The digital era has given rise to new digital-only players, making the financial services space more competitive than ever before. At the same time, clients are more demanding.
As a result, forward-thinking companies recognise the need to deliver great CX to stand out in a crowded market. Financial services organisations need to adopt cloud-based tech and CX solutions enabling them to offer secure transactions and personalised interactions for their customers. This matters, in fact, according to Forrester, 79% of CX leaders agree that using cloud technologies is essential to optimising their contact centre.
Now, let’s delve into the current technology space for financial services providers and explore the crucial need to adopt cloud-tech to stay ahead.
The current landscape of the contact centre in financial services
Traditionally, contact centres in financial services have relied on on-premise servers and systems, limiting their scalability, flexibility, and innovation. However, as customer expectations and demands have evolved and new digital players have entered the market, so have the requirements for contact centres.
To keep up, financial services providers are digitising themselves. Yet, 46% of contact centres are still relying on outdated on-premises telephony systems, ultimately reducing their ability to deliver frictionless service that matches today’s landscape. In fact, 33% of CX leaders anticipate challenges with outdated systems in the near future.
It's essential for financial services contact centres to embrace cloud technology to streamline their operations. The good news is that a Glassbox report reveals that 46% of banking and financial services executives plan to invest 11-25% more in digital CX technology. This shows that financial services are taking proactive steps towards a more modern approach.
Why moving to the cloud is essential for financial services organisations
Cloud-based CX solutions are far more dynamic than on-premises physical hardware for several reasons:
- Enhanced flexibility for peak times and remote working: Traditional contact centre systems are often inflexible, making it challenging to adapt to changing business requirements and customer needs. In contrast, cloud-based technology allows financial institutions to adjust their operations based on demand, providing flexibility and scalability. They also make it easier to add new channels seamlessly, and quickly deploy updates and enhancements to meet evolving customer expectations. Plus, it gives agents the flexibility to work from any device and from anywhere.
- Reduced maintenance and costs: Cloud contact centre solutions offer a pay-as-you-go pricing model. This eliminates the need for costly upfront investments in hardware and software. Additionally, cloud technology reduces ongoing maintenance and operational costs, allowing financial institutions to reallocate resources to strategic initiatives that drive business growth and innovation.
- Future-ready with seamless integrations: Cloud technology makes it easy to connect with other business systems such as CRM software, analytics platforms, and digital channels. This enables a unified view of customer interactions across all touchpoints, empowering agents with the information and insights they need to deliver personalised and tailored customer experiences.
Ultimately, moving to a cloud-based contact centre helps businesses stay ahead in the digital-first world. In embracing cloud technology, contact centres can enhance their operational efficiency, improve scalability, boost flexibility, and ultimately elevate customer and agent experiences. Cloud technology not only addresses current challenges but also sets the stage for future-proofing contact centre operations in an ever-evolving digital landscape.
How to successfully move to the cloud: A collaborative effort
Moving to the cloud is not a one-size-fits-all solution. At Puzzel, we are ready to be your dedicated partner in delivering great CX in the time ahead. Our cloud-based CX platform has everything your organisation need to help you elevate your CX in the time ahead and stand out from the crowded market.
Frequently asked questions
What is CX and why is it important for financial services?
CX, or customer experience, refers to the overall experience a customer has with a company, from initial contact to ongoing engagement. In financial services, exceptional CX is crucial for building trust and loyalty in a competitive market.
How does cloud technology improve CX in financial services?
Cloud technology enables financial services to offer secure, scalable, and personalised interactions. It supports digital transformation efforts, allowing for seamless customer journeys and efficient operations.
Why are financial services companies moving to cloud-based contact centres?
Companies are transitioning to cloud-based contact centres to meet evolving customer demands, increase flexibility, reduce costs, and integrate with other digital solutions for a unified customer view.
Can Puzzel's CX platform integrate with other business systems?
Yes, the Puzzel CX Platform can seamlessly integrate with CRM software, analytics platforms, and digital channels, providing a comprehensive view of customer interactions.
