for the acquiring bank is to adequately staff up, even temporarily, in anticipation of a spike in call volume. One option is to partner with a trusted third party for supplemental resources. These resources can be supplied by a partner that is familiar with your bank and its technology. There are six important reasons why a financial institution involved in a bank merger should consider supplemental call center resources. Six Reasons for Call Center Services 1. Extend service and support reach to make acquired customers feel comfortable with their new bank 2. Reinforce feeling of value with acquiring bank s existing customers 3. Capture feedback on a real time basis 4. Respond to issues quickly, proactively, and consistently 5. Support the activation of new online customers 6. Show all customers that bigger can still be personal Extend service and support reach With an influx of newly acquired customers, the acquiring institution must take special care and time to handle even the most mundane requests. Competitors will go after customers at this time. A well-staffed call center with 24/7 support can go a long way in reassuring and, consequently, retaining new customers. A bank s internal call center resources can be extended to extra hours to make sure these new customers can quickly speak to another human being. This extended call center resource should be familiar with the acquiring bank s technology and be able to answer most questions immediately; this will help build the confidence of the new customer base, and cement them into their new bank relationship FIS and/or its subsidiaries. All Rights Reserved. 3
4 Reinforce feeling of value with existing customers The current customers of the acquiring bank must not be taken for granted. If those customers sense a loss of focus, or their bank becoming out of touch, they are likely to leave. All customers need to feel appreciated, especially during times of change. An outbound call center can help reach out and touch base with existing customers. They can answer questions about the new entity, resolve any immediate problems and assure customers that their bank appreciates their business and cares about their financial concerns. Capture immediate feedback Skilled call center staff can quickly collect and report on both positive and negative feelings of customers. Ignorance is not bliss when it comes to reading the temperature of clients during a time of transition. Organized and quantified feedback, whether from anecdotal calls or conducted in outbound surveys, helps guide executives to make informed business decisions and adjustments to policies. Respond to issues quickly If customer concerns or issues do come to light, bank management can use call center resources to proactively educate customers; they can serve to smooth over any challenging situations. If, for example, confusion about ATM charges surfaces, the bank may want to proactively waive ATM fees as a customer courtesy until any lack of knowledge becomes cleared up. Call center resources can explain this waived fee to both in-bound callers and they can also contact customers known to frequently use ATMs to ensure they understand temporary policy changes. Support activation of online customers Often in a merger, online accounts are converted automatically, but banks need to ensure their newly acquired customers can use technologies such as mobile and online banking. If previously active users do not show signs of engagement, they may need gentle encouragement. Call center resources can fill a vital role helping online users off-hours and making sure they conduct the transactions they desire from their channel of choice. Temporary call center resources familiar with ebanking technology can go a long way toward securing a vital segment of bank customers. Demonstrate that bigger can be better The size of an institution can sometimes double, especially in a merger of equals. Customers of both institutions involved in a merger or acquisition will be hyper-sensitive to getting lost in the shuffle. Bank executives must contend with headlines that will lead with the large size of the new organization. Call center services can counteract the feeling that a bank got too big to care. Proactive calls just to touch base can alleviate feelings of alienation. Call center resources acting on behalf of the new entity can quickly help a new organization get off on the right foot. Summary A merger done correctly creates shareholder value by cementing customer relationships and helping to add incremental business. Call center resources familiar with a bank s technology, and an understanding of financial services procedures and policies, can help secure customer relationships in the frenzied times of M&A activity FIS and/or its subsidiaries. All Rights Reserved. 4
5 Contact us For more information about Virtual Back-Office Call Center Services and how it can help banks in times of merger and acquisition activity, call , visit or contact your strategic account manager FIS and/or its subsidiaries. All Rights Reserved. 5
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