Ambition:
We aimed to secure a significant 200-seater sales business contract with a top-tier Indian bank. This opportunity was crucial for establishing a strong footprint in the competitive financial services space. Despite being one of the highest bidders, we focused on demonstrating unparalleled value through an innovative, custom-designed solution that directly addressed the bank’s needs.
Action:
Discovery Workshop:
To kickstart our approach, I organized a comprehensive workshop with our experts from operations, technology, and innovation at the client’s outsourced partner space. Here, we identified several key issues:
- Lead Turnaround Time (TAT) was averaging 1 hour, delaying customer engagement.
- Connectivity with leads was only 70%, limiting effective communication.
- High drop-off rates were evident at multiple funnel stages.
- The call quality audit process was limited to only 1% of calls, restricting insights.
- Lead segmentation was reactive with no clear methodology for prioritizing leads.
Leading and Directing Solutions:
With these insights, I led our efforts to address the client’s challenges using a technology-driven approach:
Streamlining Turnaround Time (TAT):
I directed the integration of a data scientist who utilized data visualization tools to segment web leads and daily A/B testing to build a lead prioritization engine. This, coupled with digital strategies and automated workflows, reduced the TAT to less than 3 minutes for high-priority leads, down from over 60 minutes.
Improving Connectivity:
To enhance lead connectivity, I implemented a multi-channel GSM gateway and a WhatsApp solution with scheduling capabilities, increasing connectivity to 85%. This multi-channel communication approach ensured more effective engagement with leads.
Reducing Lead Drop-Offs:
We tackled high drop-off rates by redesigning the lead assignment engine. It dynamically routed high-priority leads to the best-performing agents based on experience and proficiency. Additionally, a co-browsing and click-to-contact solution on the customer portal, managed by a dedicated team, reduced drop-offs by 27%, ensuring better lead nurturing.
Enhancing Interaction Quality:
I deployed an AI-driven Quality Assurance (QA) system that increased call audits from 1% to 8%, while reducing the cost per call audit by 25%. This system focused on key calls to provide actionable insights for improving interaction quality.
Utilizing Interaction Analytics:
By guiding the development of a dynamic knowledge base informed by interaction analytics, we integrated gamification and decision trees to support agents. This approach reduced after-call work (ACW) by 70%, ensuring most data was captured during the call itself.
Bringing in Market Solutions:
I sourced external market solutions and white-labeled platforms, customizing the CRM to fit the bank’s needs. This integration improved data capture and minimized manual tasks, optimizing lead management.
Rallying Teams and Vendors:
I rallied internal teams and external vendors to collaborate on delivering a cohesive, technology-driven solution, ensuring all stakeholders worked towards a common goal.
Ambition Realized:
Through demonstrating superior value and clear alignment with the bank’s business needs, we impressed the clients and achieved the highest technical rating. Our custom-designed solution scientifically addressed their challenges, leading to a 36% reduction in Customer Acquisition Costs (CAC). Despite being the highest bidder, our focus on delivering value and benefits won us the 200-seater sales contract, establishing our strong presence in the market.