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MYRIAD_ConversationalAI_CaseStudy2_092024

Overcoming Rapid Growth & Call Inefficiencies in Financial Services

MYRIAD

Case Study: Organizations are increasingly pressured to optimize their operations, especially in contact centers where efficiency, customer satisfaction, and cost savings play a critical role. MYRIAD has helped numerous businesses transform their contact center operations through advanced technology solutions, including Conversational AI. By conducting comprehensive call assessments and identifying key opportunities for automation, MYRIAD empowers businesses to achieve significant operational gains.

The Challenge

One of our clients in the Financial Services sector faced rapid growth (200% in 12 months) and inefficiencies in handling customer calls, particularly with Authentication, Non-Sufficient Funds (NSF) and Settlement-In-Full (SIF) inquiries (relatively mundane tasks).

They could not hire and train the required agents to manage the incoming call volume on time. They needed to boost agent productivity, as their existing system required agents to manually manage Authentication, NSF (non-sufficient funds) and SIF (settlement in full) calls —tasks that could be automated for greater efficiency.


The Call Assessment Findings

MYRIAD and our Conversational AI Provider conducted a comprehensive call assessment using a sample of 95 calls. Our analysis revealed:

  • $1.5M in Projected Savings: Automation of the identified call flows could save our client $1.5 million over three years.
  • 7 Primary Call Flows Identified: These included NSF and SIF calls, which occupied 54% of total agent talk time.
  • Automation Opportunity: 4 of the 7 call flows were well-suited for Conversational AI automation. Including NSF, SIF, authentication, and call purpose collection, which collectively consumed 77% of total agent time.

The Solution

Based on these findings, MYRIAD proposed the implementation Conversational AI to handle these repetitive tasks. The expected outcomes included:

  • Reduced Average Handle Time: Automation was projected to reduce their Average Handle Time (AHT) by 50%, from 6.5 minutes to 3.25 minutes.
  • Increased Efficiency: The introduction of automation could handle the equivalent workload of more than 25 full-time agents (FTEs), leading to an estimated three-year after technology cost savings of $1.5 million in agent salaries.
  • Improved Customer Satisfaction: Automating repetitive call flows has significantly reduced wait times and sped up call resolutions. As a result, agents are now free to focus on more complex customer inquiries, delivering a better overall experience.

ROI and Long-Term Impact

By reducing agent turnover, improving customer satisfaction, and expanding agent capacity, our client is now on track to revolutionize its Contact Center operations, driving long-term efficiency and growth.


Why Partner with MYRIAD?

MYRIAD expertise identifies inefficiencies and helps our clients implement tailored technology solutions that drive measurable results. By leveraging the power of Conversational AI, MYRIAD enables organizations to unlock significant cost savings, improve operational efficiency, and future-proof their Contact Center operations.

Ready to transform your contact center and realize cost savings?

Consult with MYRIAD and schedule your own Call Assessment. We’ll analyze a sample of your Contact Center call data and identify the best use cases for automation. Beyond Conversational AI, MYRIAD offers a suite of technology solutions designed to optimize every facet of your business.

 


This article contains real insights from our client's call assessment and promotes the value of MYRIAD's consultation services for potential prospects.
MYRIAD

MYRIAD

With over three decades of Contact Center experience, MYRIAD provides technology solutions tailored to the evolving needs of businesses across all industries.