Contact center modernization in banking

Executive summary

The path to hyper-personalization has been laid out. Pandemic urgency has accelerated existing cloud adoption strategies and necessitated a more considered customer service approach, which delivers tailored, omnichannel banking options, and customized products and services.

The cloud-based contact center is fast becoming the primary way to deliver on these demands and the time is ripe for the financial services industry to rejuvenate its focus on customer service innovation. Rather than centering sales strategies around designing and selling products for all, banks must now harness the power of cloud-based contact center platforms to deliver greater customer data insights to their agents and personalize products and services for every customer.

There are three major components that banks need to add in order to satisfy changing customer needs, open new possibilities, and ignite growth:

• Harnessing accurate data, analytics, and AI to deliver hyper-personalized experiences
• Migration and transformation of legacy systems to cloud-based solutions
• Utilizing Open Finance to access partnerships, opportunities, and related offerings via APIs.

Collecting the data is just the start. Without transforming systems to deliver the insight into what that data means, and how to act on it, it’s just numbers and facts on screen.

This whitepaper explores how the future of banking must be omnichannel and hyper-personalized if financial institutions want to keep their customers happy.