Tech Trends Financial Institution Contact Centers Must Adopt

Our research results reinforce key technology trends that continue to impact the future of the contact center and the overall experience it can provide to its customers and employees. These trends have transitioned from nice-to-have to essential. To adapt and outpace the competition, financial institution contact centers will need to adopt the following technology trends to offer best-in-class service to both their customers and employees.

ConvergeOne’s customer had what was once considered a best-of-breed contact center solution, but faced challenges leveraging its legacy solution to satisfy the rapidly evolving needs of its business. Over the past decade, the company’s leadership team recognized that although its investments in self-service had paid off well, they’d also created a challenge. The basic transactional calls that once dominated call queues—address changes, balance inquiries, new-service activation—had all but disappeared. The queue was dominated by the complex and varied issues that customers couldn’t solve on their own.

According to our research with Avaya and CatalystMR, there are two main areas contact center challenges fall within: customer support and data/technology. Considering each of these key areas, the three biggest challenges contact centers face today in the support arena are:

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:

Pandemic this, COVID that… enough already, right? The situation was supposed to be temporary, but is it really? Many organizations I’m working with now are in a planning phase, and they aren’t planning for everyone to return to the office.

What is that one question that you’re answering repeatedly, every day?

At ConvergeOne, WAVES is our proprietary Methodology that guides each and every one of our collaboration engagements. WAVES is an acronym, with each letter representing a specific phase of the methodology. Each phase provides a specific contribution to the final outcome, which is a recommended solution that is tailored to the customer’s business and technology needs. The WAVES phases, which must be executed in order, are:

Conversations abound with talk of the BOT (a web robot that automates tasks) takeover in our customer care practices, but how will the human element evolve? If in just a few short years, 85% of interactions will be handled by BOTs, where does that leave the other 15%? In this post, I will focus on the 15%, its importance within our customer care ecosystem, and how you can ready yourself for the impact this will have on your organization.

As we watched the successful launch of SpaceX Falcon Heavy, it struck us how fast technology was advancing. Think about it: Launching a 230 foot rocket with 27 engines. The boosters separate and nail a side by side landing back at the Cape. The coup d’état was sending Elon Musk’s Tesla on the way to Mars. That was unthinkable just a couple of years ago!

Believe it or not, our collaboration tools are evolving at warp speed too. The traditional PBX has rapidly evolved into an open architecture development platform that has the capability to radically improve the efficiencies of current workflows. Your company’s needs still drive solutions that include multiple vendors, and very likely a mix of cloud, hybrid cloud and on-prem solutions.