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The Current + Future States of Financial Services Contact Centers

Posted by ConvergeOne + Avaya on Jun 30, 2020 10:00:00 AM

In financial services, credit union and regional bank contact centers face challenges as they adapt to changes in technology coincident with rising customer service expectations. Customer behavior is continuing to drive this change. It can be overwhelming to consider how all customer contact departments need to evolve to care for this exponential rise in expectations. ConvergeOne and Avaya partnered with CatalystMR to conduct a study to:

  • Comprehend the current financial services contact center landscape
  • Explore motivators and barriers
  • Identify pain points
  • Understand future trends and opportunities

This blog series is intended to provide insights into technology trends contact centers have adopted, future trends they intend to adopt, and key attributes to consider for providers to help navigate the future of the contact center.

About the Study: CatalystMR conducted a study with 100 credit union and regional bank, contact center executive decision-makers. 

Current Market Landscape

The current landscape continuously evolves with digital technology transformations, coupled with the ability for contact centers to meet and exceed customer expectations. Contact centers are pressured to adopt new technologies to adapt and stay ahead of the competition. Decision-makers are seeing the importance of meeting customer service satisfaction requirements. As a result, they have made it a top priority to ensure they have management support, appropriate budgets, and staff to support their contact center technology needs.

Our research indicates contact centers are partnering with a strategic solution provider that offers:

  • Personalized service
  • Technology integration
  • Advanced technologies
  • A holistic view of their business

The decision-makers we surveyed identified the most important benefits they look for in their current contact center provider. It is no surprise that the most critical benefit they look for is offering best-in-class service to their customers and employees. Other benefits include: 

Customer/Employee Experience Benefits

  • Offers best in class customer service to our customers’/employees’
  • Enhances our customers’/employees’ experience
  • Resolves our customers’/employees’ issues quickly
  • Enhances our customers’ retention rate
  • Provides a high level of personalized service to our customers/employees

Company/Partner Benefits

  • Increases our operational efficiency
  • A partner that offers an array of solutions that can be customized to our business needs

Looking Forward

As contact centers prepare for the future with advancements in technology, they expect to see the most growth within the next three years in the following areas:

  • Enhanced business intelligence
  • Analytics
  • Artificial intelligence

Contact-Center-Expectations

As shown in the above chart, decision-makers surveyed will either increase their investments in technology or stay the same within the next three years. If we look at the use of virtual agents and chatbots, there is a decrease over time in budget. However, we can assume based on the survey results that decision-makers will allocate more of their budget toward the top three areas: Enhanced BI and Analytics, AI, and virtual assistants.



[ WHITE PAPER ] DIGITAL TRANSFORMATION + CURRENT REALITY FOR FINANCIAL SERVICES CONTACT CENTERS

This ConvergeOne + Avaya white paper is intended to provide insights into technology trends contact centers have adopted, future trends they intend to adopt and key attributes to consider for providers to help navigate the future of the contact center.

Download the white paper to learn the trends and future opportunities for contact centers in financial services.

DOWNLOAD THE WHITE PAPER

Topics: Contact Center, Customer Experience, Avaya