Top 7 Tips for Reducing Wait Times in Microfinance Customer Support Using IP PBX Call Routing
“Dear customer, please hold. Your call is important to us.” We all have heard this pre-recorded audio message at some point in our lives when we call a customer support number.
However, after waiting for a couple of minutes or so, it makes us wonder if the company really cares about our time? No matter how valued a customer might be, they no longer feel the same after waiting for some time.
When people are waiting, they are bad judges of time. Every half minute seems like five. As the old saying goes, “Every moment waited is a moment wasted.”
A study conducted by Velaro revealed that two out of every five callers said they won’t wait on hold for more than a minute. Nine out of every ten callers said they will hang up after five minutes.
In the present age, time is much more valuable than money (as well as most other precious things in the world.) When someone loses money or other tangible assets, they can get it back. But that’s not the case with time.
Microfinance institutions (MFIs) must keep that in mind and they must see to it that they don’t keep their customers waiting for long.
However, reducing average waiting time is not as easy as it sounds for microfinance companies. They face a wide array of challenges and they need to leverage modern technology tools such as IP PBX call routing to enhance their customer service.
At HoduSoft, we have helped many microfinance companies in reducing their average waiting time and taking their customer service operations to an altogether whole new level! We have engineered our HoduPBX’s call routing feature to efficiently route all incoming calls to the right agents in a minimal amount of waiting time.
In this blog post, we list the importance of customer support in the microfinance sector, the key challenges microfinance companies face in delivering timely customer service, understanding average call waiting time, factors responsible for high wait time in call centers, and seven effective strategies to reduce call waiting time.
If you are an owner of a microfinance organization, this blog post is just for you. So, without further ado let’s dive right into the blog post and understand the strategies using which you can reduce your wait times. Read on and thank us later.
Importance of Customer Support in Microfinance Sector
The microfinance sector cannot do without customer support. It plays a crucial role in ensuring client satisfaction, fostering trust, and enhancing financial inclusion in the microfinance sector.
It helps microfinance companies build robust relationships with those from underserved or vulnerable populations.
Effective customer support assists clients in understanding loan terms, repayment schedules, and financial products.
Moreover, it provides a channel for resolving issues quickly, improving customer retention, and enhancing the reputation of the institution.
As per study nearly 80 percent of customers utilize mobile apps for their financial services or banking needs.
Understanding Average Wait Time in Microfinance Sector
Average wait time (AWT) in the microfinance sector refers to the average amount of time a customer spends waiting in the queue before an agent answers their call.
It is a critical metric that directly impacts customer experience. By reducing AWT, MFIs can improve service levels and enhance overall efficiency mostly with the help of calling software for call centres.
Challenges Faced by MFIs in Delivering Timely Customer Service
When it comes to delivering timely customer service, microfinance companies face a wide array of challenges in ensuring that. Here are some key challenges that act as an impediment:
1. Lack of Omnichannel Communication
In today’s time, a majority of people own smartphones and they would prefer to contact businesses using various other channels than audio calls. A study by UC Today reveals that about 90 percent of customers expect an omnichannel experience with seamless service between communication methods. However, when it comes to delivering omnichannel communication, very few microfinance companies are able to meet customer expectations.
2. Lack of Automation
In the present time, automation can either make or break customer service. When microfinance companies manage to automate their customer service, they can easily reduce waiting time and provide prompt customer service. However, when some MFIs don’t have the bandwidth to automate their communication, they struggle with high average waiting time.
3. Complexity of Issues
Microfinance companies deal with many complex financial products and payment plans. When customers call to resolve complex or technical problems, it may take more time for call center agents to resolve the issues and queries. That may increase the average waiting time.
4. Inefficient Processes
This is one of the major causes for high average waiting time. When MFIs don’t provide their call center agents with the right tools, information, or training to resolve issues quickly, the average waiting time for customers is more likely to increase.
5. Inefficient Call Routing
Let’s face it; many MFIs don’t route their incoming calls to the most qualified agents. When calls aren’t routed properly and efficiently, then it can take longer to address customer needs and as a result microfinance businesses can suffer a lot.
6. Lack of Self-Service Options
In today’s time, a majority of customers prefer to solve minor issues and queries by themselves instead of speaking with a customer support executive. As per a study by American Express, three out of every five customers expect self-service options. Lack of adequate self-service options and effective automated systems (IVR, chatbots, etc.) can cause customers to rely on live agents for issues that could have been resolved independently.
7. Unclear Customer Intent
When customers aren’t clear about the issue they are facing, it often takes agents longer to understand their needs. This increases the average wait time and overall call duration. This can result in extended call times and longer wait times in the queue.
8. Poor Call Handling Skills
If agents struggle with handling calls efficiently, they may engage in unnecessary small talk, make excessive transfers, or fail to resolve issues promptly. This not only leads to longer calls but also impacts customer satisfaction and overall call center performance.
9. Customer Frustration
If the customer is frustrated and requires more empathy or reassurance, the call may naturally be longer as agents try to calm them down or find alternative solutions. Agents may need extra time to calm them down or offer alternative solutions.
7 Tips for Reducing Wait Times in Microfinance Customer Support Using IP PBX Call Routing
When it comes to reducing wait time, MFIs can choose from a wide array of strategies. Here are some of those:
1. Implement Effective Call Routing
There are various types of advanced call routing strategies such as:
- Skills-based routing: This routes calls to agents based on their skills and expertise can help reduce wait times and improve customer satisfaction.
- Time-based routing: This routes calls based on the time of day or day of the week can help reduce wait times and improve efficiency.
- AI-assisted routing: This leverages artificial intelligence to route calls and can help reduce wait times and improve customer satisfaction.
- Direct routing: This is the simplest and the most common call routing strategy to connect to a particular department associated with that number.
- IVR routing: This enables customers to use their phone’s keypad or speech recognition to navigate to the menu.
- Least idle/ occupied routing: In this routing, calls are transferred to the agents who have been on the least number of calls throughout the day.
- Geography-based routing: This identifies the area code provided through the caller ID or by manually entering the zip code.
2. Use Call Back Features to Eliminate Queues
The call-back feature in IP PBX systems allows customers to request a return call instead of waiting in a queue. Let’s take an example of a customer waiting for information on a loan disbursement. Instead of waiting indefinitely for the information, they can opt for a call-back.
By offering a call-back, MFIs can ensure customers don’t feel neglected during peak hours. The option enhances customer experience as well as reduces frustration, prevents call abandonment, and optimizes agent time.
3. Automate Common Inquiries with IVR
Interactive Voice Response (IVR) systems integrated with IP PBX can automate routine customer queries such as:
- Loan status
- Payment due dates
- Account balances
For example, an IVR system can provide automated balance updates for loan accounts, leaving agents free to assist with more complex queries and issues.
By leveraging IVR, MFIs can reduce call volume. This strategy enhances customer satisfaction by leaps and bounds and streamlines operations. It enables agents to focus on more complex issues and minimize wait times. To ensure effectiveness, IVR systems should offer clear menu options, intuitive flow, and regular updates.
4. Monitor and Optimize Call Routing Analytics
IP PBX systems provide call routing analytics that help track key metrics such as:
- Average wait time
- Call abandonment rates
- First-call resolution
- Call volume
- Queue time
By regularly analyzing these metrics, MFIs can identify bottlenecks and inefficiencies in call routing. To give an example, in case wait times rise during particular business hours, MFIs can adjust routing protocols and staffing levels accordingly.
MFIs can achieve continuous improvement through agent feedback, A/B testing, real-time data analysis, speech analytics, and call transcription with text analytics.
5. Route by IVR
A well-designed IVR system is key to improving both operational efficiency and customer satisfaction. Routing calls by IVR features ensures that customers navigate through multi-level menus.
Customers can select options for specific services, such as loan inquiries or payment issues. This allows MFIs to manage call volumes effectively, especially in high-demand scenarios. IVR also reduces wait times by efficiently distributing calls based on customer needs. It empowers agents to focus on more complex cases.
6. Design Call Flow
Designing an effective call flow within an IP PBX system allows businesses to manage inbound calls efficiently. This process includes steps such as Interactive Voice Response (IVR), business hours messaging, and a welcoming introduction. A well-structured call flow ensures that customers are guided to the right department quickly.
Microfinance companies can also include options for callbacks or information requests, improving customer experience. By having control over how calls are routed, MFIs can streamline operations, increase agent productivity, and enhance customer satisfaction.
7. Forward Calls
Call forwarding is a powerful feature that can reduce agent workload and ensure consistent customer service, even during high-demand periods. By leveraging sophisticated IP PBX systems, MFIs can forward incoming calls to external mobile numbers, landlines, or different call queues when agents are unavailable.
Forwarding calls effectively distributes the workload. This ensures that customers are always able to reach your business, whether it’s outside of business hours or during peak times. By having call forwarding in place, MFIs can maintain higher levels of customer satisfaction and operational flexibility.
Everything Said and Done,
MFIs need to do whatever it takes to reduce call waiting time. The above call routing strategies can help them reduce customer wait times and enhance customer experience.
Improving customer support through efficient call routing is a win-win situation for MFIs. It boosts customer satisfaction, fosters higher retention rates, and contributes to more streamlined operations. When customers experience quicker, more responsive service, they are more likely to stay loyal and continue using services.
Sophisticated IP PBX systems offer a scalable solution suitable for MFIs of all sizes. Whether a small community-focused institution or a larger, multi-branch organization, an IP PBX system can be customized to meet the specific needs of the institution.
MFIs should take the time to evaluate their current customer support processes and consider adopting IP PBX technology. By doing so, they can improve service delivery, foster customer loyalty, and maintain a competitive edge in the rapidly evolving financial services sector.
At HoduSoft, we have helped many MFIs in streamlining their customer service operations. Our HoduPBX IP PBX software is engineered to considerably reduce call waiting time. If you want to know more about HoduPBX, contact us today to book a free demo.