3 minute read
By Avanti Joglekar
Posted in Customer Engagement
How can you use speech analytics and workforce optimization to focus on your customers during the pandemic? Navy Federal Credit Union, #19 on of Fortune’s 100 Best Companies to Work For, shared its story on adapting and responding to COVID-19. In case you missed it, you can access the replay here.
COVID-19 caused a huge increase in calls coming into Navy Federal Credit Union’s collections department regarding payments affected by changed job situations. In order to continue providing a high level of service to its 9.2 million members, the collections department leveraged speech analytics to understand the scenarios affecting their members to better anticipate call volumes and expected payments.
Navy Federal also leveraged their existing Verint solutions to stay connected with their 14,000 remote agents as they handle millions of calls. Here’s what we covered with Jeff Bretana, Supervisor of Collections Workforce Management at Navy Federal Credit Union:
Adapting and Responding to COVID-19
The collections department has not changed structurally since the pandemic started, but the operating environment has shifted to working from home and inbound calls have increased dramatically. The crisis has affected customers’ ability to pay due to a variety of economic changes, such as loss of income, resulting in the need for payment extensions. The company shifted to rapid approval for extensions and enabled the contact center team to handle calls regarding collections.
Navy Federal moved from essentially a 0% to a 75% remote workforce and shifted employees from outbound dialing to focusing on the inbound call volume. The company used speech analytics to understand what customers were saying when they requested an extension, from job loss to cut hours.
The goal was to make sure the abandon rate was under 2%, which the company achieved by understanding the reasons a customer was calling and the circumstances around the need for extensions.
Leveraging Speech Analytics
Speech analytics helped Navy Federal understand and plan for incoming calls by revealing the inbound call patterns based on extension or call reason. The biggest goal was to forecast call volume and to map out expected payment plans. Speech analytics enabled the company to navigate the unknowns by providing insight into when payments could resume based on the customer’s situation.
The company knew from past crises like Hurricane Harvey to prepare for the trickle-down effect an influx of calls into collections would have on other departments, but the current situation was unlike anything they’ve faced before.
A specific element of speech analytics Navy Federal used was phonetic boosting, which provided key phrases specific to COVID-19. The company achieved better results from Verint’s free speech analytics program by boosting the categories most applicable to what they were trying to achieve. Click here to learn more about the COVID-19 speech analytics program.
Speech analytics also helped the collections group inform the executive teams on higher level budgetary decisions and policy changes geared toward helping those customers impacted by the pandemic.
Click here to learn 7 Ways to Automate Call Deflection in a Hurry.
Balancing Productivity with Performance
With 75% of the workforce moving remote, forecasting and performance management became an important consideration. The seasonal pattern is off due to COVID-19, meaning historical data isn’t as reliable for forecasting. Reforecasting through Verint tools allowed Navy Federal to see performance levels and trends.
Adherence also became an important issue. For example, there was a rush of exception requests from a department which had not been following their schedules too closely. Once leadership realized workforce management was providing an accurate depiction of what Navy Federal needed and what would happen if they didn’t map to that need, schedule adherence became a priority.
Verint’s tracking feature allowed Navy Federal to continually process-improve their intraday reporting, whether it was around call volume or adherence. Shrinkage increased slightly, and workforce management empowered the company to know exactly what was happening in the group during this time.
Scorecards and KPIs also became important, as the company could customize the scorecards and KPIs depending on the needs of the department involved. The pandemic resulted in workforce management becoming increasingly important across business units seeking to implement forecasting and scheduling in their groups.
Watch: Navy Federal Credit Union’s Innovations in Action
Join us for our Verint Virtual Conference on May 21-22 to learn more from peers and subject matter experts who will share how they’re navigating the current crisis and other ways they are preparing for the recovery with the help of their customer engagement solutions.
If you need immediate help making adjustments to your solutions, including setting up call recording for at-home employees, contact us today or reach out directly to your Verint Account Executive. We are standing by ready to analyze your unique environment and build you a plan for success. Learn more about COVID-19 programs.
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