San Antonio – April 21, 2022 – Frost & Sullivan’s recent analysis reveals that technology vendors are rolling out new and improved communication, collaboration, and contact center solutions to help financial service institutions connect a workforce that is more widely distributed than ever before. Comprising various business types, including commercial and consumer lending, investment agencies, and insurance collections, the global financial services sector employs diverse worker roles across back-office and frontline staff, including industry-specific and general business roles. With 87% of financial institutions employing frontline workers globally, vendors will be particularly concerned with delivering technologies that can enhance service delivery for this cohort in addition to in-office users.
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“As the financial services industry emphasizes customer service support, it prioritizes customer experience investments over communications and collaboration technology. Digital technologies, including the rise of cloud meetings, messaging and calling services, application programming interfaces (APIs), and programmability are enabling organizations and their technology partners to more effectively empower office, frontline, and remote workers,” noted Robert Arnold, Principal Analyst, ICT, Frost & Sullivan. “Technology vendors need to tailor solutions to different types of users and integrate software tools with mission-critical workflows to automate business processes, streamline decision-making, and increase employee and customer satisfaction.”
Arnold added, “The most successful vendors will be the ones that leverage best practices, including portfolio breadth, solution functionality and packaging, partnerships, and channel programs that have worked well in different verticals.”
To leverage greater opportunities within the increasingly digitalized financial services industry, technology vendors should:
- Offer a unified platform: Financial services organizations are looking to invest in unified communications and collaboration (UCC) and contact center solutions while also making UCC tools available to customer care agents.
- Develop capabilities in cloud meetings and messaging: They need to employ synchronous and asynchronous collaboration tools to empower frontline workers to collaborate anywhere, anytime, on any device and network.
- Tailor solution packages: Pre-packaged service and device offerings can help automate the quoting, sales, and provisioning of financial industry solutions.
- Partner with specialists: Collaborating with vertically specialized software, device, and services vendors can enable communications technology providers to gain unique capabilities and engage customer stakeholders outside of IT.
- Develop channel programs: To form relations in other industries, vendors must employ robust channel programs with compelling vertically oriented incentives, training, sales collateral, and lead-generation tools.
Growth Opportunities for Communications, Collaboration and Contact Center Solutions in the Financial Services Industry is the latest addition to Frost & Sullivan’s Information & Communications Technologies research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Growth Opportunities for Communications, Collaboration and Contact Center Solutions in the Financial Services Industry
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Melissa Tan
Corporate Communications
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E: melissa.tan@frost.com
