Contact Center Solutions Featured Article

Ireland Financial Services Poised to Invest, Spend in Coming Years

August 11, 2014

A recent study of the financial services market in the U.K. and Ireland reveals that companies' top priorities have shifted from cost cutting to improved customer service. This suggests that finance businesses will begin spending more and improving their customer service as a result of their increasing willingness to focus on that segment of the industry.

The full report that IT company Fujitsu (News - Alert) completed, "Two Years On: The Financial Services Landscape”, reveals that only 27 percent of IT decision makers it surveyed said their top priority was to reduce costs. This is nearly half of what a similar report indicated two years ago when 52 percent of respondents said that cutting costs was their top priority.

In 2012, Fujitsu says in its report, it surveyed 55 financial sector CIOs to get an idea of what the market landscape was like. This year, the company surveyed more than 175 CIOs and IT decision makers in its follow-up study -- the research mentioned above.

"Last time we surveyed this audience," the report says, "one issue came through louder than any other. Reflecting the FS industry as it was in 2012, more than half the organizations we spoke to said that reducing costs was one of their top three priorities for the year ahead. And this was costs cutting in its purest form; far outweighing, for example, any thoughts over increased efficiency (15 percent) or managing on a restricted budget (13 percent)."

This year, the report showed that the four top priorities respondents listed are increasing and improving customer experience (28 percent), improving efficiency (27 percent), reducing costs (27 percent), and maximizing growth (26 percent).

The gaps between those priorities are clearly closer than "cutting costs" was to "efficiency" or "restricted budget" in 2012. Fujitsu makes note of this discrepancy and says that, although decision makers are not going as full throttle for cutting costs this year as they were two years ago, businesses still obviously have spending on their minds.

Their willingness to spend may be helped by another statistic in the research. It also mentions that 37 percent of respondents expect to have more money in their budgets in the next three years. That optimism may carry businesses far, and the report points out that businesses may spend more on investments and will cut back on pure business maintenance. Anne MacRae, head of financial services for Fujitsu UK & Ireland, indicated that the willingness to invest could change the overall face of the market and allow larger companies to compete on a level with which startups are familiar.

"The findings reflect a sector that understands what it needs to do, and is poised to make the leap to invest," MacRae said. "Focus on enabling growth and driving innovation are crucial in organizations moving forward in an increasingly competitive market under threat from technology-led entrants."

The full report can be found here.




Edited by Adam Brandt

Article comments powered by Disqus

Related Contact Center Solutions Articles

Contact Center Solutions Week in Review: Hiring Spree in the US

There are two interesting trends that continue to make their appearance in Contact Center Solutions Community news on almost a weekly basis, and this week they are prominent. They happen to also be closely related. The first is that that with customer experience improvement being such a large priority for companies around the world, the investment in contact centers is clearly increasing. The second is that whether it is contact centers for individual companies and government agencies of relying… [ Read More ]
09/20/2014

Tellwise Smart Messages Integrated with Salesforce.com CRM

Tellwise Smart Messages has been integrated with Salesforce.com CRM software. This integration offers automated buyer communications, which enables continuous tracking, analysis, reporting and increased sales forecast accuracy. [ Read More ]
09/18/2014

Creating Customers for Life

Finally, a paramount piece to the puzzle is advocacy. By identifying who one's most active users are, and seeing who is gaining the high value from your offerings, it creates the opportunity for walking, talking advertisements. Communities of users can be developed to create best practices, and by fostering these relationships the door is left wide open for a very profitable long-term partnership. Referrals earn these advocates entrance in a loyalty program. To measure levels of advocacy, the me… [ Read More ]
09/18/2014

Xerox Bringing 1,000+ Call Center, Other Jobs to Kentucky

When it comes to the call center world, the growing trend for the market is for companies to return to the United States. Xerox is just one of the companies moving its call center operations back to the U.S. [ Read More ]
09/18/2014
Subscribe here for your FREE Contact
Center Solutions
enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!