Hdi Financial

BOMGAR
HDI Financial Services
HDI Industry Benchmark Report Series

Financial Services
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Financial Services
Each year, HDI releases the HDI Practices & Salary Report that provides IT support professionals with a benchmark against which to measure their support centers performance. In addition to the survey, HDI has made available, for the first time, supplemental survey results that provide additional benchmark data on the performance of the financial services market in 2009. The data presented in the 2009 HDI Practices & Salary Report, as well as these previously unpublished survey results, is a valuable tool for IT support executives and managers. You can compare your current business performance metrics to the average in your industry or review key performance indicators (KPIs) others are leveraging to determine the best metric for your team. These reports will be updated yearly as new data becomes available.
Executive Summary
The prolonged financial crisis of 2009 made it a challenging year for business, especially for the financial services sector. Perhaps no other industry rose so high or fell so far, and as the fortunes of finance fell, the usual pressures for the support center to do more with less intensified to a fever pitch. Companies, now more than ever, face heightened pressure to serve their customers under rapidly changing conditions with fewer team members or lower budgets while still being pressured to maintain or grow the business. However, in a year of shrinking IT budgets, headcount reduction, an increasingly geographically disparate end-user base, and overwhelming demands, this research data on financial services shows a glimmer of hope. Instead of a collapse in service/help desk support due to the pressures of 2009, the data demonstrates that the IT support industry, across all sectors, continues to work hard to maintain its commitment to service and support (6). The hard work is paying off for IT support centers, but with success comes additional responsibility. According to The Research Roundup: 2010 Service Desk Best Practices Guide by Gartner Inc., a leading information technology research and advisory company, the service desk is no longer just a trouble-ticketing mechanism or a problem-reporting station, but is the governance hub for service and support delivery to the organization. Maintaining this integral role requires continuous optimization and ongoing scrutiny of best practices and benchmarks to ensure that the support organization continues to play a strategic role long into the future. The findings of this report suggest that financial services support centers KPIs are running at or above the average across all industries, and yet are still failing to meet the expectations their industry has placed on them. In addition, while financial services has traditionally been a relatively early adopter of new technologies, support centers in the industry show only average adoption rates of more progressive means of providing support, which may be inhibiting their ability to deliver on the expectations of their customers. Support centers in financial services have little option but to continue to improve to meet increasing demands. The HDI report as well as supplemental data shows that, like other industries, most financial services support centers experienced an increase in the number of incidents. In fact, 61.8 percent of financial services support centers experienced an increase in incident volume with 47 percent of that increase attributed to infrastructure and product changes, upgrades, conversions and installations. This indicates that while current financial sector support performance is above average, it is in danger of being outstripped by rapidly escalating requirements.
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Why most support centers have seen an increase in their number of incidents
All Industries % 42 25 19 7 5 3
Financial Services %
Infrastructure or product changes: upgrades, conversions, installations Expanded service offerings by the support center More customers Increased awareness of the support organization Lack of customer competency Product quality
Source: HDI Practices & Salary Survey, 2009
47 23 19 6 4 0
Cost per Incident (U.S. Data Only / Median in U.S. Dollars)

Financial Services $* Walk-Ups Phone Email Chat $14 $12 All Industries $ $20 $18 $15 $10
* Financial Services Industry medians not reported in categories where data is limited. Source: HDI Practices & Salary Survey, 2009
The data suggests that support centers in the financial services industry can indeed do more with less while still finding room for optimization, launching them ahead of their peers in other industries.
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Phone Calls: Beating The Average But Missing The Mark

Among the most requested metrics in 2009 was first call resolution (FCR). A term borrowed from the customer service call center industry, FCR has migrated into the technical support world (48). First Contact Resolution (telephone only in HDIs survey) is a quality metric that strongly impacts customer satisfaction. As FCR rates rise, so will customer satisfaction scores. With this in mind, it is encouraging to find that average FCR in financial services exceeds the industry average across 1 all sectors. However, according to ICMI , even the financial industry average FCR of 71 percent is considered low, and may lead to lower customer satisfaction scores. On top of that, less than half of financial services support centers met their target FCR.
First call resolution rate (telephone only)

Average First Call Resolution Rate Financial Services All Industries
Average Target First Call Resolution Rate 74.7% 68.6%
% Who Make Their Target 46 45
71.2% 64.1%
In two related metrics, financial services support centers fared much better, with a decided majority hitting their target rates for average speed to answer (72%) and abandonment rate (60%). These rates are well above the all-industry averages.
Erik Zbikowski, The Essential Call Center KPIs, Customer Management Insight, April 17, 2007, http://www.callcentermagazine.com/showArticle.jhtml?articleID=199100188.
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Percent of support centers who make their Average Speed to Answer Target
Financial Services All Industries
72% 66%
Percent of support centers who make their Abandonment Rate Target

62% 52%
Email: Todays Support; Tomorrows Incident?

The vast majority of financial services support centers (84%) have established email as a support channel. With email, there is a direct correlation between response time and customer experience. In financial services, 53 percent of support centers responded to emails in under an hour on average. Once again, financial services performed better than the average across all industries. However, at the other end of the spectrum, financial services fared worse; the HDI data shows that 12 percent of financial services support centers averaged over 8 hours to respond to an email incident, potentially pushing an early morning support incident to the following business day.
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Average time for an agent to respond to a customer about an incident reported through email
15 minutes to 1 hour 44% 33%
< 15 minutes
1 to 4 hours
4 to 8 hours
8+ hours
Total
9% 11%
30% 35%
5% 13%
12% 8%
100% 100%
The HDI data also shows that several exchanges, where one exchange equals one receive plus one send, may be required to resolve an issue through email, taking away from the productivity advantages that email support promises at first blush. Once again, financial services showed average to above-average performance in the number of exchanges required to resolve an incident via email.
Average number of exchanges it takes to resolve an incident via email (1 exchange = 1 receive + 1 send)
Financial Services % 1 2 3 4 5 More than 5
All Industries % 25 45 21 6 2 2
28 52 15 5 0 0
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A large percentage of incidents initiated through email end up escalating to phone support. Only 28 percent of financial support centers reported 10 percent or fewer email incidents escalating to phone. A surprisingly high percentage of financial services support centers (28%) reported more than 70 percent of email incidents escalating to phone before being resolved. This is significantly greater than the all-industry average (17%), and begs the question whether adding email as the first step in a two-step process lengthens or shortens the overall support process for these support centers.
Percent of incidents reported through email converted to telephone support before being resolved
Financial Services % Less than 10% 10% - 20% 21% - 30% 31% - 40% 41% - 50% 51% - 60% 61% - 70% 71% - 80% 81% - 90% 91% - 100%
All Industries % 27 19 13 6 9 5 4 5 5 7
28 13 11 2 10 5 3 5 7 16
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The Right Tools For The Support Center

Support centers in financial services and across all industries recognize the vital role that technology plays in delivering improved service year after year in the face of escalating demands. When asked what tools were used and what tools were considered essential to an effective support center, a clear discrepancy emerged between actual use and perceived optimal use in financial services. For instance, while 39 percent of respondents in financial services considered online chat an essential component of an effective support center, 75 percent of support centers were not using online chat. Similar discrepancies held across other tool categories as well, such as knowledge management, remote support and self-help tools, demonstrating that support center managers believe that there are still gains to be made through the use of technology. The data also highlights opportunities to leverage new solutions. For instance, as stated previously, online chat is not used by 75 percent of financial services support centers, but it may offer the lowest fully-burdened cost per incident. Averages across all industries suggest that median per-incident cost with chat are only about half that of phone incidents and one-third less expensive than email incidents. Not only is phone more expensive, Gartner Inc.s 2010 Magic Quadrant for CRM Customer Service Contact Centers finds that a new generation of customers has a deep resistance to telephone-based customer service. Finding alternatives to the phone may be not only cost-effective, but also timely. Another potential opportunity is the convergence of online chat with remote support and monitoring tools. The HDI data suggests that these two technologies are being used separately, but current solutions combine these two channels in a way that enables seamless escalation from chat into remote diagnostics and remote support.
One major enterprise software vendor, working with Bomgar, reported a 30 percent increase in support tech productivity by transitioning support from a primarily phone-based model to one that begins with the web using chat and escalates into remote diagnostics and remote support. This transition was accompanied by a 10 percent increase in customer satisfaction.
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An effective support organization must have this tool (Percent who agree)
Financial Services % Incident Management Software Knowledge Management Software Customer Satisfaction Tool Remote Monitoring / Support Tool Self-Help Tools Online Chat
All Industries % 96.8 90.8 92.4 90.8 82.1 41.8
98.4 95.1 91.8 91.8 78.7 39.3
Percent of Support Centers NOT Currently Using These Tools

Financial Services % Incident Management Software Remote Monitoring / Support Tools Customer Satisfaction Tool Knowledge Management Software Self-Help Tools Online Chat
All Industries % 10% 14% 31% 36% 50% 75%
7% 14% 31% 31% 60% 72%
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Cost per Incident (U.S. Data Only / Median in U.S. Dollars)

Financial Services $* Walk-Ups Phone Email Chat $14 $12 All Industries $ $20 $18 $15 $10
* Financial Services Industry medians not reported in categories where data is limited. Source: HDI Practices & Salary Survey, 2009
Conclusion
The data in the 2009 HDI Practices & Salary Report, along with this supplemental data, indicates that while the financial industry leads its peers in many measurements, it still struggles to keep pace with rising demand. But the good news is that the financial services industry has the opportunity to innovate with both their processes and technology. By exposing the current challenges in support, the data also reveals opportunities for optimization, preparing the support organization for the imminent demands of tomorrow and beyond. Are you prepared?
Next Steps
If you are interested in learning more about how other support centers in financial services and other industries have been able to improve their core metrics, improve customer satisfaction, and reduce support costs, please contact Bomgar to see if you qualify for an individualized value assessment for your organization.
For more information call 866.205.3650 or visit our website at: www.bomgar.com Specifications are subject to change without notice. 2010 Bomgar Corporation. All rights reserved.
BOMGAR, BOMGAR BOX, JUMP and UNIFIED REMOTE SUPPORT are trademarks of Bomgar Corporation; other trademarks shown are the property of their respective owners.
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BOMGAR

HDI Financial Services

HDI Industry Benchmark Report Series

HDI Financial Services

HDI Financial Services

Cost per Incident (U.S. Data Only / Median in U.S. Dollars)

HDI Financial Services

Phone Calls: Beating The Average But Missing The Mark

First call resolution rate (telephone only)

Average Target First Call Resolution Rate 74.7% 68.6%

% Who Make Their Target 46 45

HDI Financial Services

Percent of support centers who make their Abandonment Rate Target

Email: Todays Support; Tomorrows Incident?

HDI Financial Services

Financial Services All Industries

Source: HDI Practices & Salary Survey, 2009

HDI Financial Services

HDI Financial Services

The Right Tools For The Support Center

HDI Financial Services

All Industries % 96.8 90.8 92.4 90.8 82.1 41.8

98.4 95.1 91.8 91.8 78.7 39.3

Percent of Support Centers NOT Currently Using These Tools

All Industries % 10% 14% 31% 36% 50% 75%

7% 14% 31% 31% 60% 72%

HDI Financial Services

Cost per Incident (U.S. Data Only / Median in U.S. Dollars)

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