Contact Center Digital Transformation in the BFSI Industry: A Customer Perspective-Global, 2023-2024

Description

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.

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.

Product Code: PE64-76

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

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
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
Key Considerations for Vendor Partnerships
Recommendations for CX Solution Providers

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
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