{"id":66020,"date":"2024-12-17T09:00:19","date_gmt":"2024-12-17T09:00:19","guid":{"rendered":"https:\/\/www.cxtoday.com\/?p=66020"},"modified":"2024-12-17T09:05:26","modified_gmt":"2024-12-17T09:05:26","slug":"the-financial-services-contact-center-3-trends-for-2025","status":"publish","type":"post","link":"https:\/\/www.cxtoday.com\/contact-center\/the-financial-services-contact-center-3-trends-for-2025\/","title":{"rendered":"The Financial Services Contact Center: 3 Trends for 2025"},"content":{"rendered":"<p>\u201cRight now, banks are falling short on both fronts: struggling to deliver effortless digital experiences while also failing to provide reassuring human guidance when consumers need it.\u201d<\/p>\n<p>Last month, <strong>Jim Marous, Owner and CEO of the Digital Banking Report<\/strong>, posted this on his social media.<\/p>\n<p>In doing so, he highlights how new financial services (FinServ) customers want it all: the easy, automated digital experiences and the comforting human advice.<\/p>\n<p>However, these two demands are divergent, and it\u2019s tricky for FinServ providers to do both in their contact centers.<\/p>\n<p>Thankfully, the following three trends shed some light on how customer service leaders can get the balance right in 2025.<\/p>\n<h2><strong>1. AI Use Goes Cradle-to-Grave <\/strong><\/h2>\n<p>Consider the contact center\u2019s core demand drivers. Some will follow a predictable path, and these are ripe for automation. Nevertheless, some issues require consultation.<\/p>\n<p>Recognizing this, <strong>Torrin Webb, Customer Experience Strategist at Nationwide<\/strong>, recommends splitting contact reasons into two buckets: \u201ctransactional\u201d and \u201cconsultative\u201d.<\/p>\n<p><a href=\"https:\/\/www.cxtoday.com\/tv\/blending-ai-digital-and-humans-experiences-lessons-from-nationwides-cx-strategist\/\">In conversation with<strong> CX Today<\/strong><\/a>, he noted how his team then optimizes its contact center journeys by either adding automation or better-enabling consultation, depending on the bucket.<\/p>\n<p>By doing so, Webb is ensuring that critical balance between the customer\u2019s desire for both effortless service and human reassurance \u2013 as Marous underscored.<\/p>\n<p>Virtual agents are becoming increasingly adept at handling those transactional contacts. Yet, for the latter, brands can optimize the customer journey to add opportunities for consultation.<\/p>\n<p>Crucially, that requires a more supportive, informed contact center agent.<\/p>\n<p>Thankfully, AI can help here, too. It can assist the consultative agent from before they accept the call to after they hang up.<\/p>\n<p>Let\u2019s start before the call. Consider a virtual agent that gathers the customer\u2019s intent and pertinent information upfront. This can then pass through to the agent before they pick up, so they\u2019re better equipped to lead the conversation.<\/p>\n<p>Next, think about how AI can aid the live agent in-call, fetching information so they can stay focused on the customer. As <strong>Jason Griffin, Principal Solution Consultant at Five9<\/strong>, said:<\/p>\n<blockquote><p>\u201cInstead of agents flipping through a manual or looking up product criteria, AI can provide guidance in real-time, whether it\u2019s for claims, insurance policies, or other offerings.\u201d<\/p><\/blockquote>\n<p>\u201cThese applications can also help agents identify upsell opportunities, such as loans or account upgrades, and present them effectively.\u201d<\/p>\n<p>Finally, consider after call work (ACW) automation. By auto-summarizing conversations and auto-tagging intent, agents spend less time typing notes and more time engaging with customers.<\/p>\n<p>\u201cThe key is integrating AI throughout the customer journey rather than using it as a siloed tool,\u201d concluded Griffin. In doing so, contact centers can deliver that cradle-to-grave assisted AI service that better supports the consultative FinServ agent of tomorrow.<\/p>\n<h2><strong>2. Omnichannel Journey Orchestration Gets Real<\/strong><\/h2>\n<p>Craving that effortless digital experience, 73 percent of consumers expect a seamless transition between channels. But, only 13 percent think their financial institutions meet that expectation.<\/p>\n<p>Authentication represents a huge hurdle here, as customers must often re-authenticate themselves as they switch between channels.<\/p>\n<p>As such, for high-risk communications, FinServ contact centers may consider: what\u2019s the best channel to handle this customer journey?<\/p>\n<p>From there, they can \u2013 again using a virtual agent \u2013 immediately pass the customer to that channel and orchestrate an experience with a one-step verification process.<\/p>\n<p>That intent-level orchestration routing will continue to gain momentum as more FinServ contact centers move to the cloud and compose experiences that blend modalities, AI, and the human touch.<\/p>\n<p>Many contact center vendors recognize this as the future and are getting ahead of the curve. For instance, <a href=\"https:\/\/www.cxtoday.com\/contact-centre\/five9-closes-on-acqueon-acquisition-ai-and-revenue-capabilities-key\/\">Five9 acquired Acqueon earlier this year<\/a> to create an \u201corchestration engine for every interaction across the entire customer journey.\u201d<\/p>\n<p>Yet, as contact centers blend those channels, they must be able to track context as the customer shifts between them. Alongside multiple authentications, that\u2019s a significant pain point.<\/p>\n<p>Thankfully, AI is again helping here. \u201cWe can summarize live and automated voice interactions, chat transcripts, and other communications, feeding that data into a CRM,\u201d said Griffin. \u201cThe CRM becomes the single source of truth.<\/p>\n<blockquote><p>\u201cThe key is making all data accessible and actionable in real-time, regardless of the scenario.\u201d<\/p><\/blockquote>\n<p>So, even if a customer moves from a virtual to a live agent, for example, all relevant data transfers smoothly, and the agent can pick up the conversation from where it left off.<\/p>\n<p>Indeed, if the customer returns the next day, their information should already be in the CRM, so they don\u2019t have to repeat their issue. In all sectors, that\u2019s a huge source of frustration.<\/p>\n<h2><strong>3. The Contact Center Becomes Part of a More Connected CX Ecosystem<\/strong><\/h2>\n<p>Siloed data &#8211; whether in CRM systems, ERPs, or elsewhere &#8211; creates considerable integration challenges. In financial services, this is further complicated by GDPR and strict data regulations.<\/p>\n<p>Another issue is the lack of advanced analytics tools. Without them, it\u2019s tricky to use data effectively, which leads to missed opportunities for personalization, inaccurate decision-making, and \u2013 ultimately &#8211; higher costs.<\/p>\n<p>However, bringing all these data silos together, combined with advanced analytics, enables a new level of personalization and insight that fosters cross-function CX collaboration.<\/p>\n<p>There are a couple of new technologies FinServ contact centers can apply here. For those looking to reimagine the contact center environment, a unified CCaaS-CRM offering is one to consider.<\/p>\n<p>Five9 is developing such solutions with <a href=\"https:\/\/www.cxtoday.com\/contact-centre\/five9-onboards-einstein-ai-achieves-landmark-salesforce-partner-status\/\">Salesforce<\/a> and <a href=\"https:\/\/www.cxtoday.com\/contact-centre\/five9-co-innovates-with-servicenow-unveils-its-ai-agents\/\">ServiceNow<\/a>, centralizing data and tools from the two central customer service platforms.<\/p>\n<p>Another approach is to leverage Aceyus by Five9, which takes data from various CX platforms before building it into custom reports and visuals.<\/p>\n<p>Yet, most pertinently, Aceyus delivers that data downstream to a customer\u2019s data lake, enabling CX teams to mine insights and create curated new data sets on top of cross-functional data.<\/p>\n<p>That can bring many benefits, especially in regard to aiding the contact center\u2019s data strategy. As Griffin noted:<\/p>\n<blockquote><p>\u201cWe\u2019re focused on making data accessible and shareable within the necessary security frameworks. That way, it can be used to connect systems, improve customer journeys, and enhance experiences for both customers and employees.\u201d<\/p><\/blockquote>\n<p>That\u2019s critical as data is the driver of everything AI. Whether it\u2019s insight generation, AI Agents, or intelligent process automation, it all starts with accessible, usable data.<\/p>\n<h2><strong>More Insight Into the Finserv Contact Center <\/strong><\/h2>\n<p>While debating trends offers plenty of food for thought, the best way to envision the FinServ contact center of tomorrow is by learning from the people who are building it.<\/p>\n<p>Recognizing this, Five9 contacted several\u00a0 FinServ contact center customers who shared their transformation strategies and results so far.<\/p>\n<p>These customers included Central Bank, SumUp, and a leading FinServ provider based in Latin America. Each summarized their story as part of <a href=\"https:\/\/www.five9.com\/resources\/ebook\/five9-customer-success-stories-2024\" target=\"_blank\" rel=\"noopener\">the Five9 2024 Customer Success Book<\/a>.<\/p>\n<p>The Success Book also includes various other case studies for integrating the CX ecosystem, reimagining employee experiences, and \u2013 of course \u2013 harnessing AI.<\/p>\n<p>Alternatively, FinServ contact centers can <a href=\"http:\/\/www.five9.com\/solutions\/financial-services\" target=\"_blank\" rel=\"noopener\">follow this link<\/a> to learn more about Five9\u2019s industry-specific CCaaS innovations.<\/p>\n<p>Having <a href=\"https:\/\/www.cxtoday.com\/contact-centre\/five9-signs-its-largest-deal-ever-ai-bookings-rise-by-15x\/\">signed its \u201clargest deal ever\u201d<\/a> earlier this year with a prominent US bank, serving 70MN customers, FinServ is a sector Five9 knows a lot about!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cRight now, banks are falling short on both fronts: struggling to deliver effortless digital experiences while also failing to provide reassuring human guidance when consumers need it.\u201d Last month, Jim Marous, Owner and CEO of the Digital Banking Report, posted this on his social media. In doing so, he highlights how new financial services (FinServ) [&hellip;]<\/p>\n","protected":false},"author":4063,"featured_media":66024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11850],"class_list":["post-66020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contact-center","tag-artificial-intelligence","tag-automation","tag-ccaas","tag-finance","tag-financial-services","tag-omni-channel","brands_to_track-acqueon","brands_to_track-five9","brands_to_track-nationwide-insurance","brands_to_track-salesforce","brands_to_track-servicenow","editorial_type-interview","intent-discovery"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.3.1 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Financial Services Contact Center: 3 Trends for 2025 - CX Today<\/title>\n<meta name=\"description\" content=\"CX Today covers Contact Center &amp; 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