Don’t Think Basic, Think NECESSARY Call Center Metrics

Previously, we introduced seven metrics credit unions must be measuring to ensure their call centers are driving revenue and member retention. Today, we’re looking at two of the most basic measurements for a call center – Average Speed of Answer (ASA) and Call Abandonment Rate.

Do not let the word “basic” discourage or distract you from reading further. These basics are necessary. While they are often measured, they are not always reviewed or analyzed. Blindly sticking to metrics, not digging deeper to understand the numbers means you are missing great opportunities.

ASA measures the time it takes for an agent to answer a member’s call. It gives credit unions an idea of how easily they are meeting service level goal or how much additional labor may be required to achieve a service level goal. The industry standard is 80/30, which means that 80 percent of calls into the call center should be answered within 30 seconds.

Call Abandonment Rate is the rate at which calls go unanswered. For credit unions meeting the 80/30 ASA, the abandonment rate should consistently be around three percent. Remember, the longer a member is on hold, the more frustrated they will be. Eventually, even the most patient caller will hang up, costing your credit union the opportunity to enhance that member’s loyalty.

Metrics Explained
A common misconception after hearing these metrics is credit unions should do whatever it takes to ensure every call is answered immediately, right? No!

I’ve met with two $1 billion credit unions during the past three weeks that employ a policy that all calls will get routed to the first available employee, even if it is the CEO. Sounds good on paper – theoretically, no phone rings more than twice. But what is the point of answering the call quickly if the member has to be transferred? The IT department is not suited to field requests for loan applications. The best use of the loan department is not to reset passwords. Even though the phone has been picked up, the member’s issue may still be unresolved. They’ve been put on hold or been required to repeat information with each new person who answers the phone. They will hang up frustrated and considering trying out the bank around the corner.

An ASA or Call Abandonment Rate that is high is also very expensive. If a credit union call center is staffed to provide a 90/10, they are paying exponentially higher costs due to agents sitting around waiting on calls. Most callers do not differentiate between a wait time of ten seconds and 30 seconds, so the key is to answer phones quickly enough to satisfy the majority of callers without wasting resources.

ASA and Call Abandonment Rate should be reviewed in balance with the rest of the key metrics. It is important that the call center be staffed well enough to answer the vast majority of calls in a short time. This reduces the lost revenue potential of calls being abandoned.
However, speed for the sake of speed will not ensure that your members’ needs are being met. To do that, you have to look at different metrics, which we will explore in depth next week.