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Data Solutions & Analytics

Identifying Customer Service Savings with AI & BI

Project Overview
Project Overview

Challenge

Our financial services client noticed their customer service expenses rapidly growing. They needed a way to contain costs while maintaining – or improving – the customer experience. With extensive data coming through from customer service phone call recordings, they engaged Concord to help process the unstructured NLP data and determine areas of cost savings.

 

Solution

Concord saw an opportunity to automate processes, save cost, and improve customer satisfaction by making several improvements to the existing customer service process. By increasing customer self-service, routing calls based on complexity, and incorporating AI bots to help answer common questions, the customer service team could prioritize their experts’ time and help more customers quickly. Our team helped answer:

 

  • Can we avoid a customer phone call altogether with better FAQ documentation?
  • Which FAQ documentations still lead to calls?
  • What can we answer quickly with AI bots?
  • What can we answer quickly with scripts?
  • What is more complex and needs an expert?
  • What’s our satisfied ticket resolution rate?

 

We developed in-depth exploratory reporting and a subsequent suite of self-service tools for analysts to deep dive into trends and transcripts.

Results area
Results
  • Identified 12% annual opportunity for customer care cost savings
  • Built a suite of topic-based dashboards that account for conversations with multiple topics
  • Developed trend reporting based on individual transcripts
  • Determined and quantified key inquiry intents & correlations for further optimization
  • Outlined future “big bets” for customer service & support based on insights initiative

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