A Study of VHT Callback’s Return On Investment
The concept of callback as a contact center tool goes back a couple decades, to when VHT began producing patents on the technology of virtual queuing – and we’ve done nothing since then but continuously expand upon our original product and analyze our results. We know that VHT Callback has provided our clients benefits, including reducing customer frustration and increasing their sense of control over the interaction, which leads to improved levels of brand satisfaction and loyalty. We also know that Callback has allowed our clients around the world to gift back to their customers billions of minutes of hold time in the past 20+ years.
That’s all well and good, the operations and management folks out there are probably saying, we know how important those benefits are – but, seriously. Show us the money.
No problem. Let’s take a look at the return on investment that just a few of our clients have gained through VHT Callback.
Cedar Rapids, Iowa
AEGON is one of the world’s largest life insurance and pension companies. Its customer center focuses on customer retention and was having difficulty maintaining average speed to answer (ASA) goals through a company downsizing.
One of the ways Callback provides a cost savings is through a reduction in toll charges. Because Callback allows customers to hang up, AEGON did not accrue toll charges while customers waited for their return call. While this cost savings isn’t much per call in the United States, it does add up to a significant amount over time. In countries where toll charges are more expensive, toll savings are realized very quickly.
Callback also allowed AEGON to meet its service goals. In the six months after implementation, their contact center staff declined by 3 percent and the calls handled increased by 14 percent, but their ASA remained steady.
California Public Employees’ Retirement System (CalPERS)
Providing health and retirement benefits to 1.6 million public employees, retirees, and their families, the CalPERS contact center typically fields more than 650,000 calls a year with periodic peaks. As a governmental agency, it has to reach aggressive customer service goals even through budgetary issues and mandatory furloughs. Implementing VHT Callback:
- Balanced out their call volumes
- Allowed the center to consistently meet and exceed their service goals
- Relieved customer frustration with waiting on hold
- Allowed agent morale to go up while vacancy went down
Finally, because repeat calls and time spent on hold were reduced, CalPERS’ phone bill was cut by a third in just part of the first fiscal year, which meant the solution paid for itself.
Dubai Islamic Bank (DIB)
Dubai, United Arab Emirates
With a network of more than 90 branches and a growing 1.6 million customer base, Dubai Islamic Bank’s contact center was encountering operational challenges, including a high percentage of abandoned calls, difficulties in covering peak time periods due to a lack of resources, and, most importantly, failure to achieve customer service excellence.
VHT Callback was instrumental in regaining control of contact center operations. In the first eight months and 500,000 customer calls:
- More than 250,000 callbacks were generated.
- Agents were able to answer an additional 144,000 calls within the current SLAs.
- Callers were saved more than 11 million minutes in queue time.
- DIB’s ASA improved by 32 percent, abandon rate dropped by 22 percent, and service level rose by 11 percent.
All of this adds up to the fact that, within the first eight months of implementing Callback, DIB saw a total return on their investment.
Need More Numbers?
Twenty years of Callback has generated a lot of data, and the case studies profiled here aren’t unusual among our clients. In fact, 84 percent agree that VHT solutions provide significant return on investment. Further, our clients report additional results that indirectly support your bottom line:
- Over and over again, aligning available resources with customer needs improves average speed to answer, reduces abandoned and repeat calls, and lowers talk time and average handle time.
- 93 percent of clients say they have improved their customer experience with VHT Callback.
- 86 percent of clients have seen improvements to customer loyalty directly tied to implementing VHT Callback.
If you want more details on any of these findings or case studies, please feel free to visit the Resources section on our website and read them all. If you’re ready to talk to a representative about what VHT Callback could mean to your bottom line, contact us here.