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The Current and Future Financial Services Vertical

The overall objective of this research service was to look at the current and future adoption of various customer contact strategies, enabling technologies, and services, specifically in the financial services vertical. In terms of financial services, significantly more current customer interactions are taking place through email in Europe than in North America, while more interactions are taking place through chat in North America than in Europe. About 48% of customer interactions are fully automated, which is expected to grow to 60% by 2016. Overall, the use of multiple capabilities with social media customer contact strategies in the financial services vertical is expected to increase by 2016, with the largest percentage point increases expected for full integration with other contact channels and personalized marketing.

Research Background and Objectives
This research study is part of a series of survey-based studies that look at the current and future adoption of various customer contact strategies, enabling technologies, and services. The survey data and insights allow contact center organizations to understand better the industry and technology trends and apply the findings in their businesses.
The following studies are part of this series:

-Customer Engagement in Financial Services in Europe and North America
-Customer Engagement in Retail and Consumer in Europe and North America
-Customer Engagement in Manufacturing in Europe and North America
-Customer Engagement in Communications in Europe and North America
-Customer Engagement in Government and Education in Europe and North America
-Customer Engagement in Healthcare in Europe and North America

Methodology
Using a Web-based survey methodology during February 2014, Frost & Sullivan surveyed contact center/customer care decision makers who were working in businesses located in Europe and North America and who were involved in evaluating, specifying, recommending, or approving the purchase of contact center products or services. The total sample for the financial services vertical and particularly for this report is .

Frost & Sullivan’s survey methodology uses online panels to source only qualified respondents. Respondents must meet requirements set by a screening process prior to full survey participation. Online panels consist of individuals who volunteer to participate in Web-based surveys and typically receive compensation directly from their panel membership for participating in qualified survey research. In general, survey respondents do not receive direct compensation from Frost & Sullivan for participating in research projects.

Reporting Notes: Due to rounding, percentages in charts and tables may not sum to.

Table Of Contents

Customer Engagement in Financial Services in Europe and North America
1. RESEARCH BACKGROUND, OBJECTIVES, AND METHODOLOGY

Research Background, Objectives, and Methodology
Research Background and Objectives
Methodology
Overall Firmagraphic Details

2. EXECUTIVE SUMMARY

Executive Summary

3. CUSTOMER INTERACTION CHANNELS

Customer Interaction Channels
Current versus Future Customer Interaction Channels in the Financial Services Vertical
Current Customer Interaction Channels in the Financial Services Vertical
Future Customer Interaction Channels Channels in the Financial Services Vertical

4. INTEGRATION ACROSS ALL CUSTOMER CONTACT CHANNELS

Integration Across All Customer Contact Channels
Current and Future Integration of Contact Channels in the Financial Services Vertical
Current Integration of Contact Centers in the Financial Services Vertical
Future Integration of Contact Centers in the Financial Services Vertical

5. PREVALENCE OF AUTOMATION

Prevalence of Automation
Current and Future Prevalence of Full Automation in the Financial Services Vertical

6. PREVALENCE OF SPEECH RECOGNITION IN INTERACTIVE VOICE RESPONSE INTERACTIONS

Prevalence of Speech Recognition in Interactive Voice Response Interactions
Current and Future Prevalence of Speech Recognition-enabled IVR Interactions in the Financial Services Vertical

7. THE FUTURE OF OUTBOUND CUSTOMER INTERACTIONS

The Future of Outbound Customer Interactions
Expected Changes of Outbound Customer Interactions in the Financial Services Vertical
Expected Changes of Outbound Customer Interactions for PCC in the Financial Services Vertical
Expected Changes of Outbound Customer Interactions for Sales and Marketing in the Financial Services Vertical
Expected Changes of Outbound Customer Interactions for Collections in the Financial Services Vertical

8. SOCIAL MEDIA CUSTOMER CONTACT STRATEGY

Social Media Customer Contact Strategy
Current and Future Capabilities of Social Media Customer Contact Strategy in the Financial Services Vertical
Current Capabilities of Social Media Customer Contact Strategy in the Financial Services Vertical
Future Capabilities of Social Media Customer Contact Strategy in the Financial Services Vertical

9. MOBILE CUSTOMER CONTACT STRATEGY

Mobile Customer Contact Strategy
Current and Future Capabilities of Mobile Customer Contact Strategy in the Financial Services Vertical
Current Capabilities of Mobile Customer Contact Strategy in the Financial Services Vertical
Future Capabilities of Mobile Customer Contact Strategy in the Financial Services Vertical

10. POTENTIAL RESTRAINTS TO ACHIEVING MULTICHANNEL CUSTOMER CONTACT CENTER GOALS

Potential Restraints to Achieving Multichannel Customer Contact Center Goals
Potential Restraints in the Financial Services Vertical

11. PREVALENCE OF SYSTEMS AND APPLICATIONS

Prevalence of Systems and Applications
Current Versus Future Prevalence of Systems/ Applications in the Financial Services Vertical
Current Prevalence of Systems/Applications in the Financial Services Vertical
Future Prevalence of Systems/Applications in the Financial Services Vertical

12. NUMBER OF AGENT PERFORMANCE OPTIMIZATION VENDORS SOURCED

Number of Agent Performance Optimization Vendors Sourced
Current and Future Number of APO Vendors Sourced in the Financial Services Vertical

13. INTEGRATION OF AGENT PERFORMANCE OPTIMIZATION APPLICATIONS

Integration of Agent Performance Optimization Applications
Current and Future Integration of APO Applications in the Financial Services Vertical
Current Integration of APO Applications with Multichannel Applications in the Financial Services Vertical
Future Integration of APO Applications with Multichannel Applications in the Financial Services Vertical

14. PRIMARY USE CASES FOR AGENT PERFORMANCE OPTIMIZATION APPLICATIONS

Primary Use Cases for Agent Performance Optimization Applications
Using APO Applications in the Financial Services Vertical
Leveraging APO Tools in Other Departments in the Financial Services Vertical

15. RESTRAINTS TO LEVERAGING CUSTOMER INSIGHTS

Restraints to Leveraging Customer Insights
Restraints to Leveraging Customer Insights in the Financial Services Vertical

16. CURRENT USE OF HOSTED/CLOUD SOLUTIONS

Current Use of Hosted/Cloud Solutions
Current Use of Hosted/Cloud Contact Center Solutions in the Financial Services Vertical

17. IMPORTANT FACTORS IN THE DECISION TO MOVE TO HOSTED/CLOUD SOLUTIONS

Important Factors in the Decision to Move to Hosted/Cloud Solutions
Important Factors in the Decision to Move to Hosted/Cloud Solutions in the Financial Services Vertical

18. HOSTED/CLOUD CONTACT CENTER APPLICATIONS

Hosted/Cloud Contact Center Applications
Contact Center Applications Currently Used as Hosted/Cloud Solutions in the Financial Services Vertical
Contact Center Applications Planned to be Used as Hosted/Cloud Solutions in the Financial Services Vertical

19. HOSTED/CLOUD CONTACT CENTER VENDORS

Hosted/Cloud Contact Center Vendors
Number of Vendors Sourced in the Financial Services Vertical
Current and Future Hosted/Cloud Contact Center Providers in the Financial Services Vertical
Current Hosted/Cloud Contact Center Providers in the Financial Services Vertical
Future Hosted/Cloud Contact Center Providers in the Financial Services Vertical

20. RESTRAINTS TO MOVING TO HOSTED/CLOUD CONTACT CENTER SOLUTIONS

Restraints to Moving to Hosted/Cloud Contact Center Solutions
Restraints to Moving to Hosted/Cloud Contact Center Solutions in the Financial Services Vertical

21. CUSTOMER CARE FUNCTIONS OUTSOURCED

Customer Care Functions Outsourced
Customer Care Outsourcing Adoption in the Financial Services Vertical
Customer Care Functions Currently and Planned to be Outsourced in the Financial Services Vertical
Currently Outsourced Customer Care Functions in the Financial Services Vertical
Customer Care Functions Planned to be Outsourced in the Financial Services Vertical

22. OUTSOURCING CUSTOMER CONTACT CHANNELS

Outsourcing Customer Contact Channels
Contact Channels/Interactions Currently and Planned to be Handled by Outsourcers in the Financial Services Vertical
Contact Channels/Interactions Currently Handled by Outsourcers in the Financial Services Vertical
Contact Channels/Interactions Planned to be Handled by Outsourcers in the Financial Services Vertical

23. PRIORITY OF CONSISTENT AND SEAMLESS CUSTOMER EXPERIENCES

Priority of Consistent and Seamless Customer Experiences
Current/Future Priority to Deliver Consistent, Seamless Customer Experiences in the Financial Services Vertical
Current Level of Priority to Deliver Consistent, Seamless Customer Experience in the Financial Services Vertical
Expected Level of Priority to Deliver Consistent, Seamless Customer Experience in the Financial Services Vertical

24. OUTSOURCED CONTACT CENTER SEATS/AGENTS

Outsourced Contact Center Seats/Agents
Current and Future Proportions of Outsourced Contact Center Seats/Agents in the Financial Services Vertical

25. OUTSOURCING LOCATIONS

Outsourcing Locations
Locations of Current and Expected Outsourcing in the Financial Services Vertical
Locations of Currently Outsourced Contact Centers in the Financial Services Vertical
Locations of Contact Centers Planned to be Outsourced in the Financial Services Vertical

26. NUMBER OF OUTSOURCERS USED

Number of Outsourcers Used
Average Number of Outsourcers Currently Used and Planned to be Used in the Financial Services Vertical

27. IMPORTANT FACTORS IN OUTSOURCER SELECTION

Important Factors in Outsourcer Selection
Current and Future Outsourcer Selection Considerations in the Financial Services Vertical
Important Factors in the Decision to Use Outsourcers Currently in the Financial Services Vertical
Important Factors in the Decision to Use Outsourcers in the Future in the Financial Services Vertical

28. RESTRAINTS TO USING OUTSOURCERS

Restraints to Using Outsourcers
Restraints to Using a Third-party Provider in the Financial Services Vertical

29. KEY TAKEAWAYS

Key Takeaways
Legal Disclaimer

30. THE FROST and SULLIVAN STORY

The Frost and Sullivan Story
Value Proposition—Future of Your Company and Career
North America and Europe Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy

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