Introduction:
Customers today are in no mood to listen to music while waiting for answers. What is expected today in the fast-paced world of modern banking is swift replies and fast resolutions. The core of every requirement, such as suspicious transactions, account information, or a mortgage application, is time. In a highly regulated industry, such as the UK’s banking, response time and Average Handling Time (AHT) have ceased to be just metrics; they are the decisive factors for improved customer satisfaction.
1. The Age of Instantaneous: Why Response Time Matters
We are living in the time of instant deliveries, one-day delivery, and instant messaging; thus, customers today can’t stand waiting.
When minutes felt like an eternity
Online payment has become an indispensable part of our lives. And visualize a situation where you are in a haste to pay for school fees or a bill, and your payment gets stuck. The first thing you will do is call your bank, listen to the waiting music. When you speak to the associate, you will be transferred to the concerned department. This transfer may require you to repeat your issue. No doubt, it’s frustrating and annoying.
According to The Times’ article “First Direct: Inside the Firm That Gets Customer Service Right,” about 32% of customers switched banks, primarily due to better customer service
A slow response time is a clear message to the customer that the company is not prioritizing them and they don’t value customer’s time.
Why AHT matters?
- · Customer Expectations are no longer the same.
Previously, it didn’t bother much when customers had to wait; however, with the onset of fast, quick, and instant deliveries and services, the attitude has changed drastically.
- Consideration for Vulnerable/emotional situations
In the age of inflation and high cost of living, people are often engulfed in stress, frustration, and anxiety. A fast response with an empathetic approach can instantly lower stress and enhance satisfaction.
As mentioned in the Cnect wales News – Companies Risk Losing One in Two Vulnerable Customers as AI use Grows– the Financial Conduct Authority (FCA) has revealed that “47% of individuals in the UK identify as having one or more characteristics that would classify them as vulnerable, including mental or physical health conditions, resilience difficulties, capability issues and trauma from bereavement and other life events
2. The Danger of Haste Without Consideration
Average Handle Time (AHT) is a call centre metric that measures the time a call centre executive takes to complete a specific task or help a caller resolve. However, most of the time it’s like a competition- Finish the call as fast as possible. Let’s understand how things get complicated.
Cutting AHT unreasonably fast can go wrong- Rush, robotic interaction, half-solved issues- Makes the customer move away, annoyed and dissatisfied-
The objective is not just decreasing the duration- but to make it short and efficient calls.
3. Human expertisein a Digital World
Modernisation is the need of the hour, and banks are feeling the pressure to get their game strong. Nevertheless, the battle is not about providing 24/7 chat or apps to the customers, it’s about delivering a humane, seamless and swift experience.
- People Still Matter
UK customers still appreciate the human touch despite the domination of automation. Human empathy plays a vital role in vulnerable situations like fraud or mortgages. The foundation of trust is laid when emotional situations are handled swiftly with compassion.
When empathy and speed are blended, banks achieve:
- Reduced rate of churn
- Advanced trust ratings
- Improved cross-sell and upsell opportunities
According to Ventrica’s research and press release, where it surveyed 2,000 UK consumers in the financial service sector- New research from Ventrica shows that human experiences could unleash £100 more per customer service enquiry. It was found that human agents delivered 76% of positive experiences.
4. A Subtle Act of Balancing:
- Extended AHT- Incompetence & Customer Frustration
Long AHTs symbolise intricacy, inability and lack of staff training. Customers feel annoyed when they have to explain the same issue to different people.
- Extremely brief- Hurried and Mechanical
In a regulated industry like banking, a rushed call can be risky and lead to a drop in service quality. A feeling of being overlooked and ineffectively assisted develops in the customers.
Whether started via chatbot or any other means, 72% of all interactions, were ultimately resolved by an individual.
Technology has become a boon in maintaining a balance in AHT:
- AI Chatbots- To handle general queries, reducing workload and Average Handle Time for live agents.
- Smart Routing Systems- So that customers are saved from repeating the same issues, and are directly connected to the concerned department.
- CRM & Data Tools- It enables customers to access their accounts quickly and also personalise the services.
Consumers state they would potentially spend more 20% more in financial services after a positive experience with a customer service team[ii].
Takeaway!
Speed has ceased to be just one of the requirements in the UK banking sector. It’s the reference point. However, great results are achieved when speed is combined with skill, compassion, and consistency.
So, what needs to be kept in mind:
- Swift response develops trust
- A planned lessening of AHT improves efficiency without compromising service quality
- The objective is resolving the issue, not just responding
- Empowering human agents through technology, not replacing them.
Customers look for reassurance when money is involved. They just don’t need quick answers. Fast response times and augmented AHT are not just features that enhance the operations- in the modern banking ecosystem, they are the foundations that lead to customer loyalty.
Frequently Asked Questions
1. What can be called a good AHT?
A “good” AHT differs by industry and call type. However, across most industries, the global average is approximately 6 minutes.
2. What is the relevance of Fast Response Time and AHT for the UK banks?
There is a huge rise in the demand by customers for swiftness and convenience from the banks. Long wait time, in addition to incompetent and unprofessional handling of complaints, leads to frustration and abandonment by the customer.
3. Can customer satisfaction also be hampered by a low AHT?
Indeed! When the pressure to reduce AHT is pushed too aggressively, the conversations can seem rushed and ineffective. This can further escalate to annoyed customers and reduced customer satisfaction.
4. How can the UK banks enhance response time and AHT?
Response time and AHT can be improved strategically by deploying:
- AI chatbots
- Smart call routing
- CRM tools
- Omnichannel platforms
Sources :
First Direct: inside the firm that gets customer service right
How to Calculate Average Handling Time (AHT)
Companies Risk Losing One in Two Vulnerable Customers as AI use Grows
New research from Ventrica shows that human experiences could unleash £100 more per customer service enqu
what is wrap up time 7-ways-to reduce it
