Customer Relationship Management Helps Chase Card Services Manage Customer Calls Essay Example

Customer Relationship Management Helps Chase Card Services Manage Customer Calls Essay If you have a credit card, theres a good chance that it is from Chase. Chase Card Services is the division of JP Morgan Chase which specializes in credit cards, offering a vast array of credit card products such as the Chase Rewards Platinum Visa card. As one of the [argest credit card issuers in the United States, the company fields a correspondingly large amount of calls from people seeking customer service for their credit card accounts.Each of Chases 6,000 call center agents worldwide at the companys 11 call centers fields field up to 120 calls per day. The company handles slightly less than 200 million calls each year from a customer base of 100 million. Even a small reduction of 1% to the amount of calls received results in savings of millions of dollars and improved customer service for Chase. Achieving such a reduction is easier said than done, however. Li. 2006, Chase Card Services attempted to accom- plish this by improving first-call resolution. First-call esolution is wh en a call center agent is able to resolve a customers issues during the initial call to customer service without requiring additional calls. The problem was that the companys record keeping did not give an accurate account of current rates of first-call resolution. Chase had previously tried tracking first-call resolution rates oy having agents log the content and results of each call they received. But this task was time- consuming and was not standardized, since agents :ended to record results subjectively and not in a iniform way.Company policies for some customer requests were also far from ideal for increasing First-call resolution. For example, agents were only able to process balance transfers for customers calling from their homes, and the fee structure inderwent multiple changes over a short span, prompting repeat calls. Po improve call center efficiency, Chase contracted with Enkata technologies to implement a oerformance and talent management system. The system monitors a nd tags each call with the :opic and length of the call as well as the length of time the agent that handled the call has been orking. It doesnt require agents to perform any lotion to acquire this information; it tracks calls automatically by keeping track of the keyboard strokes of each agent. As soon as an agent clicks on the feature of the account that the customer is calling about, the Enkata system automatically identifies the reason for the call. Proprietery algorithms match the reason and caller identification to the amount of time predetermined for each type of call. The system then monitors discrepancies in call time, depending on the reason for the call. For xample, a call from a customer requiring card activation should be a quick call, so the system will pinpoint card activation calls that take longer than normal, or fee dispute calls that are shorter than normal. But sometimes customers have multiple reasons for calling, which would have been very difficult to track pr ior to the implementation of Enkatas system. Now Enkata separates each individ- ual reason for calling and organizes them into a sequence, so that a call with multiple issues to resolve is analyzed using the appropriate time frame.By separating and organizing reasons for calling into distinct categories, Chase is able to determine criteria for declaring particular calls resolved For example, a card activation call will be considered resolved after only a few days without a follow-up call, but a disputed fee call wont be considered resolved until the customer received another statement without any complaints. This method gives Chase much more accurate data on first-call resolution, a feat which is regarded as very difficult and impressive in the industry. Enkata compiles this data and distributes it toChase Card Services in the form of weekly reports on call type and length, call handling times, repeat call rates, and other performance measures that allow both agents and supervisors to monitor their performance. The system also connects reports with call recordings to assist managers in coaching and evaluating their agents. When the system was still being implemented, Enkata used historical call data gathered prior to the implementation to create initial reports. Chase Card Services executives considered this initial upload of data to be the most time- consuming part of the implementation.Once the implementation was complete, the company hoped that improvements in the interpretation and management of this information would lead to improvements in agent pertbrmance, customer satisfaction, and customer retention. The results speak for themselves. Chase Card Services improved its first-call resolution rate to 91%, an increase of 3%, in its first year after the imple- mentation of the Enkata system. That represented a total savings of $8 million. Approximately $2. 5 mil- Lion of that total savings was a direct result of the average call time decreasing by two secon ds.The company hopes to reach its goal of 95% within the next few years. A perfect rate of 100% first-call resolution is not feasible because some additional calls after the first are acceptable under certain circumstances, such as a customer remembering a charge that he or she had initially disputed. CASE STUDY QUESTIONS 1. What functions of customer relationship manage- ment systems are illustrated in this case? 3. Why is the call center so important for Chase Card Services? How could Chases call centers help it improve relationships with customers? . Describe the problem at Chase call centers. What management, organization, or technology factors contributed to the problem?3. How did using Enkata improve operational perfor- mance and decision making? Give examples. E. What management, organization, or technology factors would have to be considered in implement- ing the Enkata solution? Within three months time, 30% of agents that had scored below the acceptable rate for first-call resolution improved to an acceptable rate. And although the number of active customer accounts grew by 5. % in the six months after implementation of the system, call volume decreased 8. 3% over that same span. Encouraged by these successes, Chase Card Services is now looking to expand the capabilities of the system to classify calls into even more cate- gories, and to link their collected data to marketing programs to foster cross-selling and upselling. Sources: Marshall Lager, Credit Where Due, Customer Relationship Management, April 2008; Michele Heller, How Chase Got Control of Call-Center Expenses, American Banker, February 26, 2008. Customer Relationship Management Helps Chase Card Services Manage Customer Calls Essay Example Customer Relationship Management Helps Chase Card Services Manage Customer Calls Essay If you have a credit card, theres a good chance that it is from Chase. Chase Card Services is the division of JP Morgan Chase which specializes in credit cards, offering a vast array of credit card products such as the Chase Rewards Platinum Visa card. As one of the [argest credit card issuers in the United States, the company fields a correspondingly large amount of calls from people seeking customer service for their credit card accounts.Each of Chases 6,000 call center agents worldwide at the companys 11 call centers fields field up to 120 calls per day. The company handles slightly less than 200 million calls each year from a customer base of 100 million. Even a small reduction of 1% to the amount of calls received results in savings of millions of dollars and improved customer service for Chase. Achieving such a reduction is easier said than done, however. Li. 2006, Chase Card Services attempted to accom- plish this by improving first-call resolution. First-call esolution is wh en a call center agent is able to resolve a customers issues during the initial call to customer service without requiring additional calls. The problem was that the companys record keeping did not give an accurate account of current rates of first-call resolution. Chase had previously tried tracking first-call resolution rates oy having agents log the content and results of each call they received. But this task was time- consuming and was not standardized, since agents :ended to record results subjectively and not in a iniform way.Company policies for some customer requests were also far from ideal for increasing First-call resolution. For example, agents were only able to process balance transfers for customers calling from their homes, and the fee structure inderwent multiple changes over a short span, prompting repeat calls. Po improve call center efficiency, Chase contracted with Enkata technologies to implement a oerformance and talent management system. The system monitors a nd tags each call with the :opic and length of the call as well as the length of time the agent that handled the call has been orking. It doesnt require agents to perform any lotion to acquire this information; it tracks calls automatically by keeping track of the keyboard strokes of each agent. As soon as an agent clicks on the feature of the account that the customer is calling about, the Enkata system automatically identifies the reason for the call. Proprietery algorithms match the reason and caller identification to the amount of time predetermined for each type of call. The system then monitors discrepancies in call time, depending on the reason for the call. For xample, a call from a customer requiring card activation should be a quick call, so the system will pinpoint card activation calls that take longer than normal, or fee dispute calls that are shorter than normal. But sometimes customers have multiple reasons for calling, which would have been very difficult to track pr ior to the implementation of Enkatas system. Now Enkata separates each individ- ual reason for calling and organizes them into a sequence, so that a call with multiple issues to resolve is analyzed using the appropriate time frame.By separating and organizing reasons for calling into distinct categories, Chase is able to determine criteria for declaring particular calls resolved For example, a card activation call will be considered resolved after only a few days without a follow-up call, but a disputed fee call wont be considered resolved until the customer received another statement without any complaints. This method gives Chase much more accurate data on first-call resolution, a feat which is regarded as very difficult and impressive in the industry. Enkata compiles this data and distributes it toChase Card Services in the form of weekly reports on call type and length, call handling times, repeat call rates, and other performance measures that allow both agents and supervisors to monitor their performance. The system also connects reports with call recordings to assist managers in coaching and evaluating their agents. When the system was still being implemented, Enkata used historical call data gathered prior to the implementation to create initial reports. Chase Card Services executives considered this initial upload of data to be the most time- consuming part of the implementation.Once the implementation was complete, the company hoped that improvements in the interpretation and management of this information would lead to improvements in agent pertbrmance, customer satisfaction, and customer retention. The results speak for themselves. Chase Card Services improved its first-call resolution rate to 91%, an increase of 3%, in its first year after the imple- mentation of the Enkata system. That represented a total savings of $8 million. Approximately $2. 5 mil- Lion of that total savings was a direct result of the average call time decreasing by two secon ds.The company hopes to reach its goal of 95% within the next few years. A perfect rate of 100% first-call resolution is not feasible because some additional calls after the first are acceptable under certain circumstances, such as a customer remembering a charge that he or she had initially disputed. CASE STUDY QUESTIONS 1. What functions of customer relationship manage- ment systems are illustrated in this case? 3. Why is the call center so important for Chase Card Services? How could Chases call centers help it improve relationships with customers? . Describe the problem at Chase call centers. What management, organization, or technology factors contributed to the problem?3. How did using Enkata improve operational perfor- mance and decision making? Give examples. E. What management, organization, or technology factors would have to be considered in implement- ing the Enkata solution? Within three months time, 30% of agents that had scored below the acceptable rate for first-call resolution improved to an acceptable rate. And although the number of active customer accounts grew by 5. % in the six months after implementation of the system, call volume decreased 8. 3% over that same span. Encouraged by these successes, Chase Card Services is now looking to expand the capabilities of the system to classify calls into even more cate- gories, and to link their collected data to marketing programs to foster cross-selling and upselling. Sources: Marshall Lager, Credit Where Due, Customer Relationship Management, April 2008; Michele Heller, How Chase Got Control of Call-Center Expenses, American Banker, February 26, 2008.

Free Essays on Does Television Effect Obesity

Technology can be linked to the increase rate of individuals becoming overweight. Things become readily available through technology, which means people have to do less work. A prime example of technology that is attibuted to making people overweight is the television. Some people believe that several hours of television viewing everyday can be a cause of obesity, which I find that belief to be credible. Television viewing is a factor in increasing obesity among the people of today. In my opinion, watching many hours of television can lead to obesity. If my belief of whether or not television is a factor in obesity is true, it is imperative to find out what can be done to solve the issue. Did you know that over half of all Americans (about 97 million) are overweight or obese? The term obesity is defined as â€Å"an abnormal accumulation of body fat frequently resulting in an impairment of health† (â€Å"Obesity†). The National Institute of Health defines obesity as being more than 20% above the ideal body weight (approximately 20% males and 30% for females). Not many people are aware of obesity, and that is why approximately 34% of the adult population is overweight. Obesity can affect anyone from young children to older adults. There are many causes for obesity such as over-eating, genetics, hormones, the environment, and an insufficient amount of physical activity. Obesity has several causes like health issues, depression, eating disorders, and unfortunately even death. The late rapper Big Punisher and actor John Candy were unfortunate victims of obesity and sadly they are now deceased because of obesity. Obesity tends to run in families, whic h shows that obesity can be genetic. Some diseases linked to obesity are diabetes, hypertension, heart disease, stroke, arthritis, and cancer. The search for an obesity gene is complicated because families also tend to share eating habits and lifestyles. In one study, howeve... Free Essays on Does Television Effect Obesity Free Essays on Does Television Effect Obesity Technology can be linked to the increase rate of individuals becoming overweight. Things become readily available through technology, which means people have to do less work. A prime example of technology that is attibuted to making people overweight is the television. Some people believe that several hours of television viewing everyday can be a cause of obesity, which I find that belief to be credible. Television viewing is a factor in increasing obesity among the people of today. In my opinion, watching many hours of television can lead to obesity. If my belief of whether or not television is a factor in obesity is true, it is imperative to find out what can be done to solve the issue. Did you know that over half of all Americans (about 97 million) are overweight or obese? The term obesity is defined as â€Å"an abnormal accumulation of body fat frequently resulting in an impairment of health† (â€Å"Obesity†). The National Institute of Health defines obesity as being more than 20% above the ideal body weight (approximately 20% males and 30% for females). Not many people are aware of obesity, and that is why approximately 34% of the adult population is overweight. Obesity can affect anyone from young children to older adults. There are many causes for obesity such as over-eating, genetics, hormones, the environment, and an insufficient amount of physical activity. Obesity has several causes like health issues, depression, eating disorders, and unfortunately even death. The late rapper Big Punisher and actor John Candy were unfortunate victims of obesity and sadly they are now deceased because of obesity. Obesity tends to run in families, whic h shows that obesity can be genetic. Some diseases linked to obesity are diabetes, hypertension, heart disease, stroke, arthritis, and cancer. The search for an obesity gene is complicated because families also tend to share eating habits and lifestyles. In one study, howeve...

A critical evaluation of an article for Corporate Restructuring Essay

A critical evaluation of an article for Corporate Restructuring - Essay Example ich was under performing is bound to perform better post acquisition through better management and deployment of resources which might have been wanting prior to the acquisition. On the other hand an acquisition without resistance as a friendly acquisition is bound to experience lesser value creation post acquisition as the friendly firm already doing well and selling itself at a premium would leave further scope value creation in the long run. In fact, it can be value destroying. The recommendation of the study is that there should be no regulatory ban on hostile takeovers. Limitations : Hostile takeover as means of higher value creation has not been fully recognized. In the U.S. , law is in favor of incumbent management and against hostile takeovers (Sudarsanam & Mahate, 2006), (He & Wang, 2013). He, R., & Wang, T. (2013). Similar Technology, Complementary Technology and Long-term Shareholder Value of Acquiring Firm in Technology Acquisitions: Evidence from High-tech Industries in China. Information Technology Journal , 12, 1932-1940. Sudarsanam, S., & Mahate, A. A. (2006). Are Friendly Acquisitions Too Bad for Shareholders and Managers? Long-Term Value Creation and Top Management Turnover in Hostile and Friendly Acquirers. British Journal of Management , 17,