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Growth Opportunities for Communications, Collaboration and Contact Center Solutions in the Financial Services Industry
Marketing, Sales, Product Management and Customer Care Must be Digitized to Boost Customer Value
12-Jan-2022
North America
Customer Research
K6F2-01-00-00-00
TE04058-NA-CR_26173
An important pillar of the global economy, the financial services industry is experiencing rapid and substantial transformation. Contact center, unified communications and collaboration technologies have risen in prominence as financial services institutions have needed to connect a workforce that is more widely distributed than ever before and adopt new business models to address rapidly evolving customer needs and interaction preferences.
This study leverages the input of IT decision makers from a global survey conducted by Frost and Sullivan in November through December 2021, which was analyzed in 2021. IT decision maker participants spanned across global regions, and business sizes. The survey focused on the current state of adoption among various unified communications, collaboration and contact center tools, key investment drivers and future investment plans, perceived benefits of those tools, top challenges that financial services organizations face, the current and future state of hybrid work, as well as future office and real estate plans.
The financial services sector encompasses a rage of business types, from commercial and consumer lending, investment, insurance collections and more. As such, the industry is comprised of a diverse mix of worker roles across back office and frontline staff, including industry-specific and general business roles.
Growth opportunities abound for providers that can address this diversity with impactful solutions that can meet the requirements of today while bridging the chasm to meet the future goals and objectives of financial services organizations. This study leverages empirical data to show leaders of financial services organizations how their business stack up with their peers as well as shows providers how their financial services customers can get ahead of the curve and remain the forefront for sustained growth.
Author: Robert Arnold
Why Financial Services? Why Now?
Financial Services Industry Overview
Financial Services Industry Overview (continued)
Financial Services Industry in the Spotlight
Frontline Workers in the Financial Services Industry
Frontline Workers in the Financial Services Industry (continued)
IT/Telecom Decision Maker Perspectives
Current Stage of Digital Transformation Strategy
Hurdles to Purchasing Transformative Technologies
Top Priorities for Digital Transformation Investment
Digital Transformation Success Measurement
Departments Driving the Adoption of Digital Solutions
Transformative Technologies Investment Factors
Unified Communications, Collaboration and Contact Center Adoption in the Financial Services Industry
IT/Telecom Decision Maker Perspectives
Communication & Collaboration Tools Used Today
Communication & Collaboration Tools Deployment Strategies
Number of Contact Center Agents in the Organization
Type of Interaction Channels Employed
Factors Preventing Contact Centers from Meeting Goals and Objectives
Technologies Used to Improve Contact Center Performance and Workforce Engagement
IT/Telecom Decision Maker Perspectives
Technologies Used / Planned for Frontline Workers
Tools Used Most Often by Frontline Workers
Satisfaction with Technologies Used by Frontline Workers
Factors Preventing Frontline Workers Empowerment
IT/Telecom Decision Maker Perspectives
Impact of COVID-19 on the Organization
Workforce Working from Home
Percent of Agents Moved to Work-from-home Since the Start of Stay-at-home Provisions
Changes to Remote Agents Post-pandemic
Covid-19 Impact on Technologies for Remote Workers
IT Challenges in Supporting Remote Work
IT/Telecom Decision Maker Perspectives
Covid-19 Impact on Physical Office Space AND Real Estate
Workplace Evolution over Next Year
Future Investment in Open Offices
IT/Telecom Decision Maker Perspectives
Future Investment Prioritization
CX Priorities over the Next Two Years
Key Drivers for Investing in Communication & Collaboration
Disruption in the Banking and Insurance Industries
Best Practices in Delivering Value to Verticals and Frontline Workers
Conclusion
Growth Opportunities for Technology Providers
Research Objectives
Research Methodology
Sample Distribution—Country
Respondent Profile—Decision-Making Authority
Respondent Profile—Familiarity with IT Budget
Respondent Profile—IT/Telecom-Related Purchase Involvement
Organization Profile—Size of Organization
Organization Revenue
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Current Stage of Digital Transformation Strategy: Global, 2021
- Potential Hurdles to Purchasing Transformative Technologies: Global, 2021
- Top Priorities for Digital Transformation Investment: Global, 2021
- Digital Transformation Success Measurement: Global, 2021
- Departments Driving the Adoption of Digital Solutions: Global, 2021
- Investment Factors When Making Digital Transformation Purchase Decisions: Global, 2021
- Communication & Collaboration Tools Provided to Employees: Global, 2021
- Deployment Type of Communication & Collaboration Tools to Employees: Global, 2021
- Number of Contact Center Agents in the Company: Global, 2021
- Type of Interaction Channels Employed: Global, 2021
- Factors Preventing Contact Centers from Meeting Goals and Objectives: Global, 2021
- Technologies Used to Improve Contact Center Performance and Workforce Engagement: Global, 2021
- Technologies Used or Planned for Frontline Workers: Global, 2021
- Tools Used Most Often by Frontline Workers: Global, 2021
- Satisfaction with Technologies Used by Frontline Workers: Global, 2021
- Factors Preventing the Organization to Empower Frontline Workers: Global, 2021
- Impact of COVID-19 on the Organization: Global, 2021
- Percent of Workforce Working from Home: Global, 2021
- Percent of Agents Moved to Work-from-Home Amid Stay-at-Home Provisions: Global, 2021
- Changes to Remote Agents Post-Pandemic: Global, 2021
- Impact of COVID-19 on Technologies Provided to Remote Workers for Full Productivity: Global, 2021
- IT Administrator Challenges in Supporting Remote Work: Global, 2021
- Expected Change of Physical Office Space and Real Estate Owing to COVID-19: Global, 2021
- Envisioning Workplace to Evolve in 1 Year: Global, 2021
- Investment in Open Offices within Next 3 Years: Global, 2021
- Level of Priority in Organizations for Investments over the Next 2 Years: Global, 2021
- Customer Experience Priorities Over the Next 2 Years: Global, 2021
- Key Drivers for Organizations Investing in Communication & Collaboration Solutions: Global, 2021
- Decision-Making Authority, Global, 2021
- Familiarity with IT/Telecom Budget, Global, 2021
- Survey Participant Involvement in IT/Telecom-Related Purchases, Global, 2021
- Size of Organization – Number of Employees, Global, 2021
- 2019 Annual Revenue of the Organization, Global
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