Prepaid Solutions

Taking the Complexity Out of Improving CX

As usual, your prepaid card program pushed revenue over the top. But bad Customer Experience in your call center may cut margins to the bone. Why?  Because when customers get frustrated with self-service automation, they transfer to live agents.  You could save millions by improving CX in your IVR. Contact Solutions can help you get started.

The times they are a-changing. You are facing an industry boom and an evolving customer base. Now is a very crucial time to keep your customers and increase loyalty with a great customer experience. In addition to these critical factors, increasing regulation in the prepaid sector has been focused on creating a better customer experience through greater transparency and consumer education. The time to leverage self-service technologies to your advantage has arrived.

Contact Solutions can help you deliver a first-rate customer experience that creates positive effects on your business and the bottom line by generating customer loyalty, reducing service costs, providing a significant competitive differentiator, and delivering useful service data that can direct your business strategy.

Your Industry is Changing:

The Dodd-Frank Act of 2010 laid the foundation for increasing government intervention into the Prepaid Sector. Learn more about the changes the Prepaid Sector will be facing in the coming year as federal preemptive action changes the landscape with new laws and regulations.

 

Prepaid is Competing with Bad Press:

Social media and bad press are taking the Prepaid Industry by storm. Not only are consumers forming alliances against certain brands, the flag has been raised high enough that it has drawn the focus on those in government regulatory agencies.

 

New Competitors on Uneven Playfield:

The Durbin Amendment is changing the landscape for more than banks and credit cards. The Prepaid Industry may soon be affected by the 3% consumer fees and demand for greater rewards for loyalty to their prepaid cards.

 

Sustaining the Consumer – Fostering Loyalty and Reducing Churn:

Converting your consumers from one-time users into long-term customers will provide a less challenging endeavor at a reduced cost. Minimizing expensive acquisition efforts and promoting better customer experience is the way to foster customer loyalty and reduce church.

 

 Prepaid Industry Challenges We’ve Seen and Addressed:

  • Prepaid customers continue to change and evolve – there is no status quo
  • Competition in the industry has never been more fierce, with Prepaid providers fighting to grow and protect market share from celebrity endorsed cards, new companies and even tried-and-true providers with new offerings
  • Regulatory scrutiny has increased pressure on providers to improve customer experience for prepaid cardholders

Tailor Made for Prepaid

You’re looking for the perfect formula to promote profitability, long-term growth, customer loyalty and compliance for your prepaid programs. But, it has become next-to-impossible to find vendors and partners that offer solutions tailored specifically for the prepaid card industry.

Why? Because one-size-fits-all customer care just doesn’t cut it anymore.  With Contact Solutions, you’ll get a customer care solution specifically designed for the prepaid industry. Plus, you’ll get a unique set of capabilities that will give you an advantage over conventional Interactive Voice Response (IVR) platforms for contact centers that service prepaid cards.

Want a better solution? Experience Contact Solutions:

  • Fraud Prevention and Detection Tools: Reduce fraud through series of real-time services, comply with all related provisions in Durbin Amendment, Patriot ACT and Regulation E
  • Unprecedented Personalization: Patented technology dynamically adapts to individual caller behavior and preferences
  • Mobile Customer Care: Extend self-service options to mobile devices,  enable multi-modal customer service communications
  • Customer Profitability Improvements: Increase customer loyalty, reduce churn
  • Cost Savings Guarantee: Cost savings guaranteed for every prepaid client

Case Study: Increasing Self-Service Satisfaction for a Government Prepaid Program

A company in charge of managing operations of the Electronic Benefits Transfer (EBT) system for a Midwestern state’s Supplemental Nutrition Assistance Program (SNAP) for several years called on Contact Solutions to develop and implement a new self-service platform. Its system was initially put in place to provide participating constituents benefits via prepaid cards instead of paper checks.

Over time, managers discovered that consumers enrolled in the program were not using its existing, on-premises Interactive Voice Response (IVR) system to optimal levels, resulting in many costly calls to live-agents that could have easily been handled through a self-service program.

Contact Solutions replaced the existing IVR and built a solution using its cloud-based IVR.  The result of using the cloud-based IVR was a substantial increase in self-service and a 65.9 percent reduction in calls to live agents.  The solution saved the program more than $300,000 per month.

After the initial migration, the Continuous Improvement team, a unique and proprietary service offering from Contact Solutions, began implementing ongoing improvements to the solution to drive consistent increases in overall customer experience. CI improvements were made around several areas for this program:

  • Improved Host Integration: Contact Solutions helped ensure the host provided data to the IVR so that the IVR application, from a caller’s view, was available each and every time they called in.
  • Understanding Caller Needs: Contact Solutions determined that one major issue callers were struggling with was authentication. To address this problem, alternative authentication options such as PIN, DOB or SSN were offered to users trying to access their account.
  • Understanding Caller Goals: Callers wanted to report lost and stolen cards without needing to speak with an agent. Callers also wanted commonly-asked-for benefits information to be easily available. To meet these needs, Contact Solutions made both actions easily available via the IVR system in place.

These observations and improvements helped save the program an additional $252,000 per month – an 84% increase in savings that would not have been realized if the system had been declared “fully optimized” after achieving success at initial deployment.  The CI team continues to undercover and resolve friction points as the program, customer demographics and the business environment evolve and change and the process continues.

Friday, March 14, 2014 - 15:02
John Hibel
How IVR Can Fight Fraud and Protect your Assets
This week, CEO Michael Boustridge spoke with CardNotPresent.com reporter Katie Flood to discuss how data in the contact center can help fight fraud, and at the same time, improve the overall customer...
Mobile Payments Value Added Services Summit
Tuesday, January 21, 2014 - 11:36
Mark Clark
Where are Mobile Payments Thought Leaders Gathering this Week?
The biggest names from across the mobile payments ecosystem from Wells Fargo, Verizon, MasterCard, IBM and Dunkin' Donuts gather in New York January 22-23, 2014 for Mobile Payments Value Added...

Industry Challenges

The times they are a-changing. You are facing an industry boom and an evolving customer base. Now is a very crucial time to keep your customers and increase loyalty with a great customer experience. In addition to these critical factors, increasing regulation in the prepaid sector has been focused on creating a better customer experience through greater transparency and consumer education. The time to leverage self-service technologies to your advantage has arrived.

Contact Solutions can help you deliver a first-rate customer experience that creates positive effects on your business and the bottom line by generating customer loyalty, reducing service costs, providing a significant competitive differentiator, and delivering useful service data that can direct your business strategy.

Your Industry is Changing:

The Dodd-Frank Act of 2010 laid the foundation for increasing government intervention into the Prepaid Sector. Learn more about the changes the Prepaid Sector will be facing in the coming year as federal preemptive action changes the landscape with new laws and regulations.

 

Prepaid is Competing with Bad Press:

Social media and bad press are taking the Prepaid Industry by storm. Not only are consumers forming alliances against certain brands, the flag has been raised high enough that it has drawn the focus on those in government regulatory agencies.

 

New Competitors on Uneven Playfield:

The Durbin Amendment is changing the landscape for more than banks and credit cards. The Prepaid Industry may soon be affected by the 3% consumer fees and demand for greater rewards for loyalty to their prepaid cards.

 

Sustaining the Consumer – Fostering Loyalty and Reducing Churn:

Converting your consumers from one-time users into long-term customers will provide a less challenging endeavor at a reduced cost. Minimizing expensive acquisition efforts and promoting better customer experience is the way to foster customer loyalty and reduce church.

 

 Prepaid Industry Challenges We’ve Seen and Addressed:

  • Prepaid customers continue to change and evolve – there is no status quo
  • Competition in the industry has never been more fierce, with Prepaid providers fighting to grow and protect market share from celebrity endorsed cards, new companies and even tried-and-true providers with new offerings
  • Regulatory scrutiny has increased pressure on providers to improve customer experience for prepaid cardholders

Our Solutions

Tailor Made for Prepaid

You’re looking for the perfect formula to promote profitability, long-term growth, customer loyalty and compliance for your prepaid programs. But, it has become next-to-impossible to find vendors and partners that offer solutions tailored specifically for the prepaid card industry.

Why? Because one-size-fits-all customer care just doesn’t cut it anymore.  With Contact Solutions, you’ll get a customer care solution specifically designed for the prepaid industry. Plus, you’ll get a unique set of capabilities that will give you an advantage over conventional Interactive Voice Response (IVR) platforms for contact centers that service prepaid cards.

Want a better solution? Experience Contact Solutions:

  • Fraud Prevention and Detection Tools: Reduce fraud through series of real-time services, comply with all related provisions in Durbin Amendment, Patriot ACT and Regulation E
  • Unprecedented Personalization: Patented technology dynamically adapts to individual caller behavior and preferences
  • Mobile Customer Care: Extend self-service options to mobile devices,  enable multi-modal customer service communications
  • Customer Profitability Improvements: Increase customer loyalty, reduce churn
  • Cost Savings Guarantee: Cost savings guaranteed for every prepaid client

Success Stories

Case Study: Increasing Self-Service Satisfaction for a Government Prepaid Program

A company in charge of managing operations of the Electronic Benefits Transfer (EBT) system for a Midwestern state’s Supplemental Nutrition Assistance Program (SNAP) for several years called on Contact Solutions to develop and implement a new self-service platform. Its system was initially put in place to provide participating constituents benefits via prepaid cards instead of paper checks.

Over time, managers discovered that consumers enrolled in the program were not using its existing, on-premises Interactive Voice Response (IVR) system to optimal levels, resulting in many costly calls to live-agents that could have easily been handled through a self-service program.

Contact Solutions replaced the existing IVR and built a solution using its cloud-based IVR.  The result of using the cloud-based IVR was a substantial increase in self-service and a 65.9 percent reduction in calls to live agents.  The solution saved the program more than $300,000 per month.

After the initial migration, the Continuous Improvement team, a unique and proprietary service offering from Contact Solutions, began implementing ongoing improvements to the solution to drive consistent increases in overall customer experience. CI improvements were made around several areas for this program:

  • Improved Host Integration: Contact Solutions helped ensure the host provided data to the IVR so that the IVR application, from a caller’s view, was available each and every time they called in.
  • Understanding Caller Needs: Contact Solutions determined that one major issue callers were struggling with was authentication. To address this problem, alternative authentication options such as PIN, DOB or SSN were offered to users trying to access their account.
  • Understanding Caller Goals: Callers wanted to report lost and stolen cards without needing to speak with an agent. Callers also wanted commonly-asked-for benefits information to be easily available. To meet these needs, Contact Solutions made both actions easily available via the IVR system in place.

These observations and improvements helped save the program an additional $252,000 per month – an 84% increase in savings that would not have been realized if the system had been declared “fully optimized” after achieving success at initial deployment.  The CI team continues to undercover and resolve friction points as the program, customer demographics and the business environment evolve and change and the process continues.

Blog

Friday, March 14, 2014 - 15:02
John Hibel
How IVR Can Fight Fraud and Protect your Assets
This week, CEO Michael Boustridge spoke with CardNotPresent.com reporter Katie Flood to discuss how data in the contact center can help fight fraud, and at the same time, improve the overall customer...
Mobile Payments Value Added Services Summit
Tuesday, January 21, 2014 - 11:36
Mark Clark
Where are Mobile Payments Thought Leaders Gathering this Week?
The biggest names from across the mobile payments ecosystem from Wells Fargo, Verizon, MasterCard, IBM and Dunkin' Donuts gather in New York January 22-23, 2014 for Mobile Payments Value Added...

Industry Insights

  • "Since Contact Solutions has already significantly lowered costs for other prepaid programs, a program manager that fails to include Contact Solutions on the short list has likely made a huge mistake."

    Tim Sloane
    VP Client Services / Director, Prepaid Advisory Service
    Mercator Advisory Group