AI-led Automation Transformed Contact Center Performance: Ozonetel

With 41% improvement in customer engagement and 20% higher agent efficiency, contact centers now play a vital role in driving business growth

Prashanth Kancherla, Chief Product Officer at Ozonetel

FinTech BizNews Service

Mumbai, December 21, 2023: Ozonetel www.ozonetel.com , a leading omnichannel and AI-powered customer experience (CX) platform provider, conducted a comprehensive study, The State of Contact Center Report, that unveils compelling insights into customer experience and contact center performance across industry verticals.

The study is an analysis of a sample of 10 million calls made on Ozonetel’s CCaaS (Contact Center as a Service) platform by hundreds of thousands of agents across diverse industries like e-commerce, healthcare, education, insurance, fintech & NBFC, banking, real estate, and logistics. 

Customer Experience in 2023: Key Data Findings

• Customer engagement has improved, with a 41% reduction in abandonment rates
• Agents answered calls 10% faster, on average, than last year
• Customers were 15% more likely to answer calls from a business this year, than last year
• Agents are, on average, 20% more efficient in handling inbound conversations

After comparing performance trends over the past five years, the report highlights significant improvements in five key areas:

1.Decreased Abandon Rates Reflect Higher CX Standards. ‘Abandon Rate’ tells us how many calls went unanswered by agents because callers disconnected while in the call queue. For the first time, after four years of continual decline, abandon rates have significantly improved this year. On an average, in 2023, only 20% of calls were disconnected by callers when in queue, compared to 34% in 2022.

INSIGHT: Being available for customers when it matters the most is a key business objective for contact centers and a critical CX metric for reducing customer churn and building loyalty. Historically, businesses have struggled to achieve this goal. But this year, many contact centers implemented intelligent automation and call routing to improve agent availability, helping businesses prioritize customer calls and subsequently reduce abandon rates.

This positive change also reflects an evolving customer experience landscape where voice interactions are reserved for more complex inquiries and escalations. In today's world, customers tend to call only when they have a pressing need to speak with an agent, as there are many other channels available for contacting businesses. Businesses are turning to chat and WhatsApp for simpler interactions, responding to customers' desire for a seamless omnichannel experience.

2.Intelligent Automation Reduces Pickup Time. ‘Average Agent Speed of Answer’ or ‘Pickup Time’ is the average time a contact center agent takes to answer inbound calls. This includes the duration for which the agent’s phone rings but does not include the time the caller spends in the IVR or waiting in a call queue. This metric has reduced to 6.9 seconds in 2023 from 7.7 seconds in 2022.

INSIGHT: With a relaxation in DOT and TRAI regulations, more companies have implemented ‘webrtc’ calling and an auto answer feature which has led to improvement in pickup times. With this feature, calls automatically get connected to available agents without any downtime. This shift prioritizes efficiency and prompt customer service, acknowledging the value of customers' time.

3.AI-Enabled Conversational Intelligence for Agents Reduces Talk Time: ‘Average Talk Time’ indicates the time an agent spends talking to a caller. In 2023, this metric reduced to 2.64 minutes compared to 3.7 minutes in 2022, a significant improvement since 2019 (4.3 minutes).

INSIGHT: This shift is driven by the implementation of features such as smart agent assistance and deep CRM integrations. The study notes that smart suggestions and secure access to relevant customer data have helped agents resolve queries faster, leading to more effective and satisfying conversations. ?

4.Automated Call Dispositions Reduce Wrap Time: ‘Wrap Time’ (After Call Work) is the time used by the agent following the end of a call to complete any administrative tasks like updating notes about the conversation, process orders, etc. This year, wrap times reduced to 43.6 seconds from 47.4 seconds in 2022.

INSIGHT: With AI providing automated call transcripts and insights, businesses are increasingly automating after call work leading to a significant increase in agent efficiency and availability.

5.Improved Connection Rates Indicate Higher Customer Engagement: In outbound calling, a lot of calls dial to busy lines, or go unanswered. ‘Average Contact Rates’ inform us how many calls are answered by contacts. This metric saw a drastic uptick this year, i.e., 45% as compared to 39% in 2022.

INSIGHT: This improvement reflects a larger trend where contact centers play a new role, strategically interacting with customers at key points in their journey and driving business growth. This approach is highly effective in sectors like banking, healthtech, diagnostics, and online pharma firms where higher contact rates indicate that customers are receptive to calls from their dedicated relationship managers or service providers.

In response, a growing number of companies are now embracing verified business IDs using Truecaller Integrations or WhatsApp Business Accounts. Strategically orchestrated, automated outbound calls from a familiar business number reduce cart abandonment, improve collections, encourage reorders, and increase customer lifetime value.

The Vertical Report Card:

Here is a list of industry verticals that outperformed and struggled under different parameters. Sectors like quick commerce, D2C, and banks have maintained high customer service standards through 2023.

Speaking about the CX metrics this year, Prashanth Kancherla, Chief Product Officer at Ozonetel stated, “The 2023 Contact Center Report reveals advancements in customer experience and reflects the evolving role of contact centers across the customer journey.?The impact of AI is visible with an improvement in all efficiency metrics. In 2024, AI will take things to the next level. It will free up agents for high-value conversations at strategic points in the customer journey, while also equipping them with the right knowledge to deepen customer relationships and drive business growth”.?

About Ozonetel

Ozonetel is an industry leader within the Customer Experience (CX) space, offering businesses a robust, omnichannel platform to manage end-to-end communication flows. Its AI-powered, full-stack platform has enabled over 2,500+ businesses to simplify, manage, and analyze interactions at every step of their customer communication and engagement journey. The platform helps enterprises to engage with customers at every touchpoint across voice, chat, SMS, WhatsApp, and other digital channels. It fully integrates with CRM and other business applications and offers a truly omnichannel experience for customers.