We recently received the following question through our "Ask The Experts" form:

The issue around queue wait times continues to be a pressing issue for many companies within your industry.  Although there is no "World Class Standard" to define the optimal wait time for a customer in queue, there are two metrics that contact center managers rely on to judge operational effectiveness and their ability to deliver a positive customer experience. Those metrics are Average Speed of Answer and Service Level. 

In many ways Average Speed of Answer (ASA) is the most relevant metric used to measure the effectiveness of contact center queue management.  ASA is typically calculated as the total time in queue divided by the total number of calls answered for a particular time period.  According to the most recent data from Benchmark Portal's Banking Industry Benchmark Report, the ASA for the banking industry is 36.65 seconds.  The best of banking industry average is 24.97 seconds, just slightly higher than the best practices goal of less than 20 seconds (or before the fourth ring).

Service level metrics also provide a clear measurement of the effectiveness of contact center queue management.  Most contact center executives define their service level as the average number of seconds required to answer 80% of incoming calls.  Performance data from the Benchmark Portal banking study indicates that the banking industry average, as well as the best of banking industry average are both well below the best practices goal of 20 seconds; at 15.83 seconds and 11.91 seconds, respectively.

When used together, these performance metrics provide a solid indication of contact center efficiency.  Instead of looking to a "World Class Standard," I would recommend that your organization utilize the best of banking industry and the general banking industry averages as a point of comparison to measure your current performance against the larger banking industry.

(P.S.  If you'd like to learn more about benchmarking your contact center, contact us at consultingteam@nuance.com)