Article/Insight

Firms Are Missing the Mark on Live Phone Calls

Setting the Call Up for Success

More than a quarter of DIY investors reported speaking with a CSR over the phone in the past year, and over half of them navigated through an automated phone system before reaching a live representative. The first hurdle in the journey of a phone call is the automated system. Shockingly, half of the investors surveyed reported having to repeat the same information more than once, leading to a significant 65-point drop in satisfaction on average. Access to a live CSR proved to be another pivotal factor, with satisfaction plummeting by 143 points among investors who found no option to switch directly to a live representative.

How Do Customers Want to Communicate

 

The Impact of the 5 Key Behaviors

After surveying over 5,000 DIY Investors,  JD Power has found five key behaviors that CSRs must deliver to ensure a great client experience.

  • Greet the Client in a Friendly Manner
  • Use the Client's Name
  • Have the Client's Information Ready
  • Genuinely Thank the Client
  • Give the Client Your Name
5 Key Behaviors

 

When a CSR performs all five key behaviors, satisfaction scores soar to 794 out of 1,000. However, when just one key behavior is missed, client satisfaction suffers a significant 93-point drop.

 

Making Calls Memorable Key Drivers

Optimizing Your Live Phone Calls

Investment firms are urged to revisit their training, management, and measurement approaches for phone interactions. Ensuring that CSRs consistently deliver these key behaviors is essential for making the most out of phone calls and driving excellent client experiences. In an era where customer satisfaction is paramount, every interaction counts, and optimizing live phone calls is a strategic imperative for investment firms looking to thrive in a competitive landscape.

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