A lesson for anyone who has worked in finance…
Years ago, in what feels like another lifetime, I worked in a call center.
And not just any call center. It was the call center for a mutual funds company here in Denver.
And this wasn’t just any time… it was the 2008 financial meltdown.
Not exactly a fun job.
I started there as the lowest level call center agent. “Non-licensed Agent”, they called it, because we didn’t have any kind of securities licences.
This means, among other things, that we were not allowed to give any kind of financial advice.
Customer service transactions only, and you better follow The Procedures.
But there was also a “quality department.” A quality department is a team of nerds that goes over every piece of communication with a fine tooth comb SEARCHING for mistakes to have people punished for.
There were a lot of things they picked on specifically, but one of them was NO giving advice.
Fair enough? Maybe. But they took it too far.
Even if a customer asked a question, “So this short term bond fund is the one I want if I’m looking for short term bonds?” we were required to hedge.
“well, the fund does include short term bonds, but I can’t give you personalized advice…”
We, like the beaten monkeys we were, learned how to save our own asses.
“yes, that’s correct” – Punishment
“In general that is often the case” – Fine
The job TRAINED us to be vague and indefinite in everything we said.
That was almost 10 years ago, and I still catch myself doing it.
What does this have to do with customer service?
Unless you’re in a highly regulated industry, this sort of hedging is terrible for customers.
I remember to this day how frustrated people would get. Blue collar workers and little old ladies who couldn’t afford a financial adviser and just wanted a straight answer.
Answers we knew, but refused to give. Out of fear of punishment.
If you’re following the 80/20 system already, you don’t have this problem.
But if you’re inheriting an existing customer service team, look for opportunities to root out indefiniteness wherever it rears its ugly head.
For your business, for your customers, and for your agents 10 years from now.
— Mark
P.S. Not on the 80/20 system yet?
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