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A new LIMRA study concluded that the future of financial services contact centers will go well beyond answering consumer phone calls.

Contact center executives from 46 different financial services companies predicted that within five years communication by phone will decrease while the use of online chat, email and social media will all increase.  While the phone will remain a primary channel, 92 percent of executives predict that contact center phone usage will decrease in the future.  Nine out of 10 executives predict online chat to increase while 69 percent see gains in email usage and 62 percent say social media will increase in the next five years.   

Nearly 7 in 10 executives expect an increase in complex inquiries and a decrease in routine ones.  Executives are also looking for contact centers to increase revenue-generating functions.  Roughly 60 percent of executives anticipate their agents will do more cross-selling, up-selling, and engage in more direct selling five years from now.  (Chart)

As the functions of the contact center change, it follows that the skills and qualifications of the people working there will, too.  Among the qualifications that will be considered more important in the future are prior experience in sales, predicted by 52 percent of executives and prior financial services experience cited by 40 percent.

Because consumers increasingly expect an integrated omnichannel experience when they contact a company, 93 percent of executives said integration of communication channels was a priority for contact centers.