In today’s fast-evolving business landscape, the demand for exceptional customer experiences in Europe is on the rise. Factors such as language requirements, regulatory considerations, and cultural nuances will be key to getting it right as organizations expand their global reach.
Watch this on-demand webinar as our customer experience management (CXM) experts explore the current landscape, emerging trends, and future prospects in the European CXM outsourcing industry. You will come away with a comprehensive understanding of the market dynamics, key players, and strategies for success in this developing landscape.
What questions will the on-demand webinar answer for the participants?
Who should attend?
After an unprecedented rebound in 2021, the global Customer Experience Management (CXM) outsourcing market experienced a relative slowdown in 2022 due to macro-economic challenges and concerns about market downturns leading to a deceleration in new deals.
Notwithstanding these challenges, enterprises have remained committed to optimizing costs, pursuing digital transformation, and improving customer loyalty and retention. These enterprise priorities mean that outsourcing remains an indispensable lever for enterprises to unlock value. One of the crucial ways in which service providers are actively looking to address evolving enterprise priorities is by engaging in technology partnerships and/or developing proprietary technology tools that enable operational efficiencies and seamless experiences for the digital-age consumer.
Generative AI and LLMs have revolutionized the CXM market by enabling personalized customer experiences at scale. As businesses increasingly prioritize customer-centric strategies, generative AI’s relevance will continue to grow, ushering in an era of hyper-personalization and enhanced customer engagement, shaping the future of CXM. CXM service providers are expected to heavily leverage these technologies to augment their service offerings.
In this report, we share the:
Scope:
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
View the event on LinkedIn, which was delivered live on Wednesday, May 31, 2023.
🏥The healthcare industry is undergoing a major shift driven by evolving customer expectations and care delivery models as customers and patients demand more hyper-personalized experiences. To meet this demand, healthcare enterprises are leveraging customer experience platforms (CXPs) to pull in data from multiple sources, analyze it, and generate actionable insights that enhance the customer experience across pre-care, care, and post-care interactions 📈.
📣 📣Join our experts as they discuss how enterprises should look at customer experience in healthcare and how the scope has evolved to include hyper-personalized experiences that span care management, proactive grievances redressal, and billing and payments.
What questions did the event address?
✅ How should service providers and enterprises think about customer experience?
✅ What key investments are required to drive superior customer engagement in healthcare?
✅What is the current CXP supplier landscape, and who are the new players?
With a fast-growing talent pool, good language coverage, and an increasingly mature business process outsourcing (BPO) market, Africa is fast emerging💹 as an attractive alternative to India and the Philippines for offshore work.
📢 📢In this LinkedIn Live session, enterprises will learn why Africa has become an ideal option for customer experience management (CXM) services and which providers enterprises can partner with to get started on their CXM journeys in the region. We will also discuss the potential benefits for enterprises, such as access to multiple locations and providers for high-quality service in multiple languages.
What questions will the event address?
✅ Who are the providers in Africa that enterprises can work with?
✅ Where are the upcoming alternatives for India and the Philippines?
✅ Why should enterprises look at Africa as a delivery location for CXM?
✅ How enterprises can benefit from approaching this market from a “sell to” as well as a delivery perspective
View the event on LinkedIn, which was delivered live on Thursday, March 16, 2023.
Impact sourcing is an ethical outsourcing practice that intentionally focuses on maximizing societal and business outcomes ♻️. Over the years, we’ve witnessed growth in impact sourcing globally, specifically in customer experience management (CXM) by both traditional providers and impact sourcing specialists👥.
Impact sourcing delivers many benefits for workers, the communities around them, and businesses employing them; however, there are also barriers.
📢Watch this LinkedIn Live recording as our analysts and Global Mentorship Initiative CEO, Jon Browning, break down the benefits impact sourcing workers experience and the challenges businesses face when recruiting them.
Any organization interested in learning more about sustainability, environmental, social, and governance (ESG) objectives, and impact sourcing and is looking to get started with an initiative of their own should attend💻.
What questions does the event address?
✅ What are the key trends and drivers leading to impact sourcing demand?
✅ What are the key benefits of impact sourcing for providers and buyers of outsourcing services?
✅ What are some significant impact sourcing initiatives by traditional service providers and impact sourcing specialists?
✅ What are the recommendations for implementing impact sourcing and challenges faced by buyers and service providers?
✅ What is the future outlook of impact sourcing?
The global customer experience (CX) outsourcing market has grown tremendously. The current market size is more than US$105 billion, and CX remains a key focus area for enterprises.
However, the CX market is now facing a new set of challenges influenced by the increasing need to provide differentiated experiences to customers – while managing mandates to reduce costs.
Join our CX experts as they explore key trends and provide recommendations on what to prioritize and how to navigate the challenges to deliver exceptional CX.
What questions will the webinar answer for the participants?
Who should attend?
With the advent of chatbots reaching human-like sentience and mannerisms, and banks being at the forefront of adopting conversational Artificial Intelligence (AI), the question arises whether ChatGPT threatens the likes of Google, other AI platforms, and the non-critical workforce in the technology and services industries. While its promise remains high, will the banking, financial services, and insurance (BFSI) sector unearth ChatGPT’s full potential? Read on to find out.
ChatGPT has taken the internet by storm and has become a trending sensation overnight. This AI-powered innovative chatbot has taken the world for a spin and is generating a big buzz among millions of professional users experimenting with it. Microsoft has also invested billions in the tool.
But what is ChatGPT? Developed by OpenAI, it is a generative language model that has been trained over large volumes of text to generate human-like responses. Like a search engine, it curates answers for queries but is designed to answer in a more conversational flow that goes beyond chat and delivers a richer experience with an intelligent chatbot. The AI engine generates solutions for all sorts of queries, including R, Python, and VBA codes.
Let’s explore ChatGPT’s potential to impact the future of AI and its usage in the technology and services industry, particularly by financial institutions, banks, and insurers.
Banks can use ChatGPT in several ways to enhance their operations and customer experience. Here are a few examples:
Current use cases of ChatGPT in banking and financial services (BFS) and business process services (BPS) operations are limited. Building capabilities around conversational AI and incorporating ChatGPT into offering portfolios can help BFS and BPS firms unlock innovation. Enterprises such as Microsoft, AWS, and Meta are developing their capabilities internally or through partnerships with conversation AI specialists.
Industries leading in innovation investments are becoming early adopters of ChatGPT. Microsoft is reportedly investing US$10 billion in OpenAI and plans to introduce it along with its Azure OpenAI service bundle in the Bing search engine. This furthers Microsoft’s stake in the market, where it already has a working partnership with OneReach.ai, one of the market’s leading conversation AI providers, since 2019.
Although ChatGPT appears to have multiple uses and strengths, some limitations include:
While ChatGPT’s future looks promising, it is too early to say the product will revolutionize banking and financial services. Before it gets integrated into banking products, it needs to overcome several hurdles, including:
Though ChatGPT use cases are promising, it is still a machine learning model that needs modifications to be used in real-world applications. The model would have to consume specific industry data to build domain depth and be programmed to manage contextual nuances for various tasks. Its ultimate success would depend on end customers’ user experiences.
While the road is being paved for innovation, ChatGPT still has a long way to go before making strides into banking and financial services.
To further illustrate the nature of results and drill down on the capacity of ChatGPT, below are some screenshots for financial crime and compliance queries (platforms, codes, advisory):
If you have questions about banking and financial services trends or would like to discuss developments in this space, reach out to [email protected], [email protected], and [email protected].
Also, download our Navigating the Regulatory Tightrope via End-to-End Solutions – Financial Crime and Compliance (FCC) State of the Market 2022 report to explore key trends. Stay updated by following the latest research on Banking and Financial Business Process Services.
Everest Group says growth in CXM outsourcing will continue as enterprise seek to maximize customer retention in face of recessionary climate.
DALLAS, January 10, 2023 — Following pandemic shutdowns in 2020, the global outsourced customer experience management (CXM) market spiked in 2021, with the fastest year-on-year growth (12-14%) in recent history, according to Everest Group. Growth of the CXM outsourcing market, which currently stands at 31% of overall global CXM spend including in-house contact centers, outpaced GDP growth in all economies in 2021 after a decline in 2020.
Everest Group says the CXM outsourcing market will continue to grow, albeit at a more normalized rate (7-9%), despite the uncertainty presented by a looming recession. In fact, the recession will act as an indirect market driver; to compensate for low buying sentiment, enterprises will focus on customer service and retention, thereby spurring continued growth in CXM outsourcing over the next few years.
Additional growth drivers will include the following:
“The future of CXM service delivery will be defined by a combination of locations, technology and delivery models to create unique solutions that are flexible, scalable and tailored, based on each enterprise’s requirements,” said Shirley Hung, partner at Everest Group. “The service providers who are growing faster than the market average are those who offer end-to-end CXM solutions that include advanced digital tools, front- and back-office services, and advisory and consulting services to provide bespoke solutions tailored to their clients’ requirements.”
Everest Group also notes interesting geographic dynamics in the CXM market, including:
These findings and more are detailed in Everest Group’s recently published report, “Capturing the Post-pandemic Resurgence: Customer Experience Management (CXM) State of the Market Report 2023.” In this report, Everest Group examines the CXM market in the wake of the pandemic, factors affecting market growth, and changes in service delivery models. The report also addresses differentiating factors for service providers, buyer satisfaction performance, key investment themes, major acquisitions, and future trends in the CXM market.
***Download a complimentary abstract of “Capturing the Post-pandemic Resurgence: Customer Experience Management (CXM) State of the Market Report 2023”***
About Everest Group
Everest Group is a leading research firm helping business leaders make confident decisions. We guide clients through today’s market challenges and strengthen their strategies by applying contextualized problem-solving to their unique situations. This drives maximized operational and financial performance and transformative experiences. Our deep expertise and tenacious research focused on technology, business processes, and engineering through the lenses of talent, sustainability, and sourcing delivers precise and action-oriented guidance. Find further details and in-depth content at www.everestgrp.com.
As we look toward 2023, economic uncertainty is prime and center. Rising inflation, interest rate hikes, and GDP contraction – matched with low unemployment rates and high talent demand – have left business leaders unsure of what to expect and how to prepare for 2023.
Join Everest Group’s Key Issues 2023 webinar as our experts provide insights into the outlook of the global IT-BP industry and discuss major concerns, expectations, and key trends expected to amplify in 2023.
All the data is based on input from global leaders across enterprises, Global Business Services (GBS), and service providers.
Our speakers will discuss expectations for 2023, including:
Who should attend?
Superior customer experience management (CXM) is even more vital in tough economic times when enterprises want to retrench. But through strategic CXM outsourcing, organizations can generate significant business value now and emerge stronger when conditions improve.
Geopolitical tensions causing supply-side disruptions, the highest inflation numbers since the 1980s, and rising interest rates creating tremendous inflationary pressure on Gross Domestic Product (GDP) growth have put many of the world’s largest economies on the brink of recession.
A recession would significantly hinder investments by enterprises in many industries in CX initiatives. But by partnering with outsourcing providers, enterprises can navigate these difficult times and come out ahead of competitors. Let’s explore how.
During recessions, consumer sentiment and confidence drastically fall, making it even more crucial for enterprises to deliver superior customer experiences. Continuing to invest in CX can be worth it for these key reasons:
In this challenging environment, enterprises’ immediate goals are to reduce costs, streamline operations, and achieve quick and tangible benefits from all their investments.
A strategic third-party service provider can help organizations achieve these objectives, enabling them to better manage the downturn and accelerate their recovery. Providers can deliver the following benefits:
To thrive with a looming recession and emerge on top when economic conditions improve, enterprises need to look at their business strategies now and evaluate the potential opportunities to outsource all or part of their customer experience management services.
Enterprises should begin by identifying key areas that could be outsourced, such as lead generation, payment collections, and technical support. As they achieve success, organizations can then expand contracts – striving to outsource their end-to-end CX services while strategically engaging with service providers to generate significant business value.
Read the second blog in this series for further insights on the CXM outsourcing market, CXM Outsourcing Providers Can Thrive and Grow in the Upcoming Recession: Here’s How.
To discuss CXM outsourcing opportunities, contact Shirley Hung, David Rickard, Sharang Sharma, and Divya Baweja.
Don’t miss our webinar, Key Issues for 2023: Rise Above Economic Uncertainty and Succeed, to hear major concerns, expectations, and key trends expected to amplify in 2023.
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