credit cards outboundEvery day I hear a tempting commercial about the power of having the “greatest credit card” in my wallet. Like many, I rely on the purchasing power of my credit card to live life, from taking my family on vacation, paying for dinner, and renting a car, to buying a new computer, all while earning rewards points.

I love the credit card that I carried in my wallet for nearly a decade. It treated me well, simplified my life, and protected me when I needed it. I could always count on it. However, last year I was swayed by one of those snazzy commercials and decided to try a new credit card that promised me shiny new perks. Yet, after six disappointing months, I cut the card up and am now happily back with my original credit card. 

Why did I switch back, you ask? 

The answer is simple. My original credit card made my life easier and provided me with a very low effort customer experience. The credit card provider anticipated my needs, proactively kept me informed about my account, and thanked me for my loyal usage with a great rewards program. Plus, they honored my outbound communications preferences by sending me timely, relevant, and personalized messages over the channels I requested. Here are examples of my preferences:

  • Text me when charges are made that exceed my customized spending threshold
  • Call me when I’m close to my spending limit
  • Email me a reminder to pay my monthly bill
  • Alert me via text if they suspected fraudulent charges
  • Email loyalty program announcements and new reward offerings
  • Call me so I know to be on the lookout for a new credit card arriving in the mail
  • Refrain from any type of telemarketing offers
  • Survey me after interactions with an agent to make sure that I’m satisfied with the experience

How was my experience worse with the other credit card I tried? 

For starters, the credit card provider seemed to go out their way to ignore every communications preference I set up during my on-boarding process, and then proceeded to contact me too frequently about information I didn’t want or that wasn’t relevant to me. These included spam-like emails about new services, loans, and even new credit cards, direct mail to my home about credit card transfer offerings, and telemarketing calls to buy their credit monitoring service.

These types of invasive communications kept coming no matter what I did. I called customer service to opt-out, went on social media to grumble, and even checked my account preferences online multiple times to ensure they accurately reflected my preferences.

Then one day, out of the blue, my credit card was declined and confiscated by a department store when I was trying to make a purchase. I immediately called my credit card provider, and after 15 frustrating minutes on their ancient IVR system, a customer service agent told me that they suspected fraud. So, without proactively alerting me to try and validate the charges, they cancelled my card. The nice-enough agent apologized for the inconvenience and informed me that a new card would arrive in the mail in three to five days and to have a nice day. 

Smart credit card providers must recognize that poor customer experiences like mine will result in higher support costs, lower satisfaction levels, and increased churn rates.  The key to long-term customer loyalty and happiness is not all about promoting a flashy perk credit card. It’s about recognizing the opportunity to proactively engage customers with the information they want and need over their preferred communication channels.

Recently, Genesys published The Outbound Engagement Playbook to explain other challenges that a modern outbound engagement solution can help overcome, including:

  • High customer support costs: Not proactively communicating information that customers want results in a greater need for them to call into the contact center
  • High agent idle times and low agent utilization: Organizations that do not automate and effectively pace the volume of outbound calls will have inefficient agents and suboptimal campaign ROI
  • Increased compliance risk:  Without dynamic control over outbound campaigns, organizations struggle to comply with evolving regulatory requirements and corporate policies
  • No mobile strategy for outbound communications: Not embracing mobile means losing opportunities to engage with customers over their preferred channels, and thus, lower customer effort, improve contact rates, and build loyalty

The Outbound Engagement Playbook also provides some examples of how several Genesys customers are proactively engaging customers across their lifecycle to positively impact the bottom line, including:

  • 27% reduction in inbound call volume
  • 93% agent productivity – a 19% improvement
  • $1.2 million per year in cost savings
  • $1.7 million per year increase in acquisition revenue

Your customers have come to expect relevant, timely, and personalized communications from the companies they do business with. By having a robust outbound customer engagement solution in place, you’ll achieve superior outcomes and proactively engage your customers all along their journeys.

Want to learn more? Check out The Outbound Engagement Playbook to discover how to proactively communicate with your customers and deliver great customer experiences. Plus, we also offer tips on how to select an outbound engagement solution, and data about deployment options, solution components, and several outstanding customer success stories.