Financial market data provider: overworked customer support, high customer churn rate

The Challenge | A supplier of financial market data is receiving complaints from customers about the poor quality and up-to-dateness of the data, as well as interruptions in the provision of data. The customer support staff receive the complaints, but are unable to process them immediately. As a result, customers repeatedly call the company, yet are not offered a solution or any accurate information. Customer satisfaction is drastically declining, and the customer service staff are under ever more pressure.

Our joint approach | A consultant from mm1 Consulting & Management analyzes and categorizes the customer tickets, and comes up with three initial improvement measures based on this analysis. The first measure involves redesigning the support tickets. In the future, these should contain all of the key information required for support and problem solving, thereby significantly simplifying the work of the second and third-level support staff, as well as the determination of the necessary system adjustments. The customers no longer have to be asked time-consuming queries in most cases. The second measure is the design and implementation of an expert system as a central information base. This contains standard solutions and answers to frequently asked questions. In addition, the system enables users to view the monitoring of the systems that supply the data. As a third and final measure, a customer support portal is designed and set up, in which customers can open support tickets and view their own ticket status. As a result, the “closed on first call” rate increases from 10% to almost 80%.