Call Center Cost Savings – Stop Outsourcing Overflow & After-hours Calls, Start Automating

Credit unions and banks are facing increasing pressure to provide superior customer service while managing operational costs. For many institutions, call center outsourcing, particularly for overflow and after-hours calls, has been a go-to solution. The appeal is clear: outsourcing offers a way to handle high call volumes without needing to expand internal staff or extend working hours.

However, while outsourcing may seem like a cost-effective solution at first glance, the reality is far different. The costs quickly add up, from high hourly fees to hidden expenses associated with lower-quality service. Switching from outsourcing calls to AI can save anywhere between $60,000 to $600,000 per year, depending on your setup.

In a time when every dollar counts, financial institutions are beginning to question whether outsourcing is truly the best option. The rise of AI-driven solutions, such as interface.ai’s Voice AI, provides an alternative that not only generates substantial call center cost savings, but also improves service quality.

This blog explores how shifting from outsourcing to Voice AI can drive significant call center cost savings, and why this transition is essential for credit unions and banks looking to remain competitive.

“Having our interface.ai virtual assistant answering calls 24/7 has completely eliminated the cost of our after-hours call center service. AI now answers every call. If the request cannot be fully automated, it can intelligently route the call to an agent or schedule a callback during regular business hours.” – Niya Guidry, Vice President, Contact Center, Neighbors Federal Credit Union

The true costs of call center outsourcing: Even more than meets the eye

Call center outsourcing for overflow and after-hours calls might seem like a quick fix, but it comes with a variety of costs – many of which go beyond just the price per call. Let’s break down the typical costs involved:

1. Hourly rates and fees: Outsourcing companies typically charge per call, per minute, or per agent hour. For overflow and after-hours services, these rates are often premium, especially during peak hours or on weekends and holidays. Credit unions and banks can easily spend $30 to $60 per hour on outsourced agents.
2. Call volume-based charges: Many outsourcing agreements include tiered pricing based on call volume. This means that if your institution experiences a surge in calls—due to promotions, outages, or customer queries—costs can quickly spiral out of control. A call center handling thousands of after-hours and overflow calls each month can cost tens of thousands of dollars monthly, depending on the volume.
3. Training & onboarding fees: Outsourcing vendors require continuous training to ensure agents are up to speed with your institution’s services, policies, and updates. Every time there’s a product update or change in policy, additional fees are incurred to retrain agents.
4. Quality-related costs: Outsourced agents, often managing multiple clients, may not have deep knowledge of your specific financial products and services. This lack of familiarity leads to longer call handling times and a lower first call resolution (FCR) rate. The longer calls and repeated interactions inflate costs even further, not to mention the impact on customer satisfaction.
5. Data privacy & compliance costs: Financial institutions must ensure that outsourced call centers adhere to strict regulatory requirements, such as those related to data privacy (GDPR, CCPA). Ensuring compliance can lead to additional oversight, auditing, and contract management costs.

Automating calls with interface.ai vs. outsourcing: The cost comparison

Switching from outsourcing to interface.ai’s Voice AI reduces call center costs for a myriad of reasons and factors. Here’s how:

1. 24/7 availability without ongoing per-call charges: Unlike outsourcing, which charges per minute or per agent hour, interface.ai’s Voice AI offers continuous, around-the-clock service without the recurring per-call fees. Once deployed, it manages overflow and after-hours calls seamlessly, without surges in costs during peak times. Financial institutions using interface.ai often see a significant boost in call containment rates, reducing dependence on human agents and resulting in even greater call center cost savings compared to outsourcing.

2. Performance-based pricing for greater ROI: One of the key advantages of interface.ai is its performance-based pricing model, which means that you are only charged when the Voice AI successfully automates a call. This ensures that you only pay for fully completed interactions, not for unsuccessful attempts or spam calls. Unlike traditional outsourcing, which bills for every call regardless of the outcome, interface.ai’s model guarantees that institutions only pay for real results. This is a game-changer in driving both value and accountability – savings that are unique to interface.ai in the financial services AI landscape.

3. Scalability without extra fees: interface.ai effortlessly scales to manage any volume of calls, regardless of peaks in demand. Whether you are dealing with seasonal surges, promotional campaigns, or emergencies, Voice AI adapts without increasing operational costs. In contrast, outsourcing contracts typically result in higher fees during periods of high call volumes.

4. One-time training, continuous improvement: Whereas outsourcing requires frequent retraining of human agents, interface.ai’s Voice AI needs to be trained only once. Its machine learning models are specifically built for financial services and continue to improve with every interaction. This eliminates the need for repetitive training costs and ensures consistent, accurate responses for your customers.

5. Higher call resolution, fewer follow-up calls: With interface.ai, customer queries are resolved more effectively, reducing the need for follow-up interactions. The system’s high accuracy rates lead to first-call resolution rates of up to 75%, meaning fewer calls and a smoother overall experience for customers. In contrast, outsourcing often leads to unresolved queries and multiple touchpoints, increasing operational strain and hidden costs as customers are forced to call back to resolve the same issues.

Wrap-up

As credit unions and banks navigate the balance between operational efficiency and exceptional customer service, the limitations of traditional outsourcing have become more evident. While outsourcing may seem like a practical solution for managing overflow and after-hours calls, the hidden costs, inefficiencies, and inconsistent customer experiences can quickly outweigh the initial benefits.

By transitioning to interface.ai’s Voice AI, financial institutions can unlock a more reliable, scalable, and cost-effective solution. interface.ai empowers institutions to generate substantial call center cost savings, while also improving the customer experience. In a competitive industry where customer satisfaction is key, automating calls with AI isn’t just a cost-saving measure – it’s a vital step toward delivering a superior, consistent experience that builds trust and loyalty.

To learn how much money your institution could save with interface.ai’s AI voice assistant, schedule a call with our AI experts. Simply provide your details and we’ll calculate the ROI you could generate by switching from outsourcing to AI.