Unfortunately, even when on-prem contact centers do receive the green light to invest in new CX features, there is still often no guarantee the desired features will integrate smoothly with the legacy hardware. Clunky integrations can quickly lead to a perpetual break-fix cycle that drains IT staff resources and halts contact center productivity.
From an ROI perspective, productivity gains like greater call volume per agent, reduced average handle times and increased first-call resolution can translate into sizable agent cost savings that should be included in your cloud migration calculation.
Questions to ask as you consider efficiency:
1. How easy would it be to augment our current on-prem solution with innovative engagement strategies over time?
2. How easy is it to scale the platform to meet my growth needs?
3. Is there room to improve our agent productivity — including call volume, handle times and FCR? What is that worth?
Finally, don’t underestimate the powerful impact innovative customer engagement strategies can bring to your bottom line. While most of this ROI discussion has centered on cost savings, there is also the potential for cloud-driven contact center innovation to create new business opportunities.
Machine learning (ML) and AI techniques have now advanced to the point where they can help identify customers (new and old) who are ready and willing to engage in a conversation about new products and services. In fact, 72% of consumers now rate personalization as a highly important part of the financial customer experience.
By using all of the new channels and tools enabled by cloud innovation to create personalized customer journeys, financial organizations can better maximize the lifetime value of a customer. One study found that financial institutions saw a revenue increase of 1-5% due to cloud implementation. Nearly 20% of the organizations surveyed said they saw a boost of 6% or more.
As financial organizations continue to harness their ability to use these capabilities to retain customers and cross-sell them, these figures may grow in the years and decades to come.