Bhupender SinghBhupender SinghMay 15, 2018
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4min1928

Billing and accounting errors have become disappointingly normal for the telco industry; a recent study from software company Brite Bill found that a substantial proportion of complaints about telecoms operators were due to billing and contract issues, with billing issues accounting for 30 percent of complaints.

As a way to compete in the new digital age, telecom providers have diversified their services into wireless, broadband, TV & digital, and M&A activity to thrive in challenging market conditions. But unfortunately broadening their remit has opened them up to overlap, negligence, and redundancy in billing.

Telecoms companies are under pressure to put an end to the overbilling of customers for the services they use. This requires a conscious effort to implement internal controls and processes which provide a holistic overview of customer activity and span across different services offerings.

Telcos providers work from multiple systems, which makes it harder for them to create an agile system fit to compete against new innovators. Ageing legacy systems are one of the main causes of inaccurate telecom billing for customers. This traps service providers in a repetitive cycle of overcharging, slapped with fines and investigations by regulators.

Success in today’s business landscape hinges on a telecom provider’s ability to deliver high quality customer service. Delays in telecom providers dealing with customer requests can fuel further frustration.

At one point or another we’ve all felt the stress of waiting endlessly in a queue, and so can understand the urgency of getting in touch with someone when a problem arises – especially when it’s something as crucial as billing. Telecom providers can improve customer experience by carefully listening to feedback and maintaining quality customer service when problems occur. With the stakes in the battle for customers higher than ever, innovative technologies can boost efficiency for back-office processes and can manage customer requests in a more timely and accurate manner.

Automation can also enable telecoms businesses to take a proactive approach to customer care by modernising the back office. For instance, automation can reduce the average handling time for billing calls by 70 percent, allowing staff to direct their energy towards customer needs and provide the best experience possible.

Real-time data allows telecos to measure user experience, enabling better informed decisions. Monitoring customer behaviour at different touch points of a customer’s journey allows businesses to adopt a proactive approach and pivot accordingly. With brand loyalty being a thing of the past, customers will not be afraid to air their discontent on social media platforms after a bad experience or instantly look elsewhere.

In order to reduce this risk, telecoms companies need to focus on improving contactability and cutting down the call rate, ensuring that complaints are handled effectively. Partnering with digital experts who have deep domain knowledge of the industry will support telco companies in their quest to become more agile. It will enable them to take back market share from new entrants who are not hindered by old data management systems.


Bhupender SinghBhupender SinghJanuary 31, 2018
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5min1968

Banks are springing into action as the battle for the customer intensifies; according to the recent UK Customer Satisfaction Index, financial services firms have made significant improvements, in comparison to previous years.

Banks and non-traditional financial institutions are shifting their focus away from product offerings toward creating interconnected, simple, and personalised customer service.

However, financial institutions still lag behind retailers and travel providers when it comes to customer service. So, what exactly can they learn  in order to bag themselves a top spot when it comes to enhancing the customer journey?

The customer service delivery model is changing – branch closures and digital trends are changing the way customers bank and engage with their financial service providers. With new regulation and mounting competition from agile digital disrupters, banks are having to rethink how they interact with their customers at every step of the banking journey.

Boosting customer satisfaction is high on the agenda for traditional banks, which are under pressure to reinvent how they deliver to customers in the digital age. Cost pressures on profit margins are driving banks to shut down branches. Closing bank branches is an attractive option to manage cost pressures – the traditional branch can easily account for 40 to 60 percent of a bank’s total operating cost.

Despite the growing trend to shut down branches to manage cost pressures, recent studies find that most customers – including millennials – still prefer having a physical branch nearby. Agile banks are revamping the banking model for the digital banking era to grow and maintain their market share without traditional branch expansion. So, how can banks balance operational costs with innovation?

Traditional institutions are now in an optimal position to direct their attention towards long-term growth transformation strategies enabled by new innovations. These will be directed towards creating a technology-enabled, data-empowered system, which puts the customer at the heart of every business decision.

Banks are directing investment to their back-office to boost operational efficiency, reduce customer churn, and resolve customer enquires faster. Waiting in lengthy queues and being passed from one department to another is a key factor fuelling customer dissatisfaction when searching for the right customer service agent.

In regards to telephone banking, technology is now being used to recognise customers’ voices and predict the purpose of their call based on the status of their account. This enables individuals to be automatically forwarded to the correct department, streamlining the Customer Experience to avoid being passed from pillar to post.

The need for in-person service is very much alive, and in an increasingly digital business landscape, the branch network is central to fostering trust and providing financial advice to compliment other digital channels.

Banks are grappling with the future of physical branch locations, but to bridge the gap between in-person and digital, they are beginning to make moves towards utilising a mobile advisor workforce, which can be managed through a mobile app. Connecting roaming advisers to nearby customers, when and where they are needed, eliminates the costly outlay of a bank branch and gives customers the level of service they desire.

With the support of automation, staff are becoming more empowered to resolve complex issues, which in turn means that branches will not just sustain the banking experience for customers but will manage to revive it. One national UK bank used technology to reduce complaints by 25 percent and customer churn by 12 percent, by using data analytics to recognise customer needs in advance and resolve issues faster.

We are in a time of significant change, with challenger banks and specialist lenders increasing their gross lending and market share, and traditional providers seeing their share stagnate. However, it is not game over for banks – they have an established customer base to leverage and can use the opportunity to create a harmonious balance between the different channels available, to accommodate all customers to strive for success in the new banking landscape.




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