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Retail Banking: Trends in contact center automation; Vertical and technology trends

Retail Banking: Trends in contact center automation; Vertical and technology trends

Summary

Rapid digitalization has resulted in a lower attention span of customers. As customers have access to multiple brands and interaction touch points, they can change their brand loyalties with just a click of a button. This has made it even more difficult for service centers, such as banks, to enhance their customer experience and retain customers. Contact center automation has therefore served in many ways to bring a bank’s stakeholders together and enable contact centers to improve their line of banking services.

Key Findings

  • Many banks are moving towards a virtual contact center to allow geographically dispersed agents to operate as a single, winning team. Via a virtual contact center, all incoming contact center calls can be routed to the available agents depending upon their availability regardless of their location and time.
  • The focus of the next phase of automation is on delivering omnichannel communication, wherein the customer can communicate through a channel of their choice with the information they share via one channel, before being carried over to the next channel.
  • Contact centers have realized that retaining a customer is as important as growing revenues in an organization; they are therefore keen to deploy speech analytics to improve their customer service as well as enhance the compliance and security measures in contact centers.
Synopsis

Current Analysis’ Vertical Focus Report - Retail Banking: Trends in contact center automation depicts the business challenges faced by the retail banking sector in the contact center automation domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the retail bank’s contact center automation domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in contact center automation banking domain through to 2019, highlighting the market size and growth by geography.

In particular, it provides an in-depth analysis of the following:
  • The latest trends impacting the retail bank contact center automation market.
  • The market trends (both supply-side and demand-side) that will facilitate the growth of the retail banking contact center automation market.
  • The technology evolution of the market and vendor opportunities
  • The market inhibitors that may hinder the pervasive adoption of contact center automation among retail banks.
  • The primary findings from Current Analysis’ view of revenue opportunities in the retail banking contact center automation market through to 2019, highlighting the market size and growth by regions.
  • An identification of banks’ IT budget allocation and IT priorities relating to contact center automation.
Reasons To Buy
    • Understand the retail banks landscape, the recent trends, and inhibitors shaping the retail banking contact center automation market.
    • Comprehend the retail banking contact center automation market evolution.
    • Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the retail banking contact center automation market from 2015 to 2019, across geographies.
    • Comprehend retail banks’ IT budget allocation and prioritization of top IT projects in 2015
    • Understand how retail banking contact center automation market opportunities are set to change in the market in near future.


1 Business challenges for retail banks
2 Market Dynamics
2.1 Demand side trends
2.2 Supply side trends
3 Technology Lifecycle
3.1 Retail banks’ IT budget allocation and IT priorities
4 Opportunities for ICT vendors
5 Market size and forecast
6 Future outlook
6.1 Age of customers and disruptive forces are acting as catalysts for the rapid adoption of contact center automation among new age bankers
7 Appendix
7.1 Definitions
7.2 Further reading
7.3 Contact the authors
List of Tables
Table 1: Retail banks’ contact center market by region – global market opportunity forecast, US$ millions
List of Figures
Figure 1: Key business challenges impacting retail banks in adopting contact center automation solutions
Figure 2: Key demand and supply side trends impacting the contact center automation market
Figure 3: Evolution of retail bank contact center automation
Figure 4: Retail banks’ IT budget allocation and prioritization of top IT projects in 2016
Figure 5: Key opportunities for contact center automation vendors catering to the retail banking sector
Figure 6: Retail banks’ contact center market by region – global market opportunity

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