Tech Trends Report 2022 | Supporting Your Finances

Back To The Tech Support Basics

Outsourcing started with tech support and, coming full circle, the evidence suggests that buyers and third-party agencies will go back to placing great emphasis on tech support.

The DIY movement has not caught on as much as hoped in the tech support world. While many people are comfortable researching solutions to their technical problems online, they still prefer to have someone else do the actual work for them. This is because most people lack the time, patience, and knowledge to fix complex technical problems on their own.

Automated customer service solutions such as chatbots and virtual assistants have not yet lived up to their hype. These solutions are often unable to understand or solve complex customer issues, leading frustrated customers to seek out human customer service representatives instead.

We've all had our fair share of experiences with tech support. The difference between a good and bad experience can have several variables including who or what is on the other end.

The Negative

The history of tech support is rife with tales of woe. One thing has always been certain, though: when there’s a problem with our technology, we want it fixed fast.

The early days of tech support were often nightmarish. Remember waiting on the phone for an eternity only to be told by a Customer Service Representative (CSR) reading from a script that the problem was not covered by your warranty?

Nowadays, it’s easy to find people who have had much more pleasant experiences simply because the support system was refined enough to cater to the user's specific needs.

On the one hand, artificial intelligence will continue its onslaught on the IT citadel. In fact, the latest projections tell us that automated customer service interactions will reach a record 85%.

As we move further and further into our relationship with artificial intelligence. Some AI services can offer very advanced and nuanced approaches to complex questions, but the question still remains. What do people prefer?***

At least 60% of customers say that, as far as simple service tasks are concerned, they like self-service resources more than live support. At the same time, as much as they like chatbots, 63% choose to speak to a human tech support agent when the conversation escalates to less basic questions.

So what's going on?

Well, it turns out that people still value the human connection when it comes to tech support. Customer service is all about relationships, after all. But when it comes to routine tasks like resetting a password or checking account balances, people are happy to rely on automated solutions like chatbots.

So, we see that people still crave human interaction, even as technology continues to automate more and more Customer Service functions. This is where the future of customer service will be heading; a mix of automated services for basic tasks and human interaction for more complex inquiries.

What does this mean for businesses?***

One last thing to consider is how AI will affect our finances. We've all seen how banks have been turning to outsourcing in recent years, and it'sDifferent surveys offer different results, so the numbers are not as conclusive as you’d expect. But the uptrend in tech support outsourcing investments is certain.

The market’s CAGR (compound annual growth rate) should hit at least 8% in 2022, and this is a low-ball estimate. Customer service outsourcing’s lion’s share will come from the US, Europe, and Asia.

Customer service outsourcing is nothing new. It started in the early 2000s with a few hundred million dollars in spending. By 2017, that number had jumped to $26 billion. And as we mentioned, it’s only going to continue to grow in the coming years. New tech support destinations like the Czech Republic, Vietnam, and Colombia are emerging, and more will follow suit.

AR Offsite Support

But the biggest change (and popularity boost) should come from augmented reality. Thanks to the Tech Live Look from Porsche’s AR program, we’ve already seen what this tech can do. Using AR, offshore support staff can help on-site technicians without a hitch, collaborating with offshore team members more seamlessly and efficiently than ever before.

This is the future of tech support, and it's only going to get more popular in the years to come. So if you're thinking about outsourcing your finance department, now is the time to do it. Otherwise, you'll be left behind..

Virtual assistants. Predictive analytics. Cloud services. No matter where or how you look at it, the future of tech support in outsourcing looks bright.?Don’t get left in the dark – make sure your business is prepared for the coming changes.

If you're thinking about outsourcing your customer service or tech support, now is the time to do it. With so much change on the horizon, you'll want to be ahead of the curve. otherwise, you'll be left behind. Get in touch with an outsourcing expert today and see how we can help you make the most of the coming changes in customer service.

Banks Will Join In On The Action

Looking at the recent (10-20 years) history, banks were nowhere close to outsourcing vendors’ biggest clients. But the times they are a-changin', and so are the financial institutions.

No secret that mobile finance apps have become more popular than ever. But what happens when we start using AI for things like customer service? Banks that don't outsource financing will suffer, as they won't be able to keep up with the competition.

It's important to put the user first and build those relationships between a business and its customers. With so much change on the horizon, it can be difficult to keep up. But if you outsource your customer service or tech support, you'll be ahead of the curve. Get in touch with an outsourcing expert today and see how we can help you make the most of the coming changes in customer service.

How AI Will Change Customer Service Forever

The writing's on the wall – if you want to stay afloat in the banking industry, you need to start outsourcing your finance department. And you need to do it soon.

We've all seen how customer service has been changing in recent years. First, it was outsourced to call centers in other countries. Now, we're seeing more and more businesses turning to AI for their customer service needs.

There are a few reasons for this shift. First of all, AI is much cheaper than human employees. Second, AI can handle a large volume of customers without getting tired or needing a break. Finally, AI can offer a more personalized experience to each customer, something

So, what does this all mean for the future of customer service? AI will play a big role, but it's also clear that there will always be a need for human interaction. The key is to find the right balance between the two.

First came online banking. Despite its respectable age, the digital/online approach to banking was a little slow on its feet, taking baby steps before the COVID-19 imposed its will and turned those little steps into giant strides. As much as some people may distrust virtual financial services, the last 12+ months have shown us that financial apps will keep on increasing in popularity.***

The Finance Process

Likewise, the same banks will keep on outsourcing processes like mailing campaigns and payment processing to third-party agencies. Since most don’t have a strong enough in-office IT department, the banks that will not start working with outside partners won’t be able to survive, let alone thrive.?***

Other than that, modern customers have grown accustomed to more personalized, seamless, and streamlined access to digital finances. And who else can help the banks migrate to omnichannel platforms but IT outsourcing firms?

They have the expertise to provide innovative solutions that would make an impact on customer experience. But there's one challenge: getting people to adopt these new technologies can be difficult, as many are still unfamiliar with or intimidated by them. This is where AI comes in.

Catered Support

AI can help banks offer more personalized support and services to their customers. It can also automate tasks that are time-consuming or repetitive, freeing up employees to focus on more important things.

Banks that don't make use of these technologies will suffer in the long run. They'll be left behind by those that do, and their customers will take their business elsewhere.

So what does this all mean for the future of customer service? It's clear that AI is going to play a big role in it. It will help businesses offer better, more personalized service to their customers and automate tasks that are time-consuming or repetitive.

Besides ensuring easy access from any device, these platforms will be able to facilitate real-time data collection, analysis, and implementation. In consequence, they will also be able to elevate the customers’ experience to the next level.

Of course, banks will also continue riding the voice assistant wave. Partnering with outsourcing vendors experienced in the fintech space, voice tech will enable streamlining of infrequent transactions, recurring payments, and easily reroute funds between online payment systems.