Financial institutions, especially those who service mortgages, are feeling the impact of the COVID-19 pandemic in their call centers with increased volume and requests - but just how significant is that impact?
We took a look at the aggregate data from across our network for more insight.
- March and April were peak months for financial hardship
The data suggests that consumers felt the most hardship between March and April, where call volume and verbal loss mitigation requests peaked. This increased call volume correlates with record-high complaints to the CFPB in March (36,700 complaints) and April (42,400 complaints), with a majority centered around mortgages and credit cards. The FTC also received a large amount of COVID-related complaints, totaling over 107,000 since January-with complaint totals peaking in April.
- The call volume curve is "flattening," but still holding higher than "normal" times
Although the volume of calls mentioning coronavirus keywords is trending down, it is still holding about 1.9% higher than "normal" times. As the economic impact of the pandemic continues, it's important to pay attention to the calls mentioning COVID and act accordingly to help consumers get the relief they need.
- Automation can help manage the influx of calls and requests
An automated monitoring solution is an invaluable tool for mortgage servicers and financial institutions to help manage an increased volume of calls and requests by identifying which calls require attention or further action. Especially for verbal loss mitigation requests, an automated solution will get the ball rolling on those requests much faster than manual monitoring to help consumers, mitigating your organization's risk.
The current impact of the pandemic for mortgage servicers is clear, with huge spikes in call volume, COVID- related requests, and verbal loss mitigation applications. As compliance leaders in these organizations and their call centers process the data, it’s important to be mindful that although the data is moving in a more manageable direction, we're not out of the woods yet and might not be for some time.
Could the likely resurgence of the virus mimic the same call center pain points of this past March and April, and are we prepared? Or, will the flattening COVID-19 curve continue to translate into lower call requests? With everything largely unknown right now, servicers must learn quickly from the last few months and implement new safety measures moving forward.
Learn how PerformLine can help manage call volume by monitoring 100% of calls and automatically identify verbal loss mitigation requests. Speak to one of our experts today.