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Four fintech companies using customer experience as a successful business strategy
July 27, 2017
For the second year in a row, TELUS International attended the CB Insights Future of Fintech event in New York City. Interest in the space continues to explode; compared to last year, there were more than double the attendees and speakers at the event. But also for the second year in a row, there was a noted lack of programming specifically devoted to fintech customer service and customer experience — a critical piece of this growing marketplace.
The business opportunity in fintech is significant for many reasons. With nearly $13B in VC funding in 2016, the sheer size of the global financial services market (and market disruption opportunity) is in the trillions.
Fintech companies are also well-known for developing some of the most easy to navigate and visually appealing UX designs. Clunky interfaces are just one reason Millennials don't trust banks and traditional financial institutions. In fact, 75 percent of Millennials would rather bank with big tech companies like Google, Amazon and PayPal, according to a recent report, which also found that a whopping 71 percent of Millennials "would rather go to the dentist than listen to a bank's message."
But what makes fintech so exciting is the possibility it creates for a radical realignment with the customer. For instance, what if a money transfer company prided itself on facilitating the lowest-cost transaction possible, rather than take the largest cut they can manage? What if wealth advisors structured their business to keep investor costs as low as possible, while making investing as simple and profitable as possible? What if a health insurance company had a vested interest in improving your health outcomes and extending your life? And what if a credit rating agency made money by ensuring customers pay the lowest interest rate for loans and credit cards, and even offered to do its customers' taxes for free?
All of these are departures from the status quo in traditional financial services. But a single-minded focus on the customer is paying off in financial success. As the industry begins to mature, more and more fintech entrepreneurs learn a simple but important business lesson: it's cheaper to retain customers than acquire new ones. And going the extra mile to build trust by delivering an amazing customer experience makes both acquiring and retaining customers cheaper and easier.
Here are four fintech companies leading the way in delivering the best customer experiences:
By charging customers a flat 0.5 percent fee on foreign money transfer transactions, UK-based TransferWise, which launched in 2011, saves customers more than $1.5 million per day on bank fees. TransferWise now moves $1.5 billion per month on behalf of its customers and is poised to become the largest money mover in the UK.
Transparency and lower cost have drawn millions of customers to this fintech unicorn, and away from traditional banks and money transfer companies. "82 percent of people don't know what they're paying in exchange rates, because they're hidden in bank fees," says Kristo Käärmann, TransferWise co-founder and CEO. "Banks actually have an incredibly high cost base to do the same thing we do. It costs seven times more for a bank to do a foreign exchange transaction than it costs us."
On top of lower cost and greater transparency, a focus on delivering a great (and simple) mobile customer experience has even resulted in unexpected advocacy from its competitors. "I've heard about banks recommending TransferWise because they actually benefit from offering a great customer experience rather than their own opaque money transfer product," says Käärmann.
With over two million customers, robo-investing app Acorns has designed its slick, simple interface to enable users to save and invest, says CEO Noah Kerner. Using concepts from behavioral economics, the company pioneered a simple tool called Round-Ups to encourage "microinvesting" by automatically investing users' spare change from purchases.
The Acorns service is free for college students, and only costs $1/month for everyone else up to $5,000, when annual fee peaks at 0.25 percent. Kerner says the company has set its sights on a huge market in the U.S. – the 182 million people who he says are overlooked and underserved. "A lot of companies call them 'underbanked,' but we call them 'up and coming,'" says Kerner, "and we like to say they're 'not struggling, but striving.'"
With 97 percent of its customers accessing Acorns via their mobile device, the service feels custom built for the Millennial population. Making investing simple and cheap for the masses means annual revenue per customer is small, but the company is already developing new products to keep customers interested and engaged. Its "Found Money" program partners with diverse companies from Apple to Wal-Mart, Airbnb to Warby Parker who invest a percentage of purchases directly into Acorns accounts.
Clover Health
Many existing health insurers view their customer in terms of simple annual income rather than through their lifetime value, resulting in a misalignment of incentives, says Vivek Garipalli, CEO of Clover Health, a technology- and data-driven health insurance company serving Medicare Advantage recipients. "We actually got into health insurance because we saw an opportunity for alignment with the customer," Garipalli says.
When the insurer and the customer have the exact same incentives – to live the longest, healthiest life possible – the pursuit of a great customer experience becomes a business imperative. Built with Silicon Valley tech style infrastructure, Clover has no siloes around customer data, resulting in a true omnichannel experience for customers.
Each time a customer interacts with Clover contact center agents, they find something that impresses them – friendly, empathic people who don't sound like they're rushing to the next call. Garipalli says every interaction with a healthcare provider offers an opportunity to improve health outcomes, especially when trust exists between the customer and the insurer. "We hire for two things – kindness and empathy," says Garipalli, "since building customer trust increases engagement, drives up adherence to medication and other healthy behavior, and everyone benefits," he says.
Credit Karma
Ten-year-old Credit Karma has been around longer than most fintechs, but it has added 70 million users in the past five years for the same reason most other fintechs have gained market share – developing trust through customer-centered experience. Not only does Credit Karma allow users to access their credit reports for free, it helps them understand when they are overpaying on car loans, auto loans, and credit card interest rates.
Founder and CEO Kenneth Lin says the company's goal is to bring the same kind of frictionless experience to financial services that ridesharing did for transportation – to minimize interest rates and maximize yield for consumers automatically, and ultimately, "to help people move forward in their lives." Insurers, lenders and credit card companies pay Credit Karma for each new customer referral.
Building on the rapid adoption of its credit-related products, last year Credit Karma began offering its customers free online tax preparation. In its first year in the space, Credit Karma filed over one million tax returns on behalf of its customers, says Lin.
By demonstrating a willingness to give credit reports and simple tax prep away for free, Credit Karma has built the kind of trust that traditional financial services companies only dream of achieving. And with $500 million in 2016 revenue, Lin says the company grew by 50 percent last year, serving as a model of the success at scale that more and more fintech companies will no doubt achieve – if they continue to let an obsession with the customer experience guide their business strategy.
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TELUS International Europe, a leading outsourcing company, won the "Strategic Investor" award today at the Plovdiv 2020 Forum. Organized by the Plovdiv Municipality and the media outlets TRUD and 24 chasa, the theme of the Forum is "what should be done to develop industry, cultural tourism and investment".
Join our acts of good at the TELUS Days of Giving
Our TELUS Days of Giving are among the most important initiatives in the Corporate Social Responsibility (CSR) calendar of TELUS International across the globe. We are now getting ready for the third edition of the TELUS Days of Giving in Sofia, which is just around the corner on September 5th. Our friends from the Louis Braille School in Sofia for visually impaired children are awaiting us for a third consecutive year, traditionally just before their school starts.
For game gurus: Quality is a game changer and it really is possible to be bug free!
You better than anyone else know that game quality is everything! Video games are complex and difficult to design and test no matter whether you are developing AAA game or the next Flappy Bird. You also (probably painfully) know that ensuring sufficient pre-release functional testing is a humongous challenge.
Start-ups and outsourcing: how to achieve growth, innovation and success
Over the past couple of years, we've noticed a number of experts in start-ups, innovation and venture capital discussing the potential benefits of outsourcing customer service and other non-core business functions.
65% of social media users prefer this channel to the traditional contact centers
A tremendous customer service opportunity has emerged with the adoption of social media by consumers and the ability for companies to effectively listen to and track conversations about their brands. At TELUS International Europe we call this activity "social care," and it's defined as the efforts employees make through social media to care for customers.
Let's talk about games at gamescom in Cologne!
With gamescom coming up in two weeks in Cologne, Germany, August 5 to 9, we've got games on our minds! We are very excited about this year's event as we are now happy to share with you that we have extended our games services.
For e-tailers! How to boost customer service and sales with online chat?
In Europe, E-commerce sales grew by 18.4 % last year to €156.28 billion. Industry sales are expected to increase with the same growth rate in 2015, so it will be worth €185.39 billion at the end of the year (Source: RetailMeNot). These figures pose a tremendous opportunity for e-tailers to grow their customer base and provide top-notch customer service and sales within the online environment.
We speak games! Check out our new website!
We are excited to share with you our new website dedicated to games companies and publishers looking to provide premium support and bug free environment to their players, and conquer new territories full of gamers.
Executive breakfast series with TELUS International Europe
TELUS International Europe is happy to announce and invite you to a new initiative – Executive Breakfast series. This is not the typical business networking event, but a platform for sharing insights and innovations on hot topics in the customer care industry and not only, in the form of an interactive debate.
Sneak peek 2: Welcome to TELUS International Europe in Bucharest!
It is a fact! Our team in Bucharest moved to a brand new location! Cool, friendly, convenient, innovative, all in one, our new office is located in the AFI Park, Bucharest's newest and most advanced Class A Business Park. The building is fully integrated into "AFI Palace Cotroceni", the biggest and leading shopping mall in Romania and among the biggest shopping malls in the Central Eastern European region.
More than 350 TELUS International Europe volunteers renovated a school in Bucharest
From North America, to Central America, from Asia to Europe, our TELUS Days of Giving continue to inspire our team members to "give where we live" across the globe. This year, we held our annual TELUS Day of Giving in Bucharest on Saturday, June 6th at the 136 School located in the Ferentari area of Bucharest. With a total budget of 30,000 EUR, 350 team members, partners we gave our hearts and hands on that day to positively affect the lives of 400 children attending classes at this school.
Proudly launching the TELUS International Europe Community Board to support charities in Bulgaria and Romania
At TELUS International Europe we are pleased to announce the launch of the TELUS International Europe (TIE) Community Board on June 2nd in Sofia, Bulgaria. The Board has brought together community leaders and TIE team members to make decisions on where our help will bring about the most positive influence. After all, as the company grows, we have a responsibility to give back to the communities where we live and it is best to concentrate our efforts in a way that they would bring about the most good.
Top 4 tips for turning your bad customer service into great customer service
Many of us think it's impossible to win back a customer who has been disappointed by customer service, but the truth is, this is the best time to show them your best customer service.
TELUS Day of Giving in Romania wins Best CSR Initiative of 2015
At TELUS International Europe, corporate social responsibility isn't just a fad. We live and breathe the philosophy of improving a world that really needs people to care for each other more than ever before. On May 26th, 2015, we at TELUS International Europe were awarded the "Best CSR Initiative" award for our TELUS Day of Giving at the first annual Romanian Outsourcing Awards for Excellence.
Look East for a top outsourcing destination
With the growth of the outsource industry, more companies than ever are looking towards Eastern Europe as their preferred destination. In fact, both Romania and Bulgaria are ranked in the top five preferred outsourcing destination in the BPO and Shared Service Location Index by Cushman and Wakefield, the world's largest privately-held commercial real estate services firm. Both countries offer cultural proximity to Western Europe, which smooths communication and allows for more complex projects to be executed, and both are in a timezone that is relatively close to the customers being served.
Support on mobiles is what your customer needs
Multichannel solutions have grown increasingly mobile and consumers have begun to use their cell phones for almost everything. Should a customer want to contact a company or get any sort of information, they have the world at their fingertips.
Romania is the new Morocco: the new French outsourcing capital of the world
More than ever, Romania is a growing bastion of francophones. With 20% of the population speaking French at a high level, companies are turning their gaze from Morocco to Romania for its outsourcing potential.
Switching from phone calls to Twitter: social media for customer service
A new era is upon us. More than ever, customers are using social media for customer service. When they reach for their phone, they are as likely to tweet as call customer service. This presents a new set of rules and an entirely new way to approach customer care: faster, more public, and much more personal.
How Six Sigma improves customer care operations?
Although it is not completely new to the industry Business Process Improvement (BPI) will continue to shape the Business Process Outsourcing and Contact Center Outsourcing sectors and be a driving factor in their evolvement in the years to come. Why is that? It's because more and more companies began to realize that it is not enough just to transfer their processes to a contact center outsourcer and consider customer service a done deal.
Outsourcing in Romania or Morocco? What would your company choose?
In the past few weeks we started a series of posts focused on Romania and the major factors making it a preferred outsourcing destination for European companies. In this post we'll again be talking about Romania, but we'll be comparing it to Morocco. Why?
Sneak peek: our Bucharest operations are moving to a brand new location
True, 2014 was a very successful year for TELUS International Europe. Our Romanian operations achieved a remarkable growth in terms of employees. To give you the big picture in Romania, the number of our team members was 283 in January 2014, while by the end of the year it grew to 478, making a remarkable 69% increase.
What makes Romania a preferred outsourcing destination?
Romania has an ever increasing reputation as an attractive outsourcing destination. Indeed, the 2014 A.T. Kearney index ranked Romania 5th among the most attractive outsourcing destinations in Europe. Also, according to the Times Outsourcing Business supplement 2012, Romania occupies 6th position globally in the top 10 emerging outsourcing destinations.
eBook: Unfolding the future of the contact center outsourcing industry
As we approach the 10th anniversary of our company, TELUS International Europe decided to reflect on the future of our industry, identifying the latest industry trends that point to its transformation. In the eBook The future of the contact center outsourcing industry, we touch upon the top 5 differences that according to us will shape our industry in the future.
TELUS International Europe won the prestigious Bulgarian Business Leaders Forum award for Engagement 2014
On February 25th, 2015, at the 12th Responsible Business Awards of BBLF, TELUS International Europe won the Special Engagement Award. An independent jury of 12 respected experts from various sectors chose our TELUS Day of Giving initiative in Bulgaria among 77 other projects of other socially responsible companies.
Shaping E-commerce customer service in Germany: what will change in 2015
According to the Verband der Deutschen Internetwirtschaft ("Association of the German Internet Industry"), more than half (53 percent) of German GDP generated in 2017 will be e-commerce related (compared to 37 percent in 2012). These numbers highlight the significant potential within the e-commerce market in Germany in both B2C and B2B environments.
TELUS International Europe will participate in the 17th edition of Contact Center World in Berlin
On 24th and 25th of February, 2015, TELUS International Europe will attend the Contact Center World (CCW) Fair, the leading European event for the customer service and call center industry. This year, the event will take place at the Estrel Convention Center, in Berlin.
How TELUS International engages and motivates employees through volunteering programs
Activities like the TELUS Day of Giving connect us to each other, our communities, and really drive our culture forward. The TELUS Day of Giving is a global campaign which gives TELUS and TELUS International employees the opportunity to give back to the communities in which they live, work and serve by volunteering their time in support of community projects.
Virtual Site Tour Video – It's different at TELUS International Europe
A few weeks ago, TELUS International launched the first Virtual Site Tour, featuring their operations in Central America (in case you missed it, here's the link). In the same spirit of helping our prospective customers and team members "see" what we do, and how we're different, we've just launched the second Virtual Site Tour video featuring our two main sites at TELUS International Europe – Bucharest and Sofia.
5 trends that will drive the contact center outsourcing industry in 2015
At the kickoff of 2015 it is time to look into the trends and innovations that will drive the evolution of the Contact Center Outsourcing (CCO) and Business Process Outsourcing (BPO) sectors this year. From the standpoint of a multilingual contact center provider serving the customer care needs of some of the world's largest brands here are our 5 predictions for key trends that will shape the CCO industry in 2015.
Our top 5 blog posts from 2014 – employee engagement, Gen Y, Bulgaria and more!
It's been a great year for our TELUS International Europe blog. In 2014 we published over 45 new posts and generated thousands of views. Our authors, TELUS International Europe and TELUS International team members, have provided blog posts on an array of topics, ranging from business process intelligence to the importance of corporate culture.
What's to come in 2015 – IT trends in customer service
As the Chief Information Officer and Vice-President of Information Technology (IT) at TELUS International, I often get asked what the future holds for IT. I don't have a crystal ball and can't predict the future, but my role gives me lots of insight on the big trends in customer service IT.
5 key trends in travel customer service in 2015
Here are five of the key trends which will be shaping customer service in the travel sector throughout 2015. Each offers a fresh opportunity for companies to reinvent the service they offer customers and in so doing gain significant competitive advantage.
8 metrics that matter: How to measure customer service on social media?
Social media is transforming customer service. In the past 30 years customer service channels have moved swiftly from letter, through telephone, to email, webchat, and now social media. Companies have struggled to keep up with the emergence of this new multichannel world: in 2012 Oracle reported that 46% of online customers expect brands to provide customer service on Facebook, but only 23% were providing it.
Bulgaria is number 1 most attractive outsourcing destination in Europe
For many years now, corporates have been torn between the high costs of outsourcing customer service to European countries, and the low service levels often prevalent in offshore locations. Yet this is changing rapidly, with many companies recognizing South Eastern Europe as a viable location for customer service.
5 reasons that will make you want to work and live in Plovdiv
As a Recruitment Director in a big corporation like TELUS International and working in the outsourcing sector, an industry that develops and grows very fast both in terms of workforce and size in the Bulgarian marketplace, I always try to stay up to date with the requirements that the industry poses to the labor market and the future trends.
Black Friday: How to Combat Online Fraud in E-commerce
Online fraud costs UK e-commerce providers £29.3m in the first half of this year – up a startling 71% on the same period in 2013.Despite these alarming figures, the solutions implemented by e-merchants for fighting fraud are relatively inefficient. So, what are the most common fraud management solutions? Can e-commerce companies fight fraud without sacrificing the customer experience?
Infographic: The importance of employee engagement
There is no shortage of research on the importance of employee engagement. Firms like Gallup, Aon Hewitt, Forrester and others have clearly demonstrated the business opportunities available to firms that successfully engage their employees - and the potential peril of those who favor more transactional management and short-term incentives.
Why not work the way you live?
It is a fact that Millennials (or Generation Y) work the frontlines of companies around the world, and make up the majority of the workforce in customer-service organizations. Yet many employers are unsure how to keep these workers engaged and productive, and struggle with staff attrition.
Transforming the customer service industry: when call centers become BPI partners
As 2014 approaches its end it is time to look back and make an assessment of what has changed in our industry over the passing year. What are the innovations and trends that would determine the evolution of the BPO sector?
TELUS International proudly shares its Eastern European investment story
Expanding our business to new countries is one of the highlights of my work with TELUS International. As a global BPO, TELUS International has over 16,000 team members throughout North America, Central America, Asia and Europe.
Omni-channel customer care – what customers expect from you?
The customer of 2015 demands 24/7/365 support and expects it anytime, anywhere and from any device. This generation of shoppers simply wants service their way. They expect companies to solve problems quickly and they expect to enjoy themselves while they are doing it. The days of waiting patiently in line are long gone.
TELUS Day of Giving in action – we give back to the communities in Europe
This year the magic of the TELUS Day of Giving reached Bulgaria on August 30 and Romania on September 27. Over 500 TELUS International Europe team members from our Bulgarian sites came together to support the Louis Braille School for visually impaired children in Sofia, and over 300 team member from our Romanian sites supported the "Pinocchio" Center for Social Services in Bucharest.
Beyond language skills – 5 steps to successful multilingual customer service campaigns
The world is globalizing at a remarkable rate. For the companies selling goods and services overseas this without doubt a positive, represented in billions of extra revenue coming from overseas markets, also presents a significant challenge: how to communicate with consumers who speak different languages, who operate in different time zones, and who have radically different cultures?
Should customer service take advantage of the selfie phenomenon?
According to Media Bistro, over one million selfies are taken each day. And, as much as some people would like to blame Apple for starting the trend back in 2010 when it first introduced its front-facing iPhone camera (can self-portrait taking get any easier?), what we really need to do is figure out how to take advantage of the selfie phenomenon to better our relationships with customers.
Self-service or live agent customer care? How to decide?
Few weeks ago I was asked by mycustomer.com to give my opinion on the topic how to decide which customer interactions should be self-service and which still require agent input? Even though at TELUS International Europe we don't offer self-service solutions we try to keep up with the latest in customer care.
TELUS Day of Giving is coming up in Europe
As summer approaches its end we at TELUS International Europe associate this time of the year with the opportunity to bring social change by giving back to our communities. Our TELUS Day of Giving in Europe is coming up in support of our "we give where we live" philosophy.
The contact center of the future starts today!
Call centers appeared about 50 years ago in response to the constantly changing needs of the consumer. They adapted to new information technologies and the emergence of new communication channels: email, chat and social media.
The contact center of tomorrow – 5 ways it will be different
The contact center of 2014 is almost unrecognizable from the call center of 1984, 1994, and even 2004. The industry has definitely seen its fair share of change – and yet, within the next few years, we can expect even more change to come.
Top 6 guiding principles for implementing player support in the games industry
With both the Games Developer Conference Europe and gamescom descending upon Cologne, Germany, August 11 to 17 collectively, we've got gaming on our minds! You see, since 2005, TELUS International has partnered with leading games companies to deliver player support services.
Hands-on: TELUS International Europe is seeking best talent in Bulgaria and Romania
In Bulgaria and Romania together, there are more than 50,000 people working in O&O (Outsourcing and Off-shoring) industry. The competition for top talents is intensifying in the region, especially in the big East European cities such as Sofia and Bucharest ranked by A.T. Kearney among the top South-east European hubs for the Business Process Outsourcing (BPO) industry.
Business process improvement is the new driver for innovation
Increasingly companies begin to realize that just transferring their processes to an outsourced contact center provider is not enough for delivering excellence in customer service and delighting their customers. Contact centers, on their part have also done their homework.
Four customer service tactics to unlock value in the games industry
In an industry where reputation is everything, this is where customer service can be a real game-changer in the games industry. Through strategic planning and investment in analytical and support tools, studios can create an opportunity for highly personalized, engaging player service experiences that will "bond" consumers to the brand.
TELUS International Europe plans to open 500 new jobs in Bulgaria
TELUS International Europe will invest 5 million leva for the equipment of new work stations as part of the project "Expansion of TELUS International Europe and entering new markets" and plans to create 523 new jobs in Bulgaria.
Excelling at Multilingual Customer Service: insights from our Frost Europe panel with paysafecard.com
From June 9 to 11, approximately 100 customer experience professionals met in Lisbon, Portugal, to discuss best practices in customer service at the annual Frost & Sullivan Executive MindXchange event. Now it's time to share what we've learned from our Fireside Chat topic on Excelling at Multilingual Customer Care, which we presented alongside Joey McClain, the Head of Customer Care at paysafecard.com.
Six reasons to consider a customer support strategy for games companies
It has become increasingly difficult for game developers to generate and sustain brand loyalty. While technological advances and the proliferation of social media have generated more real-time interaction with players, it is important not to overlook the importance of player support, or to underestimate its powerful influence on brand loyalty and a player's likelihood to recommend.
What you didn't know about online chat?
As consumers migrate online to manage their business transactions and decisions, the influence of online chat on the customer experience will continue to increase. A recent report states that one-fifth of both Gen Y (ages 18-27) and Gen X (ages 28-40) consumers located and engaged in online chat when they visited a company's website. Comparatively, just one-tenth of boomers and seniors take advantage of chat.
Unlocking the secrets of multilingual customer support at Frost & Sullivan Customer Contact 2014, Europe
It's that time again! TELUS International will be heading to another Frost & Sullivan Executive MindXchange event from June 9 to 11 – this time in Lisbon, Portugal. What's even more exciting is that I will be presenting a Fireside Chat topic on Excelling at Multilingual Customer Care, alongside Joey McClain, the Head of Customer Care at paysafecard.com.
Defining Social Media Monitoring and how it works
When it comes to social media, companies have become not only more visible than ever before, but also more vulnerable. One single negative mention online can pose a real threat to a company since it can quickly escalate to millions of views, comments, likes, shares and tweets.
TELUS International Europe is joining the Association of Business Service Leaders in Romania
In May, 2014, TELUS International Europe has joined the Association of Business Service Leaders in Romania (ABSL). "We are proud to join ABSL in Romania. It is crucial for our company to play an active role in representing our industry locally and move our business interests forward. Our primary objectives with ABSL will be to contribute to drive market insights and intelligence and strengthen positive image of our sector in Romania."
Customer Experience Innovation in Ecommerce: 3 Big Shifts Underway
Customer experience innovation is now a game changer in the rapidly growing Ecommerce industry. The 3 big trends underway – Generation Y, chat and social media, and corporate culture – will largely impact customer service in Ecommerce in the near future.
Quantifying the business impact of culture. But how?
A lot of business leaders talk about culture, but they struggle to quantify it. Frost & Sullivan recently spoke with members of TELUS International, a global BPO provider, to get their perspective on the importance of an organization's culture and the impacts it has on customers and on the business itself.
Romania remains one of the top countries in Europe in terms of multilingual call center services
"There are several reasons why Romania is well placed in terms of call center services. Among these are excellent language skills, strong knowledge in IT and cultural proximity to Western Europe," said Gregoire Vigroux, TELUS International Sales & Marketing Director Europe, in an interview for Manager.ro.
How to Attract Generation Y to Come Work for You? Part 3
Generation Y world population (ages 14-34) is just over 2.4 billion people. By 2017, Generation Y will have more spending power than any other generation. So how do you attract Generation Y to come work for you? And, once they are employed, how do you get them to stay working with you for the long haul.
How to Attract Generation Y to Come Work for You? Part 2
No doubt that Generation Y is changing the business landscape. By 2030 Millennials will be roughly 75% of the global workforce. The sheer size of this demographic segment will force organizations to re-think many of their policies.
How to Attract Generation Y to Come Work for You? Part 1
Generation Y, those born between 1980 and 2000, are seen as a game-changing force both as employees and as consumers. Why is that? • First, as employees Generation Y accounts to a huge segment of today's workforce. • Second as customers Generation Y is heading towards their peak earning years, controlling and influencing a lot of spending.
Warning: Revenue Leakage Caused by Attrition
While every contact center focuses on the costs associated with attrition, it is much harder to assess the revenue impact of attrition. Assessment of revenue impact reveals significant leakages linked to attrition. These are driven by efficient gaps between the existing customer service representative (CSR) and the replacement CSR.
The Shocking Truth about Cost of Contact Center Attrition
Everest Group conducted a study with the purpose of assessing the business impacts of contact center attrition by using a methodology which breaks down the impact of attrition to the level of the individual contact center customer service representative, showing how the departure of a given individual generates a series of cost and revenue associated outcomes.
What are the Business Impacts of Contact Center Attrition?
Attrition is considered a leading indicator of the health of contact center operations. The impact of attrition rates on business outcomes is a growing priority for business leaders looking to utilize the contact center to drive new business growth.
CallPoint Rebrands to TELUS International Europe
CallPoint powered by TELUS, an integral part and the European arm of TELUS International, will now operate under the new name, "TELUS International Europe."
How to Establish a Customer Service Culture that Millenials Will Love
Millennials have unique needs for social collaboration and ongoing feedback regarding their personal and professional development. It's not just about earning a paycheck. It's about capturing their hearts and minds via a culture that mirrors their personal values, wants and beliefs.
What are the Key Trends that will Change the BPO Industry?
What are the tendencies defining the future of the BPO industry? According to Kevin Bottoms, VP Business Development at TELUS International, five trends are emerging as key factors defining the BPO industry in the next decade.
The Rising Trend in BPO: Outsourcing for Social Good
Now BPO providers have to go beyond client's expectations in order to stay competitive. The DNA of the emerging model for the BPO industry is based on the value of a caring culture. Progressive BPOs are increasingly mobilizing employees to volunteer in their communities by supporting basic needs.
5 Proven Strategies to Drive ROI for Sales Chat Part 2
An online sales chat interaction should seem like a conversation. Agents need to know how, and be trained to construct a conversation flow within the chat environment.
5 Proven Strategies to Drive ROI for Sales Chat
In order to identify the qualitative metrics of an ideal online sales chat session our colleagues from TELUS International conducted a study on six Fortune 500 companies. Several best practices emerged improving the chat channel and creating an ideal customer experience.
How to calculate contact center attrition?
Calculating contact center attrition is complex. What is more important, contact center attrition is especially relevant for outsourced contact centers as attrition rate is indicative of operational performance.
Is Customer Service Outsourcing Growing Up?
The customer service outsourcing industry is in the midst of a maturation period. Outsourcing relationships are leaving the awkward teenage years and beginning to form more sophisticated and durable bonds with their partners.
Five Ways Customer Service Leaders Can Engage Millennial Employees
Millennial employees, between the ages of 22 and 33 years old, typically make up over 80 percent of the workforce at customer service organizations. Therefore, progressive customer service organizations are already making changes to the way they interact with this new generation.
TELUS International Europe Wins Corporate Social Responsibility Acknowledgment for the TELUS Day of Giving Initiative
CallPoint powered by TELUS was honored with the prestigious acknowledgement for Price Social Responsibility by the French-Romanian chamber of commerce (CCIFER) on its annual gala on November 29 in Bucharest, Romania. It is an honor for us to be given this recognition by one of the most important business associations in Romania.
6 Online Sales Chat Practices for Effective Agent Skills
In online sales chat agent skills, chat system features, and communications style all contribute to the total customer experience. Given that agent skills may be a leading factor in effective online sales chat, there are a number of opportunities for improving the customer experience.
TELUS International Philippines Team Members Lend a Hand After Historic Typhoon
A key part of TELUS International's global operations are based in the Philippines, in the city of Manila. Like everyone else around the world, we have been devastated by the news of Typhoon Haiyan, which caused unprecedented destruction in many parts of the Philippines island chain.
TELUS International Europe Launches Internal TV Channel
TELUS International Europe is adding an incredible new twist to its work environment. Across its offices in Bulgaria and Romania, TELUS International Europe will be broadcasting its own TV channel, TELUS International Europe TV, on the 42-inch HD screens located in the offices' open and relaxation spaces.
5 False Assumptions every Executive should Know about Outsourcing
Companies from among all industries and across the size spectrum have proven many times with their experience the value of business process outsourcing (BPO). Still, there are debates regarding the perceived benefits and concerns surrounding outsourcing. Not all of the commonly discussed concerns or perceived disadvantages, however, are founded on direct experience and truth.
Can't Keep Up? 8 Ways to Keep an Eye on your Social Care Program
Once committed to social care, organizations often struggle with handling volume. The magnitude of conversations can seem overwhelming, but in reality, not all social conversations require a response.
The Changing Face of IT in the Call Center
TELUS International Vice-President of Information Technology, Michael Ringman, recently shared his views with Outsource UK Magazine on the evolution and impact of IT in the call center. In the interview, Ringman discusses how global outsourcing trends impact individual call centers.
What Apple, HP and Best Buy Can Teach Us about Social Care
Social customer service is rapidly becoming the new, critical channel to drive satisfaction and loyalty. Our colleagues from TELUS International call this activity "social care" and it's defined as the efforts employees make through social media to care for customers. In this post we offer you some of the social care best practices of Apple, HP and Best Buy.
Pushing Past the Hype of the Net Promoter Score in the Contact Center
Net Promoter Score (NPS), a customer loyalty metric developed in 2003 by Fred Reichheld, Bain & Company and Satmetrix, is going to save the world. At least that's how some view it. Ever since its inception, NPS has become the darling of executive management teams all over, and, as such, many organizations now use NPS as their primary Customer Satisfaction (C-Sat) measurement tool.
Video: Why Eastern Europe is a Great Bet for Customer Service Outsourcing
Last month, TELUS International President Jeffrey Puritt sat down with Economy.bg Magazine to discuss the company's expansion into Eastern Europe. Jeff also shared his thoughts on the future of outsourcing, and its impact on countries like Bulgaria and Romania.
The 4 Laws of Building Outsourcing Portfolio for Success
A common trend among organizations nowadays is working with a number of service providers in order to address their contact center requirements. The main reasons in support of this practice are the access to scale and capabilities including languages and geographic market access, competitive tension, flexibility, and risk management.
Fuel Your Agents' Service Spirit – and Elevate the Customer Experience
It's difficult to deliver exceptional customer experiences when the person doing the delivering is dying inside and dreaming of an escape.
Contact Center Workforce Management – Consider the Unusual First Part 2
When it comes to managing staffing levels, there are some things you know (like holidays and back to school volume spikes) and some things you just don't. For the former, solid workforce management practices with clear goals can keep things on track.
Contact Center Workforce Management – Consider the Unusual First Part 1
Over the years, workforce management has become very sophisticated. As a result, today's RFPs often require providers to detail their workforce management processes and how call volume changes are handled.
Call Center Attrition: It Doesn't Have to Be a Revolving Door of Agents
Let's face it. Attrition is a big issue for call centers – and perhaps even more so for outsourced call center providers.
Our Commitment to Caring Culture Brings Positive Change in Bulgaria and Romania with TELUS Day of Giving
The world is changing faster than ever before as the population has been growing exponentially and the impact of our actions is felt not only stronger, but also in more and various ways. Populations' footprint and irreversible impact has various implications for businesses in terms of their corporate social responsibility (CSR) policies as businesses possess not only the human, but also financial capital to be at the forefront of initiating and delivering socially responsible activities.
How to minimize attrition rate at your contact center?
As the link between contact center attrition rates and the effectiveness of contact center outsourcing services is gradually becoming stronger contact center outsourcing (CCO) have evolved their thinking on contact center operations.
What makes an ideal service delivery location?
There are many factors to consider when selecting a country and city for your contact center operations. We have identified characteristics that fit into four groups; each group is important to evaluate when selecting your outsourcing partner and location to do business.
8 Key Metrics for Running an Effective Social Care Program
Social customer service is rapidly becoming the new, critical channel to drive satisfaction and loyalty. Almost all organizations, however, struggle with measuring the impact of social customer service on important business metrics. In this post we will point your attention to a framework of 8 metrics measuring the effectiveness of your social care program.
6 Critical Factors to Keep an Eye on Affecting Contact Center Attrition
Attrition rates continue to be a key operational metric for contact centers. As the CCO (contact center outsourcing) market continues to evolve, the set of factors driving attrition continues to change as well.
How to Build Strategic Customer Relationships with Fast-Growing Clients in the BPO Industry
Building strategic customer relationships in the BPO industry, particularly with fast-growing clients, requires having lots of tools in your toolkit.
TELUS International and TELUS International Europe support communities around the world with the Day of Giving Initiative
According to recent article in Forbes, corporate social responsibility continues to emerge as a core cultural ethos where 94 percent of consumers want companies to evolve their business practices to make as positive an impact as possible. Corporate social responsibility initiatives are used by companies for the purpose of increasing employee engagement, motivation and employee satisfaction.
Romania's Multilingual Culture – A Major Contributor to Contact Center Development in Romania
Multilingualism is the ability of a community of speakers to use multiple languages. In Romania, multilingualism is one of the assets that attract large foreign investments, particularly for the call center and BPO industries. The contact center industry in Romania has been growing rapidly over the past 10 years – as of 2013, it employs over 30,000 people.
Business Process Outsourcing: An Industry with a Social Purpose
The Business Process Outsourcing (BPO) industry was born out of a desire to cut operating costs. However, the industry is changing considerably. Today, progressive BPOs are focused on creating an exceptional customer experience while delivering top-line value to their clients in a way that also addresses social inequities in the countries where they operate.
First Call Resolution: Difficult to Measure, Dangerous to Ignore
Getting precise measurements on First Call Resolution (FCR) is about as easy as getting work-at-home agents to shower on a daily basis. The good news is that neither is essential for optimum contact center performance and customer experiences.
How to measure the success of social media customer support programs?
Customer service organizations are being pushed into social care by savvy customers who are already asking questions on social networks and expecting responses. Almost all organizations, however, struggle with measuring the impact of social customer service on important business metrics.
TELUS International Europe Launches New Website
TELUS International Europe launches new website!
How Social Care Can Help Build Your Corporate Brand
Are brands not taking social media customer care seriously? Are they consciously choosing not to respond on social channels? Have they invested in the wrong listening tools? Or are they simply overwhelmed with the volume of feedback?
5 Keys to Effective Multilingual Customer Support
In today's global business environment where customer diversity and global operations are increasingly common, call centers need to offer some level of multilingual support to remain competitive. Multilingual support allows call centers to continue servicing their existing client base while also going after new business opportunities and generating additional revenue.
Why Social Media is Important Customer Service Channel?
"Social care" is defined as the efforts employees make through social media to care for customers. Social customer service is rapidly becoming the new, critical channel to drive satisfaction and loyalty.
5 Step Plan to Creating Strategic Outsourcing Partnerships Part 2
In our previous article on the topic 5 step plan to creating strategic outsourcing partnerships we touched upon the first 3 of the 5 steps in the strategy. To remind you these steps were: 1. Introspect 2. Establish open communication 3. Realign priorities to reset relationship Now let's continue with the remaining 2 steps of the strategic plan that would help you realize greater value from your current outsourcing partnership.
5 Step Plan to Creating Strategic Outsourcing Partnerships Part 1
Outlined below are five remedial steps we recommend to customers as they identify the symptoms we've covered in our articles 8 Signs your Outsourcing Partnership is in Trouble Part 1 and Part 2 in their contact center relationship. These steps are not only designed to assist buyers in realizing value from their current operations, but may also help in situations of complete breakdown of a relationship.
TELUS International Europe will be participating at the World's Largest Gaming Event
TELUS International Europe will be participating at the annual Gamescom event, the world's biggest trade fair for interactive games and entertainment. The fair will take place from August 21st to 25th, 2013 in Cologne, Germany.
The Rise of Customer Support in the Gaming Industry: Insights and Best Practices from a BPO Perspective
Forward-thinking gaming studios realize that providing exceptional customer interactions, alongside popular games, can directly impact the bottom line. Download our insight paper to learn best practices for customer support for gamers from BPO companies and their industry leading US based gaming clients.
8 Signs Your Outsourcing Partnership is in Trouble Part 2
In our last post we've reviewed the first 4 signs indicating that your BPO partnership is performing at a suboptimal level. To remind you the first four indicators were: 1. Decreasing end-customer satisfaction 2. Increasing agent attrition/staff rotation 3. Measuring success exclusively through savings and efficiency 4. Lack of proactive intent to grow the relationship
The Role of Culture in Delivering World-Class Customer Service
In this joint presentation, global technology company Google alongside our colleagues from TELUS International, discuss the role of culture in rallying agents and transforming customer service including: • how to create a culture with meaning • the importance of finding and selecting the right partners to bring your culture to life and more
8 Signs Your Outsourcing Partnership is in Trouble Part 1
With this article we are starting a series of posts on the topic of strategic outsourcing and managing outsourcing partnership. The starting point of our discussion will be the major indicators that you need to track and keep an eye on in order monitor the "good health" of your outsourcing partnership. Let's start with the examination of the first 4 signs indicating that your outsourcing partnership is in trouble, or at least that it is performing at a suboptimal level.
Changing the Game with Player Support
To give you the big picture on the topic of customer support in the interactive entertainment industry we want to point your attention to a whitepaper giving deep and thorough information on the topic. The whitepaper provides deep examination of how a well-structured customer service plan can directly impact the bottom line as well as best practices to consider along the way.
How to Measure Customer Satisfaction from Customer Support in the Games Industry
In the past few posts on customer support in the gaming industry we explained the potential of implementing customer support for gamers and the best practices for implementing it. In this article we'll focus on the how to measure customer satisfaction after you've implemented customer support for players. Net Promoter Score (NPS) is an extremely powerful tool for assessing whether a studio's brand commitment to its customers is being recognized and fulfilled.
Customer Support – a Game Changer in the Gaming Industry
Predicted to grow to $82 billion by 2017, the global gaming market is forecasted to become more and more competitive. A crucial question arises here. How can studios stand out from the crowd in the highly competitive gaming industry? For sure the current de-personalized, homogenous consumer support experience for players should be reconsidered by studios.
Unleashing Gen Y Potential in Customer Service
Customer support is critical to customer loyalty and financial performance. Yet, many companies have neglected to update business processes to unleash the customer service potential of the new frontline workforce – Generation Y, also called "Millennials."
The Top 6 Guiding Principles in Implementing Customer Service for Gamers
The gaming industry is undergoing dramatic change as customer service becomes another battlefield for winning over players. By implementing customer support for gamers you'll maximize player lifetime value, improving the player experience, resulting in player retention and ultimately, player recommendations. Follow those guiding principles to enhance your own game plan for customer support and level up your business in the gaming industry.
5 Best Practices on Customer Service for Generation Y
As Generation Y customers, those born between 1980 and 2000, are heading towards their peak earning years, controlling and influencing a lot of spending it is crucial to factor them in your customer service equation. We offer you 5 simple best practices to follow in your customer service to the Gen Y customers in order to make them your loyal customers and enlarge your customer pool.
Infographic: Shaping the Next Generation of Customer Experience: Insights & Trends in E-commerce
Customer experience innovation is now a game changer in the rapidly growing e-commerce industry. The 3 big trends underway – generation Y, chat and social media, and corporate culture – will largely impact the e-commerce customer service in the coming years.
Infographic: Why Outsource your Business in Bulgaria?
Companies are no longer questioning "why" or "what" they should outsource, but "where." They are aiming at destinations where they can take advantage of outsourcing while at the same time minimize the inherent business risks of such initiatives. This infographic gives detailed overview of Bulgaria's capabilities and experience as outsourcing destination.
Google and TELUS Share Insights on the Role of Culture in Leveraging BPO Partnerships and Customer Service
At one of the most influential industry events, the Call Center Week held in Las Vegas, June 10-14, our colleagues from TELUS International made a joint presentation with our client Google. In front of an audience of approximately 600 people, Jeffrey Puritt, President of TELUS International, and Peter "Scotch" Scocimara, Director of Enterprise Support for Google Apps, showcased why cultural alignment matters in both customer service delivery and selecting customer service partners.
Cheat Sheet: 10 Grammar Rules for Chat Agents
If you are chat agent or a manager who is about to train his/her agents on best practices in chat customer support you might want to look at this cheat sheet. It focuses on communications style, in particular the 10 grammar rules agents should follow to communicate effectively in the online chat channel.
7 Non-price Factors to Consider when Choosing Outsourcing Destination
The choice of outsourcing destination is not only a starting point, but also crucial moment in the decision making process of choosing your BPO partner. As this decision will affect the long-term success of your outsourcing partnership we want to point your attention to 7 non-price factors that we advise you to consider in your decision. Why non-price factors?
TELUS International Europe powered by TELUS Celebrated Spirited Teamwork at the Annual Teambuilding Event
What do ninjas, pigs, titans, batman and a soiree have in common? Nothing? Think TELUS International Europe style. What unite them are the members of TELUS International Europe powered by TELUS who epitomized the spirit of those creatures at the annual admin teambuilding of the company. The event took place in the old town of Tryavna, situated in the north slopes of the Balkan range in central Bulgaria. All admin TELUS International Europe from Sofia, Plovdiv, Bucharest and Craiova gathered together on June 21 in the town of Tryavna for the annual administration teambuilding, where their teamwork, intellect, creativity and initiative were tested.
How Culture Can Improve Customer Service
Corporate culture is currently more and more viewed as a crucial factor for employee's performance, satisfaction and turnover, thus affecting the quality of customer experience. In regard to the importance of corporate culture we want to point your attention to an article written by Carolyn Crews, senior vice-president at our partners TELUS International. The article was originally published on customer Think blog and gives insights and best practices on the "right" corporate culture.
Live Chat Customer Support:Cost-Benefit Perspective
In a multichannel environment the digital space is one of the most preferred contact channels for customers as they are increasingly techno-dependent and internet savvy. Therefore, customer service call centers are rapidly implementing live chat as additional method of customer interaction as it has a significant impact on operating cost, employee productivity and customer satisfaction.
TELUS International Europe's Partnership with the Romanian Red Cross Continues
Our sustainable partnership with the Romanian Red Cross continued with a donation of 6 tables, 12 chairs and a foosball with the purpose of supporting the logistics of the Red Cross. As only volunteers help the NGO, the Romanian Red Cross was very happy to receive this donation made on June 4.
Agents Awarded for Outstanding Performance
Last week the president of TELUS International, Jeffrey Puritt, awarded the best agents at CallPoint with special diplomas for outstanding performance. Mr. Puritt visited both Sofia and Bucharest to personally congratulate the agents for the excellent results achieved by delivering exceptional service to our clients.
New Relax Zones in the Offices of TELUS International Europe
Do you know that we spend on average 1700 hours per year at the office? Our working days although very dynamic and spend among friends are quite mundane sometimes. We at TELUS International Europe are aware of that. Therefore, we decided to make our days at the office more exciting and fun by rebranding the relax areas in all the cities where we operate.
We Share Insights with Google at the Call Center Week Event in Las Vegas
CallPoint's partner TELUS International together with Google will be participating in the Call Center Week event held in Las Vegas from June 10 to June 14.
Small Steps for Big Impact or Waste Office Week at TELUS International Europe
The core component of CallPoint's corporate culture are its CSR activities which bring employees together to support social and environmental causes. Our latest CSR activity is called Waste Office Week 2013 and it takes place from May 27 to June 1 in our offices in Bulgaria.
Making a difference with blood donation
In April, 60 TELUS International Europe employees actively participated in a blood donation campaign. The CSR campaign was rolled out in both Bucharest (on April 19) and Craiova (April 26).
Interview with Kristina Petrova
Kristina Petrova was promoted to Junior Operations Manager and, along with the Operations Director, Kristina Petrova is responsible for the company's daily operations.
Over the past six years Anca Caravan has been promoted four times. Now Anca Caravan has the pleasure to work in TELUS International Europe as a Junior Strategic Account Manager.
Krasimir Kolev joined CallPoint in November 2005. Now Krasimir Kolev is a part of the Transition and Transformation team in Sofia as Senior Transition Manager.
Interview with Andreea Istrate
Andreea Istrate, Business Analyst Started at TELUS in 2009 as a Customer Support Agent. Promoted 5 times (Customer Support Agent – Supervisor – Team Leader – Account Manager – Business Analyst).