Verint Experience Index Benchmarks Contact Center Experience
and Its Impact on the Omnichannel Customer Journey
Which brands get top marks from consumers when it comes to
contact center experience? Allstate, Bank of America, Cox, Kaiser
Permanente, and T-Mobile took the top spots in their industries
based on a survey of 6,338 consumers. The resulting research also
finds that companies can save more than one million dollars per one
million calls by increasing the success of their digital,
self-serve options by 25 percent.
The results were announced today by Verint® Systems Inc.
(Nasdaq: VRNT), The Customer Engagement Company™, based on the
latest Verint Experience Index™, which benchmarks customer
satisfaction with the contact center experiences of 25 leading
brands in the banking, health insurance, property/casualty
insurance, cable and telecom sectors. The brands’ Net Promoter
Scores® were also factored in compiling the rankings.
For more than a decade, the Verint Experience Index (VXI) has
chronicled digital and omnichannel experiences across key
industries, from retail to utilities to government (previous
editions were published as the ForeSee Experience Index). The
latest VXI, based specifically on the telephone contact experience,
measures four key drivers that impact a caller’s overall
satisfaction with their contact center experience: accessibility in
reaching an agent, request resolution, sales-service
representative, and voice clarity and quality. Allstate was the
only brand to rank first in all four drivers while Bank of America,
Spectrum and Humana each ranked first for three out of four
drivers.
The Index also uncovers key findings underscoring the impact of
consumer contact-center satisfaction on the overall omnichannel
customer journey, including the correlation between issue
resolution and switch consideration/churn rates, increase in
self-service and hundreds of thousands of dollars in savings, and
the connection between great experiences and the likelihood to
recommend the brand.
Self-service success = one million dollars in savings
Reinforcing the omnichannel nature of the customer journey
today, nearly half of consumers engaged in a digital experience
prior to calling the contact center. This ranged from 51 percent of
consumers for health insurers to 46 percent for property/casualty
insurers. The study also found that a 25 percent increase in
self-service success rates could result in savings of over one
million dollars per contact center, with health insurers standing
to gain the most. The potential savings for each one million calls
diverted from the contact center was calculated to range from
$1,147,500 for health insurers to $1,080,000 for banking and
telecom providers, $1,057,500 for cable providers and $1,035,000
for property/casualty insurers.
Risk of customer defection trends high when issues are not
resolved
High call resolution is a central focus for brands aspiring to
deliver quality customer service. Non-resolution rates, which range
from 14-20 percent per sector, can result in an increased risk of
customer defection. The research revealed that of those consumers
who reported their issues were not resolved, nearly half would
consider switching to a competitor. The study looked at the
correlation between issue resolution rate and proclivity to churn
in order to evaluate the proportion of respondents who would
consider switching providers. The stakes were found to be highest
in the cable industry, where 66 percent would consider a switch
resulting in a churn rate of 13.2 percent.
Consumers reward great customer experience
Regardless of industry, consumers value and reward brands that
deliver great customer experiences, and satisfaction impacts future
behavior. Banking customers with a great experience (a CSAT score
of 80 or higher) had a 134 percent higher likelihood to recommend
the brand than those with a poor experience (CSAT of 60 or lower).
A great experience in the cable sector netted the highest
likelihood-to-recommend score of all industries evaluated in the
index – 163 percent – underscoring the vital importance of customer
experience in this industry.
“Leading consumer brands know exceptional customer experiences
are paramount; they also recognize the value of the contact center
as the cornerstone of a strategic omnichannel customer-experience
management approach,” says Verint’s Ben Smith, vice president and
general manager, Experience Management solutions. “We are pleased
to share the Verint Experience Index as a benchmark as more
companies recognize the value of experience data as a key driver
for accelerating business outcomes.”
For the full report, including vertical-specific analysis of
satisfaction drivers with the most impact and the full rankings for
the 25 companies profiled, download the Verint Experience Index:
Contact Center edition here.
About the report
For more than a decade, the Verint Experience Index (VXI) has
chronicled digital and omnichannel experiences across key
industries from retail to utilities to government. Previous
editions of the Index were published as the ForeSee Experience
Index and are available here.
This edition of the VXI, a panel survey report, examines and
ranks the telephone contact center customer-service experiences of
the largest companies in five categories: banking, cable/satellite
television services, health insurance, property/casualty insurance,
and telecommunications. The criteria for selecting the included
companies was based on rankings of the largest companies provided
by independent, third-party sources including Federal
Communications Commission, Federal Reserve, National Association of
Insurance Commissioners, and Statista.
The VXI study featured a panel sample of 6,338 survey
respondents, representative of the U.S. general population, with at
least 250 responses for each brand. Responses were collected from
Sept. 30 - Oct. 25, 2019. Rankings in the VXI are based on CSAT,
using a scale of 0 to 100 with a margin of error of +/-2.35. NPS®
is also shown, on a scale of -100 to 100, and has a margin of error
of approximately 8.35. When two or more scores are identical at one
decimal place, the next decimal place is used to break ties and
determine the ranking.
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable
Intelligence® solutions with a focus on customer engagement
optimization and cyber intelligence. Today, over 10,000
organizations in more than 180 countries—including over 85 percent
of the Fortune 100—count on intelligence from Verint solutions to
make more informed, effective and timely decisions. Learn more
about how we’re creating A Smarter World with Actionable
Intelligence® at www.verint.com.
This press release contains “forward-looking statements,”
including statements regarding expectations, predictions, views,
opportunities, plans, strategies, beliefs, and statements of
similar effect relating to Verint Systems Inc. These
forward-looking statements are not guarantees of future performance
and they are based on management's expectations that involve a
number of risks, uncertainties and assumptions, any of which could
cause actual results to differ materially from those expressed in
or implied by the forward-looking statements. For a detailed
discussion of these risk factors, see our Annual Report on Form
10-K for the fiscal year ended January 31, 2019, our Quarterly
Report on Form 10-Q for the quarter ended October 31, 2019, and
other filings we make with the SEC. The forward-looking statements
contained in this press release are made as of the date of this
press release and, except as required by law, Verint assumes no
obligation to update or revise them or to provide reasons why
actual results may differ.
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005224/en/
Media Relations Amy Curry Verint Systems Inc.
amy.curry@verint.com
Investor Relations Alan Roden Verint Systems Inc.
alan.roden@verint.com
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