What is FCR Full Form in Banking?

The FCR Full Form in Banking is the First Contact Resolution. FCR is an important banking metric that is used to measure customer service, and it is also a key in enhancing customer loyalty. It is also referred to as first-call resolution, as most customer service is mediated through phone calls. FCR is one of the most important metrics that has been tracked in the contact centers.

Why is FCR important in banking?

FCR influences other customer service indicators, such as customer satisfaction, customer effort, the amount of effort a customer must expend to interact with a firm, customer interactions, and average spending. Companies that prioritize high FCR rates frequently discover that boosting first-call resolution helps enhance service speed and quality. Calls or encounters that are resolved on the first call help businesses meet customer service expectations.

How to measure FCR?

The FCR rate is regarded as one of the more important key performance indicators for assessing CSAT. The measure is calculated by dividing the total number of customer support cases resolved on the first try by the total number of cases in the day, then multiplying by 100 to produce a percentage value.