Tech Mahindra Uses Verint Automated Quality Management and Verint Speech Analytics to Elevate Customer Perception and Experience for Bank of Baroda
Leading provider of innovative and customer-centric digital experiences helps India’s largest public sector bank transform from a traditional institution to a customer-centric organization powered by automation and data-driven decision making.
The results
- 92%
Achieved an ambitious quality score of 92%.
- 50+
Improved NPS scores to 50+, driving increased customer endorsement and enhanced brand reputation.
- 5%
Boosted sales conversion rate by 5%.
About Tech Mahindra and Bank of Baroda
Tech Mahindra offers innovative and customer-centric digital experiences. The organization enables enterprises, associates, and society to rise for a more equal world, future readiness, and value creation. Tech Mahindra is a part of the Mahindra Group, which was founded in 1945. With annual revenue of $6.5 billion USD, it has more than 148,000 professionals across 90 countries helping over 1,250 global customers, including many Fortune 500 companies.
Tech Mahindra has remained a steadfast digital collaborator alongside Bank of Baroda, the largest public sector bank in India. Over the years, it has actively contributed to the enhancement of the bank’s customer engagement strategies and, in turn, the bank’s formidable rise in the financial services landscape.
Opportunity
With a mission to be a top-ranking National Bank of International Standards committed to augmenting stakeholders’ value through concern, care, and competence, Bank of Baroda sought a more in-depth understanding of factors impacting its operational efficiencies across both inbound and outbound calls. This included average handle time, transfers, channel deflections, and non-value-add calls. Critically, the bank wanted to understand the top reasons customers were calling and, from there, the analysis of the top reasons for customer dissatisfaction or negative sentiment. In addition, the bank wanted to identify ways to improve its outbound contact and sales conversion rates.
Bank of Baroda placed focus on automating its manual quality process. By transforming to an automated total quality process, the bank could not only evaluate 100 percent of recorded calls, but also free quality analysts’ time for more effective coaching and performance improvement initiatives based on a complete dataset versus a sample size.
In addition to its mission of being a top-ranked banking institution, Bank of Baroda aims to be seen as a new age bank. With this aim, it needed to elevate customer sentiment measured by Net Promoter Score (NPS). Further, it needed to drive adoption of more of its banking products while also finding a resolution for ghost or repeat calls.
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“The combined efforts of Tech Mahindra and Verint helped revolutionize the customer experience at Bank of Baroda. Embracing and harnessing automation and data-driven decision making, with Verint Automated Quality Management and Verint Speech Analytics at the core, we were empowered to enhance the bank’s efficiency and the customer experience it delivers.”
Solution
Tech Mahindra collaborated with Bank of Baroda with a vision of establishing a digitally enabled contact center. Through a comprehensive analysis of daily customer calls, Bank of Baroda’s main objective was to enhance service by addressing operational hurdles such as less-than-optimal average handle time, transfers, channel deflections, and non-value-add calls.
To start, Tech Mahindra and Bank of Baroda focused on automating the bank’s manual quality process. Here, Tech Mahindra, in collaboration with Verint, introduced Verint Automated Quality Management and Verint Speech Analytics. Part of Verint Open CCaaS Platform, the best-of-breed Verint solutions enable the evaluation, scoring, and analysis of 100 percent of customer calls. Automatically uncovering trends and areas of opportunity from the structured and unstructured call data, the solutions empower CX automation to elevate agent performance, accountability, operational efficiency, and customer experience.
Verint consultants worked closely with Tech Mahindra’s analytics and business teams throughout the project. Similarly, the Tech Mahindra teams engaged with Bank of Baroda’s tech-savvy and enthusiastic contact center staff. The result was the enablement of both parties to effectively harness insights from Verint Automated Quality Management and Verint Speech Analytics. This strong partnership and collaboration laid the groundwork for an analytics framework that was swiftly adapted and scaled to cater to the bank’s diverse customer base, encompassing multiple Indian languages.
Benefits
“The combined efforts of Tech Mahindra and Verint helped revolutionize the customer experience at Bank of Baroda,” says Jitendra Agnihotri, Head of Delivery at Tech Mahindra. “The bank wanted to achieve a leadership position as an organization who actively listens to and values its customers. Embracing and harnessing automation and data-driven decision-making, with Verint Automated Quality Management and Verint Speech Analytics at the core, we were empowered to enhance the bank’s efficiency and the customer experience it delivers.”
One efficiency and customer experience objective was to improve Bank of Baroda’s overall quality score. Using Verint Automated Quality Management to enable the automatic and meticulous assessment of all Bank of Baroda agent-customer interactions, Tech Mahindra was able to meet this key performance metric required by the bank. Moreover, achieving the bank’s ambitious quality score target of 92 percent had the added benefit of significantly boosting customer satisfaction.
Verint Speech Analytics played a crucial role in enabling Tech Mahindra to identify root causes of customer dissatisfaction with the bank. Acting on the customer dissatisfaction insights gained from Verint Speech Analytics findings, Tech Mahindra and Bank of Baroda were able to improve customer sentiment. Overall, the bank’s NPS scores rose to more than 50, driving increased customer endorsement and enhanced brand reputation.
With the use of Verint Speech Analytics to monitor and assess agents’ sales pitches and upsell calls with customers, sales conversions also increased significantly. This data-driven approach highlighted best practices and areas for improvement, resulting in a five percent boost in sales conversion rates.
In addition, compliance parameters were notably enhanced using Verint Speech Analytics. Overall, compliance tracking increased from 90 to 97 percent, helping mitigate potential complaints and escalations.
Apart from the many tangible results, Tech Mahindra is delivering numerous soft benefits to Bank of Baroda thanks to Verint’s engagement solutions. For example, Verint Automated Quality Management is helping to identify soft-skill gaps among agents, with targeted coaching and training, tailored based on specific agent needs and best practices, enabling more swift remedial measures to enhance customer service efficiency and customer experience.
Verint’s best-of-breed CX automation, combined with its AI and analytics leadership and expertise, helped Tech Mahindra establish a robust analytics framework. Subsequently, Tech Mahindra was able to seamlessly apply this framework to accommodate Bank of Baroda’s customer base. The result was affirmation of the bank’s commitment to customer satisfaction and operational excellence. The transformation from a casual public sector bank to a customer-centric institution powered by automation and data-driven decision making was complete.
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