Credit unions pride themselves on their member service. That high quality service shouldn’t end outside the branch. It should extend to all major touchpoints, including digital banking, mobile apps, and your call center.
But is your credit union in the best position to provide excellent member experience through an in-house call centre? Or should you outsource?
This blog will help you determine which solution would best serve your needs.
Why In-House vs. Outsourcing Is a Question
Growing credit unions—and those without the resources for in-house solutions—may have difficulties putting together their call centres. Achieving scale in a cost-effective way is key to ensuring a good, consistent member experience.
In fast-moving branches, employees must often pull double duty, delivering on both internal goals and exceeding external member expectations. Just one negative review, or one unsatisfied member can not only damage your credit union’s reputation, it can also cut into your profits, turning potential new members into lost opportunities.
A dedicated call centre solely focused on member satisfaction can be a valuable asset to help your credit union maintain and expand your member base. And they’re also a vital necessity for any growing business.
Should You Outsource Your Call Centre?
So yes, call centres are important, but what should you do when it doesn’t make sense for your team? There are two main ways to go: outsourced call centres and in-house call centres.
Outsourcing call centres is nothing new. In fact, many businesses see it as a healthy business decision in ways that go beyond profit or establishing a solid brand. But that doesn’t mean there aren’t specific pros and cons to outsourcing your call centre.
- Cost-effectiveness: One of the main reasons of outsourcing your call centre is the cost. Outsourcing greatly reduces the cost of labour and setup.
- Focus on Productivity: Outsourcing your call centre helps employees focus on what they do best, live and in person with your members. They won’t be burdened by interruptions of ringing phones and members will experience exactly what they expect, both in person and remotely.
- Trained Staff: Outsourcing your call centre allows your company to acquire a team of operators that are ready to go. Expert call centre outsourcing services have talent pools of professionals who balance business and member expectations to be your brand’s voice.
- Scalability: Outsourcing to a leading call centre service provider means you can easily scale up in a rapidly growing business without having to hire new employees. No more valuable time put towards finding, hiring, training, and retaining talent.
Outsourcing does have cons, however. Here are a few things to consider regarding any outsourced solution.
- Language Constraints: Finding an outsourcing partner whose language proficiency matches your target member segment is critical. Poorly trained agents can lead to bad member experiences, thus damaging to your brand.
- Confidentiality: Credit unions must share sensitive member data, which increases risk. Thus, it’s important to work with a reputable vendor. Regular check-ins may ensure that data security standards are followed.
- Reduced Focus: External call centres by nature serve many different clients. Their focus might be divided as a result. This can sometimes compromise the quality of member service.
- Less Control: Outsourcing gives your credit union less control over your call centre. You should feel confident that a vendor will uphold your standards. However, if you wish to directly manage every aspect of your call centre, lack of control may be difficult to deal with.
There is of course, an alternative to outsourcing, and that’s having your call centre in-house. But that come with its own pros and cons.
In-House Call Centre Pros:
Keeping full responsibility and control over your call centre comes with a few major benefits.
- Personal Touch: Keeping your call centre in-house simply offers you more control. It’s easier know that every member is properly served to your standards.
- Security: No third-party involvement means not having to take any risks with consumer data. This can also increase member confidence because they’ll be dealing with direct company representatives.
In-House Call Centre Cons:
- Cost: This factor alone drives outsourcing for smaller credit unions. While the value’s great, the price isn’t always worth it. This is especially true for smaller credit unions that don’t have the resources to hire, train, and manage staff, plus provide proper equipment for the job.
- Maintenance: It’s not enough to simply have an in-house call centre. You must also think about the additional resources and personnel. Training, technology upgrades, and physical facilities need to be maintained. These take a lot of responsibility and resources, and may even require a dedicated management team.
Whether your business opts for an in-house or outsourced call centre depends strongly on your credit union. If you’re smaller or growing, outsourcing might be a great option as you scale up. But if you don’t want to relinquish control, or if cost is no object, an in-house call centre might be what you need…
Did we help you learn more about in-house vs. outsourced call centres? Subscribe to our blog!
See more about how UPLevel can help your credit union with its call centre needs here.