When COVID-19 lockdowns in early 2020 forced businesses to close physical locations, demand for digital options soared as employees shifted to working from home and customers sought alternative means of interaction. Banking, financial services, and insurance (BFSI) organizations made major changes to their processes and technology to address the initial crisis. Contact centers were busy far beyond capacity, and investments in self-service channels and the cloud accelerated. Plans for longer-term sustainability also had to develop to fend off new market entrants and improve the employee experience in response to the Great Resignation that has followed.
Frost & Sullivan surveyed decision-makers in the BFSI industry to discover their investment plans over the next year. This study uses an integrated 360-degree research methodology to provide insights from end-user organizations, IT decision makers, and influencers. Not surprisingly, the pandemic had a significant impact on investments. Insights from the survey:
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