Client Background

Client: An American multinational bank

Industry: Financial services

Products or Services: Credit cards, banking

Area of operations: United States

Number of employees: Over 40,000

Challenge

The customer, a leading credit card provider in the United States, approached Wipro to develop a web-chat system to service their customers through an alternate channel.

Building a web chat system from scratch for a large bank was a challenge. Further, both parties saw licensing and compliance as extremely important.

The effectiveness of the channel was up for test, since the adoption rate of such a channel in collections has traditionally been low in the industry. Lower adoption would lead to channel inefficiency and a higher write off ratio for the bank, resulting in financial losses. 

Solution

Wipro collaborated with the bank’s SMEs and technology teams to understand the business and information technology infrastructure. 

• Deployed Wipro Harmony, a proprietary tool that identifies variances and drives standardization and harmonization  to capture operating procedures and to create process maps.
• For licensing compliance, Wipro set up an offshore and onshore team to ensure licenses were obtained and maintained on time.
• A variety of marketing campaigns and strategies were deployed to shift communication from phone to chat, and demographic analyses of bank customers were used to ensure quick channel adaptation.
• Effective collection strategies were used, and additional access was given to chat agents and supervisors so they could go the extra mile to address customer issues. ‘Critical thinking’ was rewarded and encouraged.

Business Impact

Wipro’s solutions led to improved collections, streamlined processes, improved compliance, and enhanced customer service.

• Over $16 million in collections was achieved in a year through the chat channel. Collection target of 100% or more was consistently met, even in months of low seasonality.
• The channel adaptation rate of 8% in the first year, increased to 20% in the second year with a focused approach, high first chat resolution (FCR), and constant Voice of Wipro (VOW) implementation. VOW is a process excellence tool, which captures feedbacks from agents in real time. This captured feedback is used to make processes more efficient and effective through agent feedback.
• 100% licensing compliance and a reporting dashboard provided the customer team comfort and kept them updated on status and potential red flags. Regulatory violations have consistently been zero.
• Cost of the chat channel was one-third the cost of a similar service via the phone.
• The web chat team achieved channel leading net promoter scores and was positioned in the top quadrant.
• The use of a ‘soft nudge’ strategy instead of a hard push improved customer service. "Promise kept rate“ increased from 40% to 85% on the voice channel.