The financial services sector has seen considerable change through mergers and acquisitions. A smaller number of much larger groups are generating significant international competition. Deregulation and globalization will continue to drive this sector.
- Examines the key business ‘pain’ points afflicting the financial services vertical. Vendor responses are discussed.
- The geographical scope of this brief includes the key markets of North America, Western and Eastern Europe and the Middle East.
This market brief analyzes the challenges faced by financial services firms in their contact center strategies. Vendor action points based on these business issues are presented.
Reasons to Purchase
- Understand the business issues faced by financial services firms in their CCs. Respond with appropriate solutions.
- Learn where the opportunities are, both geographically and in terms of which CC component technologies will be the most successful
Financial Services Call Centers (FS80)
Call center spending will approach $1.6 billion in 2003, up from $717 million in 1998. Financial services companies understand call centers’ importance more than other industries – as evidenced by their resource allocation. Companies know that each customer contact through the call center is a new opportunity to build or expand the relationship.
Traditional call center thinking emphasizes the importance of technology, and excellent call centers are usually at the cutting edge. This report, however, points to human resources as the most critical – and most difficult to master – component of call center management.
To turn a profit, call centers must master cross-selling and up-selling strategies. These techniques depend on the people handling the calls, so call centers must design customer service jobs to be desirable and build strong career paths. Both quantitative and qualitative findings demonstrate how successful financial services
call centers master these three critical components:
- Strategy and Measurement
- Up-selling and outsourcing strategies
Learn what measures are most important to managing a successful call center Call Center Processes – Improve efficiency through better call routing and technology Human Resources – Understand how successful call centers recruit and retain top customer service representatives
Best Practices Consulting and Process Automation
To assist customers in all phases of globalization, call center offers expert consulting and development services including; strategy development, internationalization, process optimization, global content audit, and technical communication for an international audience. The Global Engagement Consultants and Solution Development Engineers bring deep industry experience, technical know-how, as well as in-depth knowledge of the cultural preferences of international audiences.
Many of your knowledge management, content management, and database applications already have globalization features that, with the appropriate expertise, can be optimized for multilingual content production. Call center helps you integrate translation processes with knowledge management and call center automation systems. By leveraging your existing technology infrastructures for globalization, you enhance and protect the ROI from those investments.
How to Reduce Costs and Increase Customer Loyalty?
Every customer that a company supports and retains represents a lifetime of value. Companies that implement effective support programs – those that keep users satisfied and increase the number of products and services they buy – ensure maximum revenue from their clients for years to come.
Today, global organizations find it expensive to deliver timely and useful multilingual support. Many struggle to control the cost of support transactions as the number of products and markets continues to increase. One way to overcome these challenges is to eliminate or reduce redundant authoring of support content.
Methodologies are available that connect translation (localization) processes to knowledge bases, thereby reducing the resources required for customer support in each country. With support costs reduced, companies can afford to localize more content and populate their knowledge bases more thoroughly.
Within few days of its advent, VoIP services have been widely accepted. Its low cost has been a potential threat to the traditional PSTN phone services. People wish to go for VoIP, for their telephonic communication rather than traditional PSTN services. With increased demand of VoIP, a competition has been raised among VoIP service providers, to provide best and good solutions.
A critical mass of localized content helps organizations successfully move to a Web-based support model in multiple markets. In turn, Web-based self-service dramatically reduces costs and increases customer loyalty.