Worried consumers literally call for help

Financial calls take longer and happen more often

Worried consumers literally call for help

Consumers bothered by the rising cost of living are seeking more help and reassurance by calling businesses offering financial services, data from outsourced communications company Moneypenny showed.

Call volumes to financial and insurance clients increased by 30% from November 2021 to 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% in 2021, from an average of 1.33 minutes in January 2021 to 1.48 minutes in January 2022.
“This data illustrates our unique position as a barometer of consumer confidence, as 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,” Louise Wilson, who heads the finance sector at Moneypenny, said.

“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,” added Joanna Swash, chief executive at Moneypenny, said. “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.”
Moneypenny provides telephone answering and live chat services to hundreds of financial services businesses across the UK.