BFSI Contact Center Analytics Industry Overview
The global BFSI contact center analytics market size was valued at USD 260.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028.
The market growth can be attributed to the increased demand for contact centers among banks, financial institutions, credit unions, and other businesses for improving their customer experience. According to Deloitte, in 2019, financial services accounted for a significant share of nearly 26% of global call centers usage. Benefits offered by contact center analytics to BFSI firms, such as reduced operational costs and call center volumes, are also major factors driving the market growth.
Moreover, the disruption caused in the financial space by the emergence of several neo banks could also drive the adoption of digitalized solutions among traditional banking institutions. Neo banks provide services only on mobile apps and the web, thereby increasing the competition for credit unions and traditional banks. This is expected to create the demand for contact center analytics solutions to analyze the customer journey using enhanced technologies such as predictive analytics and machine learning.
Gather more insights about the market drivers, restrains and growth of the Global BFSI Contact Center Analytics Market
Banks use artificial intelligence to better understand customer sentiments from the data obtained from contact centers. These capabilities are mainly applied to different types of texts such as social media conversations, customer reviews, and others to research customer needs. Various banks thereby leverage artificial intelligence technologies to identify customer intention and emotion regarding their services. For instance, in June 2021, Kore.ai, a conversational AI software company, announced its partnership with Mashreq Bank, a financial institution based in the UAE. The partnership is aimed to enhance digital support and engagement for customers through conversational AI. Additionally, Mashreq Bank will leverage Kore.ai’s BankAssist virtual assistant to enable a faster resolution to customer queries and provide personalized self-service.
The growing demand for speech analytics among BFSI firms is expected to create new opportunities for the market over the forecast period. Speech analytics enables banks to prevent customer attrition by analyzing and monitoring customer interactions. The benefits are encouraging the adoption of speech analytics across several banks to enhance customer experience. For instance, in November 2020, CallMiner, a provider of speech analytics solutions, announced that African Bank had selected the company’s CallMiner Eureka platform to extract information from voice-based customer interactions. This initiative has helped the bank enhance its digital transformation efforts.
BFSI firms are expected to comply with various stringent regulations imposed by government bodies worldwide. The Telephone Consumer Protection Act passed by the U.S. Congress in 1991 restricts outbound call centers from calling residential numbers before 8 am or after 9 pm. Insurance companies in the U.S. are also expected to abide by the Health Insurance Portability and Accountability Act. This act is mainly focused on ensuring the protection of individual health information. Failure to comply with these regulations may result in fines and financial losses for BFSI firms, which could hinder the market growth.
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BFSI Contact Center Analytics Market Segmentation
Grand View Research has segmented the global BFSI contact center analytics market based on solution, service, deployment, enterprise size, application, vertical, and region:
BFSI Contact Center Analytics Solution Outlook (Revenue, USD Million, 2016 - 2028)
- Cross-channel Analytics
- Performance Analytics
- Predictive Analytics
- Speech Analytics
- Text Analytics
BFSI Contact Center Analytics Service Outlook (Revenue, USD Million, 2016 - 2028)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
BFSI Contact Center Analytics Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Hosted
- On-premise
BFSI Contact Center Analytics Enterprise Size Outlook (Revenue, USD Million, 2016 - 2028)
- Large Enterprises
- Small & Medium Enterprises
BFSI Contact Center Analytics Application Outlook (Revenue, USD Million, 2016 - 2028)
- Automatic Call Distributor
- Customer Experience Management
- Log Management
- Real-time Monitoring & Reporting
- Risk & Compliance Management
- Workforce Optimization
- Others
BFSI Contact Center Analytics Vertical Outlook (Revenue, USD Million, 2016 - 2028)
- Banking
- Brokerage
- Credit Union
- Financial Institution
- Insurance
BFSI Contact Center Analytics Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- June 2021: Kore.ai, a conversational AI software company, announced its partnership with Mashreq Bank, a financial institution based in the UAE. The partnership is aimed to enhance digital support and engagement for customers through conversational AI.
- August 2020: Genesys announced its partnership with Infosys, a provider of next-generation digital services. Under the partnership, Infosys offered the Genesys PureConnect contact center software to customers of both companies.
Key Companies profiled:
Some of the prominent players operating in the global BFSI contact center analytics market are:
- 8x8, Inc.
- CallMiner
- Genesys
- Five9, Inc.
- Cisco Systems, Inc.
- Mitel Networks Corp
- Oracle Corporation
- NICE LTD
- SAP SE
- Stratifyd
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