Financial services saw a 30 per cent increase in call volumes between November 2021 and January 2022.
Call durations have also increased over the last year, as worried clients take longer to explain their concerns and increasingly complex needs. The average call duration increased 11 per cent during 2021 – from an average of 1.33 minutes in January 2021 to 1.48 minutes in January 2022, according to data from outsourced communications company, Moneypenny.
This rise is believed to be down to the rising cost of living as worried consumers seek more help and reassurance. Things have also been made more complicated for self employed people who have seen a blip in their finances during covid, meaning that while they are broadly profitable and successful, many of the more automated high street lenders reject them on the grounds of that covid-caused inconsistency.
This is a view shared by many brokers and has been seen in the recent rise of specialist lenders who operate and can underwrite on a more personal basis.
David Hollingworth, associate director of communications at L&C Mortgages, said: “There are lots of reasons that could result in customers calling businesses, possibly a need to question more deeply to understand the details of a product, reassurance that they have understood correctly or possibly through anxiety that things aren’t progressing as smoothly as hoped for.
“Whilst a customer may initiate an enquiry online they are likely to appreciate some human interaction as well. That may also help the adviser pick up on soft facts that wouldn’t necessarily come without a conversation. So the positive aspect of more calls could be customers with a clear desire to transact and the mortgage market has seen products come and go at speed which could provoke more calls.
“The less positive aspect could be that a market that is very busy and attracting significant volume can potentially cause capacity issues and slow down the speed of processing. That could make customers eager for clarification that all is moving forward as it should be and that there’s not a sticking point that they need to be aware of. That’s where good communication with customers can help to keep them posted even if there’s not always anything new to report.”
Louise Wilson, head of finance sector at Moneypenny (pictured) said: “When people are worried, they pick up the phone. Businesses in the financial sector are experiencing heightened demand and this could be the case for some time yet, so it’s important they have the capacity to handle those calls professionally, efficiently and with empathy, every time.”
Joanna Swash, group CEO of Moneypenny added: “Our call handlers have noticed that people do sound more stressed than usual and are keen to be put through to someone who can help and give advice, and we know that they want to talk for longer, the more stressed they are. They want reassurance, and speaking on the phone helps them find possible solutions.”
