Contact Center Digital Transformation in the BFSI Industry: A Customer Perspective-Global, 2023-2024
Employee Engagement is the Top Corporate Objective
Digital transformation is helping BFSI organizations establish closer relationships with their customers and deliver great products/-services. Extending this further, BFSI contact centers are now focusing on automating processes to assimilate information and generate insights that deliver memorable experiences at a fraction of the cost. Cost pressures and resource constraints are perpetual issues for BFSI contact centers, which is why AI and analytics play a significant role in predicting problems and simulating process improvement.
Contact center organizations in the BFSI sector are prioritizing employees in 2023, after the COVID-19 pandemic wreaked havoc on employee burnout and staffing levels. They invest in understanding customer journeys better and leverage data to deliver more personalized service and enhance customer outcomes. This study explores how contact centers engage agents to attract the best talent and reduce attrition as hybrid and work-from-home models continue to grow.
RESEARCH HIGHLIGHTS
The primary goals of this research are to:
Uncover IT challenges faced by BFSI contact center organizations today
Monitor the status of digital transformation in contact center organizations
Assess the current and future use of contact center solutions
Evaluate factors that drive investments in contact center solutions
Gauge market and technology trends
Appraise available IT budgets
KEY FEATURES
Frost & Sullivan’s approach to achieving these goals were to conduct:
A virtual customer survey of leaders involved in purchasing contact center solutions;
In-depth discussions with thought leaders in contact center organizations through Frost & Sullivan’s Customer Experience (CX) Client Council, BFSI Industry Research Practice, Contact Center MindXchanges, Webinars, and Virtual Think Tanks; and
Continuous conversations with key contact center solutions providers around the world.
- Key Findings
- Strategic Objectives of this Study
- Key Findings from the 2023 Contact Center Customer Survey—BFSI Industry Perspective
- Research Objectives and Methodology
- Customer Research Methodology & Respondent Profile
- Scope
- BFSI Industry Snapshot
- BFSI Industry Snapshot
- Key Success Factors for BFSI Organizations
- Disruption in the BFSI Industry
- CX Strategic Priorities in BFSI
- Contact Center 2023 to 2024 Goals
- Improving Employee Experience Tops Organization Goals
- Building Trust and Ensuring Customer Loyalty when Automating Interactions
- Building Trust and Ensuring Customer Loyalty when Automating Interactions (continued)
- CX Technology Investment Plans 2023 to 2024
- BFSI Contact Center’s CX Technology Investment Imperative
- Strong Outlook for CX Technology Investment
- Voice Reins—Virtual Agents Ascend
- Sentiment Analysis is Key for Delivering Enhanced CX with “Empathy”
- Infusion of AI Across Contact Center Spectrum
- Infusion of AI Across Contact Center Spectrum (continued)
- Flexible APIs, CPaaS, and Programmability Enables BFSI Contact Centers to Add New Capabilities Quickly and Easily
- Supporting Remote/Hybrid Work for Contact Centers Still Poses Challenge for BFSI Sector
- Employee Focus
- Employee Experience (EX) is Crucial for Delivering CX
- BFSI Contact Centers Struggle with High Attrition
- Voice of the Employee Programs Leads Employee Engagement Initiatives in BFSI Organizations
- Performance Management—Quality Monitoring is Top Investment for Employee Engagement
- Remote/Hybrid Work Model
- Flourishing Remote/Hybrid Models Offer Opportunities
- Remote Workforce Resulted Employee Retention—Increased Revenue
- Channel Trends and Customer Satisfaction
- Channel Dynamics—Last 12 Months
- Asynchronous Channel Delivered Better Satisfaction
- Cost of Implementation Thwarts BFSI Sector’s Omnichannel Customer Experience Ambition
- Growth Opportunities
- Growth Opportunities for CX Solution Providers
- Recommendations
- Strategic Recommendations for BFSI’s CX Pursuit
- Strategic Recommendation for BFSI’s CX Pursuit (continued)
- Key Considerations for Vendor Partnerships
- Recommendations for CX Solution Providers
- Recommendations for CX Solution Providers (continued)
- Case Studies
- Leading Multinational Insurance Company Reimagines Vulnerable Customer Experience with Speech Analytics
- Global Bank Revolutionizing Customer Experience—Pioneering Conversational Banking
- A Leading Bank Adopts a Holistic Approach to CX Insights and Realizes Huge Savings
- Leading US Bank Adopts Intelligent Virtual Agents—Cuts CallVolume in Half
- Going Digital First—Century Old Bank Revolutionizes Customer Experience
- Appendix
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8™
- The Impact of the Top 3 Strategic Imperatives on BFSI Customer Engagement
- Growth Opportunities Fuel the Growth Pipeline Engine™
- List of Exhibits
- List of Exhibits (continued)
- Legal Disclaimer
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