Connect with us

Politics

Coaching Versus Training: Why Coaching Your CS Staff is Essential for Success – ReadWrite

Published

on

Brad Anderson


Customer service can’t be reduced to a formula. It’s more than your agents promising a good product or service, smiling, and wishing a customer a pleasant day. This is where customer service coaching for your agents can make a big difference.

A customer service role can involve endless amounts of training. And CS representatives indeed need to learn about new products, features, and policies regularly as they interact with customers.

However, great customer service needs more than training. It requires the intimate and personalized activity of coaching. Here’s why.

The Benefits of Coaching Versus Training

Before listing the benefits, it’s important to differentiate coaching from formal training. In business, coaching is the activity of having highly experienced or skilled individuals provide employees with guidance, feedback, and advice.

Coaching is different from mentoring in the sense that it isn’t part of a path toward personal success. Nor is it focused on an individual’s professional career arc.

At the same time, coaching is different from training in that it isn’t wholly focused on the transfer of knowledge or skills. While information and training are important, coaching takes things a step further by helping employees implement their knowledge in the best manner possible.

Effectively coaching a customer service staff can result in a plethora of different benefits, including the following:

  • Coaching supplements theoretical knowledge with experiential training: Training tends to provide information via lessons and sessions and then judges success or failure based on generic scores. Coaching uses personalized feedback to improve performance.
  • Coaching increases transparency and trust: Coaching opens up the training process by having employees perform with an experienced individual watching and guiding. While it may be awkward at first, given time, coaching can open up new levels of encouragement and trust. This enhances agent confidence and, by extension, customer satisfaction.
  • Coaching avoids flawed assumptions: When training fails, it is often attributed to a lack of knowledge or an inability to follow instructions. However, a coach can also identify if the failure is due to an unforeseen or unique factor that is present in a particular scenario.
  • Coaching allows for fine-tuning and tweaking: This can be anything from using certain shortcuts to understanding where everything in a CRM is located. When enough minor adjustments take place, the streamlining effect can lead to a dramatic improvement in performance.
  • Coaching increases accountability: Coaching can identify genuine stumbling blocks and missing information that can prevent CS reps from doing their job well. Evaluate what a CS rep might be missing and how you can fix the issue. Again, this typically should be addressed at a leadership level.
  • Coaching improves future innovation: The coaching feedback cycle can also garner critical data and feedback. This can inform and improve future CS applications, tools, and programs.

There are numerous benefits to coaching a CS staff. The intimate, personalized effect of coaching can immediately impact a team’s productivity and professionalism. It can also empower them to feel confident as they search for solutions for customers.

The Challenge of CS Coaching in a Remote First World

The benefits of coaching are difficult to argue with. However, the remote-first shift that took place in 2020 has made it challenging to reproduce coaching in virtual office spaces.

Coaching is traditionally an intimate, in-person activity that can be difficult to conduct in a remote setting. Nevertheless, it isn’t impossible, as can be seen with the success story of Tails.com.

The dog food subscription company (Tails) found an immediate increase in its telework customer service activity when the COVID-19 crisis began. Of course, Tails.com already had a robust online resource center to help with CS training. Even so, it noticed that many of its customer service reps were struggling when working with customers. This was most poignant when they had to answer unique customer questions asked at the moment.

In order to help its staff manage the uptick in remote customer service inquiries, the company continued using the quality assurance program they already had in place but now utilized the Screen Capture software that MaestroQA offered.

MaestroQA’s software allowed Tails.com’s QA team to see a visual of what was happening each time a customer service rep interacted with a customer. This equipped them with the knowledge required to provide specific, personalized feedback for each agent.

The coaching effort has helped Tails.com maintain its “Excellent” rating on Trustpilot.com in spite of the challenges that the pandemic presented. What’s more, it demonstrates that, regardless of the specific setting, the ability to provide detailed feedback through a coaching medium is overwhelmingly more effective than generic training and shared resources.

Customer service is an evolving field. Automation, transforming communication channels, and work from home have all affected the department. Nevertheless, CS coaching has remained an effective way to improve the customer experience, whether it’s in person or online.

Image Credit: mentatdgt; pexels; thank you!

Brad Anderson

Editor In Chief at ReadWrite

Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.