Scenario:
Due to an increase in Bank of England base rate interest rates observed in 2022/23 and the subsequent impact on saving rates and products, our client saw a substantial rise in new account openings and internal product switches. In the absence of deploying further permanent resources, which may have resulted in significant delays and, therefore, potentially poor customer outcomes and experience with their brand, the client turned to Square 4 to provide additional capacity. Square 4 quickly mobilised a team to meet their brief of additional customer service agents and savings account administrators.
Result:
Square 4 supported the request on a fully remote basis, initially deploying 33 administrative resources within two weeks of an agreement to proceed. The quality and effectiveness of the mobilisation were deemed a significant success and quickly led to an ask of 30 telephony operatives to support their inbound Customer Service team with general account opening and switching queries, again on a fully remote basis.
Having more than 5,000 individuals on our database with a wide variety of experience across Financial Services and other regulated sectors meant we could fulfil the brief quickly and efficiently.
We supported the client in reducing their backlogs to ‘zero’, minimising service degradation whilst they focused on right-sizing their team via a permanent recruitment strategy. The engagement lasted 18 months, and as part of Square 4’s exit plan, we provided resources to support the client’s new permanent starters. Investing in this manner helped the client utilise their internal capacity most effectively, meeting the quality standards throughout the engagement.
