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Growth Opportunities for Communications, Collaboration and Contact Center Solutions in the Financial Services Industry

  • Report

  • 71 Pages
  • January 2022
  • Region: Global
  • Frost & Sullivan
  • ID: 5546106

Marketing, Sales, Product Management and Customer Care Must be Digitized to Boost Customer Value

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 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.

Table of Contents

1. Market Overview
  • Why Financial Services? Why Now?
  • Financial Services Industry Overview
  • Financial Services Industry in the Spotlight
  • Frontline Workers in the Financial Services Industry

2. Digital Transformation in the Financial Services Industry
  • 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

3. 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

4. Work from Home and Remote Work in the Financial Services Industry
  • 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
  • Workplaces and Workspaces in the Financial Services Industry

5. 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

6. Future Investment Plans in the Financial Services Vertical
  • IT/Telecom Decision Maker Perspectives
  • Future Investment Prioritization
  • CX Priorities over the Next Two Years
  • Key Drivers for Investing in Communication & Collaboration

7. Vertical Industry Trends
  • Disruption in the Banking and Insurance Industries
  • Best Practices in Delivering Value to Verticals and Frontline Workers

8. Conclusion
  • Growth Opportunities for Technology Providers

9. Appendix
  • Research Objectives
  • Research Methodology
  • Sample Distribution - Country

10. IT/Telecom Decision-maker Survey - Respondent and Organization Profile
  • 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
  • Legal Disclaimer