Less than 10 per cent of US banks claim they turn a profit in their call centres, according to a new report from business intelligence firm Cutting Edge Information.
While claims are made by vendors for significant ROI, between 55 and 70 per cent of banks and financial institutions operate their call centers at a loss. The study suggests that financial services companies must implement profit-growing strategies, such as up-selling and cross-selling additional services.
"Too frequently, financial services companies view call centres as a necessary evil," said Elio Evangelista, senior analyst at Cutting Edge Information. "While it's true that call centers are necessary to handle customer service calls, reps can take the opportunity to walk customers through new, more complex products and services."
The report - "Managing Financial Services Call Centers" - contains more than 200 metrics and features practices from top companies including Merrill Lynch, Fidelity Investments, Citigroup, Capital One, Allstate, Wachovia and MetLife.