Like most companies competing in the modern marketplace, the financial industry is subject to spikes in call volume due to seasonality. Despite the increased offering of digital channels for handling customer service requests, surges in call center activity for financial institutions are a regular occurrence. The reason for these surges varies: They may be the result of unexpected crises (such as a data breach) or more predictable events like annual mortgage renewals or tax season. Added to this are the challenges brought forth by the digital era, which have the financial sector rushing to adapt to meet the increased demands of contemporary customers.
As banks close their physical branches, with more services being offered through their digital channels, customers take to the phones to have their questions answered. 30% of customers calling in are doing so with “moment of truth encounters” that “have higher emotional stakes for the customers.” These become key interactions in maintaining – or losing – customer loyalty. When call volumes spike, the stakes are even higher as customers deal with frustratingly long hold times.
Following widespread industry deregulation, the energy and utilities sector has become increasingly competitive. With more and more choices available to customers, providing quality customer service is more critical than ever. Customer loyalty is no longer guaranteed, with negative experiences driving ratepayers to the competition: 43% of utility customers who have a negative experience are still members after a year, compared to 74% of those who’ve had a positive experience. It’s a perfect storm of high consumer expectations, a host of new challenger brands, and online price comparison sites.
![Are You Prepared for Unpredicted Spikes in Call Volume [Webinar]](https://fonolo.com/wp-content/uploads/2019/05/Are-You-Prepared-for-Unpredicted-Spikes-in-Call-Volume-Webinar-450.jpg "Are You Prepared for Unpredicted Spikes in Call Volume [Webinar]")
While today’s tech-savvy consumers are using more non-voice channels to connect with businesses, the act of picking up the phone to quickly and verbally resolve an issue (complex or otherwise) isn’t going anywhere anytime soon. The problem with this? According to an 
More and more call centers are offering a call-back option as an alternative to putting customers on hold. At Fonolo, we see this trend through the increased demand of our own call-back solution. We also see it in survey results such as 
Sometimes call centers have to call a “Code Blue!”
We’re excited to share with you our most recent success story featuring The General Automobile Insurance Services!
Fonolo is excited to return as a sponsor for this year’s Customer Contact Week (CCW), January 22-25th, 2018 at the Hyatt Regency in New Orleans, Louisiana. CCW will provide delegates with the tools and insight to deliver world-class service.
