Product Type: Market Research Report
Published by: Datamonitor
Published: April 2006
Product Code: R313-14361Description Introduction
The lion's share of contact center spending has mostly come from the financial services industry. Yet, global financial sector spend will increase at a rate of 3.5% from '04 to '09 and this spending pattern will be concentrated in North America and EMEA. This brief looks at how vendors can capitalize on this in a mature market.
Scope
- The financial services sector has long led the contact center industry, yet it is generating spending growth at a marginal rate.
- The chief reason for the small yet vital growth is an emphasis on improving productivity and profitability.
- Marrying technology offers with the financial sector's concerns about productivity and profitability can help vendors exploit this market.
Highlights
Vendors are inclined to demonstrate that the financial services sector should invest in contact centers and specific technologies because they offer good ROI and cost reduction techniques. This is not a story the banks necessarily want to hear.
With customers using any combination of the channels available to them, it is essential that financial institutions form a consistent multi-channel strategy. Offering a range of channels is a step in the right direction, yet increasingly they remain siloed and as such are not fully coordinated with the contact center.
Reasons to Purchase
- Understand how implementing the right technologies will drive productivity and deliver profitability.
- Identify the key attributes vendors need to highlight to attract financial institutions' attention.
Table of Contents - DATAMONITOR VIEW
- CATALYST
- Overall domestic agent position growth is slowing or declining in North America and Western Europe. However, technology and business changes - including IP telephony, virtualization, managed and hosted services, workforce optimization technologies, SME sector growth, and increased public sector spending - are driving increased investment. Consequently technology spending will continue to rise, but learning exactly how to tap into it will be more critical than ever.
- SUMMARY
- METHODOLOGY
- ANALYSIS
- As a contact center industry expenditure leader its spending growth is at a marginal rate
- North America needs alternative contact center services to enable growth
- EMEA is overshadowed by Western Europe for technology spending
- The chief reason for the small yet vital growth is improving productivity and profitability
- A right balance of technologies is needed to drive productivity and profitability
- Outbound services in the regulation era can impact on the productivity and profitability of finance institutions - but it doesn't need to!
- True multi-channel capabilities are an absolute necessity
- Compliance can not be compromised when improving productivity and increasing profitability
- An increase in mergers and acquisitions within the financial services market may lead to networks within networks
- Marrying offers with financial services concerns can help vendors capitalize on this market
- Key tactics to maximise a go-to-market strategy
- APPENDIX
- Definitions
- Further reading
- Ask the analyst
- List of Tables
- Table 1: Financial Services contact center technology spending
- Table 2: EMEA contact center technology spend and agent positions growth 2004 vs 2009
- List of Figures
- Figure 1: Financial service agent positions
- Figure 2: European and North American Retail Banking IT strategy
- Figure 3: Retail banks progression towards a predictive approach to customer service
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