Archive for the ‘Retention’ Tag

Cardholder Bill of Rights

New limits on interest rate hikes – Fewer penalty fees – More time to make payments

It is obvious that this change in regulation will affect cardholders, but what impact will it have on the customer service and retention departments of credit card companies?

For starters, it is likely to cause a huge spike in call volume into the customer support centers as cardholders exercise their newly given authority. Secondly, there will most likely be an increased number of customers looking to close their accounts because they feel their current terms are not agreeable or they’ve found a better option.

The challenge to customer service executives is to ensure that their contact centers are equipped to handle that increased call volume and their reps are ready to respond to the retention challenges coming their way.

In order to prepare your contact center for these changes, here are three recommendations that have worked successfully in similar situations:

1. Assess and plan: Establish a plan that’s based on end-user training needs

Start by identifying what the end-user needs to support the experience you want your customers to have

Focus on what is needed to execute “on-the-job,” not just in the classroom

Build a master training curriculum that can be scaled to meet multiple audiences’ needs

Time is of the essence, so assess rapidly to determine short term needs; don’t over-study it

2. Rapidly train: Build the foundational skills necessary for reps to make the ideal call

Create a Training Workshop with all content needed for a new hire which can be scaled for use with existing reps as well

Equip mangers with the knowledge and skills needed to support the ideal “call flow” and coach their reps on-the-job

Provide quick, on-the-job resources for all associates to use to guide customer calls through an ideal “call flow”

Rely on certified trainers to deliver the training

3. Drive intensive behavior change: Guarantee success by ensuring that reps perform at the most critical time

Develop coaching and management tools to simplify how to diagnose reps’ skill issues and prescribe solutions at different skill levels

Develop tools to hold each team accountable to key performance indicators

Assign change management experts to drive execution in targeted centers by providing actionable, real-time feedback based on live interactions

Continuously refine your process based on results and frontline feedback

If you’d like to schedule a 1-on-1 brainstorm session with me or one of our other call center experts to discuss how you can prepare your contact center for February 1st by applying this approach, please contact Zach Pavol at 614-222-2168.

In addition, if you have other advice to offer in order to help prepare for this monumental change in the industry, please feel free to comment below.