Scenario:
Further to the sharp increase in the Bank of England base rate observed in 2022/23 and the subsequent impact on saving rates and products, our client saw a substantial lift in new account openings as well as internal product switches. In the absence of deploying further permanent resources which would have resulted in significant delays leading to poor customer outcomes and experience with their brand; not to mention criticism from the regulator, the client turned to us for support. We quickly mobilised a team to meet their brief.
Result:
We supported the request on a fully remote basis, initially with 33 administrative resources – the quality and effectiveness of the mobilisation was deemed a significant success and quickly led to an ask of 19 operatives to support their inbound Customer Service Team with general account opening and switching queries, again on a fully remote basis. Square 4 having more than 5,000 individuals on its database and with a plethora of experience across Financial Services and other regulated sectors meant we were able to fulfil the brief quickly and efficiently.
We were able to support the client in reducing their backlogs to ‘0’, minimising service degradation whilst they focused on right-sizing the team via a permanent recruitment strategy. The relationship lasted 18 months as they got ahead with their volumes and recruitment and as part of Square 4’s exit plan, we provided resources to support the client’s new permanent starters. By supporting in this manner, we have helped the client to utilise their own resources in the shortest time possible, whilst meeting the enhanced quality standards that had been introduced over the past 18 months.
