Like many of their peers, our specialist financial services client had to quickly move contact centre operations to run remotely in the wake of pandemic-driven work patterns.
Due to their existing infrastructure constraints, this had turned out to be complicated and the overall increase in call volumes meant that both customer and agent experience was consistently below par.Coeus was asked to advise on transitioning contact centre operations to the cloud. Having previously been involved with defining the client’s transformation agenda, we were able to bring this knowledge to this specific business within the Group to accelerate its contact centre modernisation efforts.Aligning Group & Divisional StrategiesWhilst the transition to a cloud platform was a part of the wider Group transformation roadmap, it was at least 2 years away from being implemented. Contact centre effectiveness, however, was a critical factor for one of the divisions (our client) and needed immediate attention to protect revenue.The division’s managing director engaged Coeus to advise on possible options to navigate this unique problem, such that the division could move with their modernisation plans, ahead of the rest of the Group whilst still operating under the over-arching investment case and wider Group strategy. The challenge was to identify potential platform options, demonstrate accelerated benefit realisation and ultimately ensure that the capabilities were sufficient and commercially flexible not just for the division but for the entire Group.Our ApproachOur first step was to identify the unique requirements of the division and compare them against the wider needs of the Group. Coeus undertook a high-level assessment of existing capabilities, pain points and future strategic needs with a view to simplifying the number of vendors involved, highlighting inherent risks, and identifying opportunities for automation. These findings were then agreed and clarified in workshops, leading to a clearer view of what the target state needed to be.Coeus then used its market intelligence to demonstrate how a Contact Centre as a Service (CCaaS solution) could mitigate identified risks and improve overall capability with the opportunity of cost-savings at adequate scale. Several CCaaS platform options were considered against the incumbent solution highlighting their relative strengths and limitations. It was important that the chosen solution not just provided capability, but also mitigated risks and improved both customer and agent experiences. Special emphasis was laid on ensuring the chosen short-list of platform options were all architecturally capable of delivering key current and future integration and orchestration requirements.Fit For The FutureCoeus undertook a rapid assessment of the division’s existing on-premise contact centre capabilities, areas of operational friction, regulatory risks as well as anticipated needs and future demand patterns to recommend the transition to a cloud-based CCaaS solution. This also involved developing a high-level roadmap of key change activities and an indicative view of the target-state cost-per-agent.Market ScanningMultiple CCaaS platform options were considered against the realistic future needs of the client and a short-list of options were recommended for further detailed assessment and potential sourcing activity. Various stakeholder interests, integration requirements, divisional synergies and sequencing options were considered to ensure this contact centre modernisation initiative fit well with the Group’s wider transformation agenda, from the commercial as well as execution standpoints.
Within just 4 weeks, Coeus submitted a report outlining all key findings and a clear path and options for the client to consider. The findings were then presented to the Board, clearly highlighting synergies with wider Group initiatives and data-driven rationale on why it was in fact advisable for this specific division to go out-of-step from the Group plans and pilot the chosen platform.
The client now had an objective strategy on overcoming the impact of infrastructural and deployment constraints on contact centre performance. There was a clear plan to build commercial flexibility for the future allowing the client to scale their operations as per wider Group strategies without a huge initial outlay. The client also benefited from gaining awareness of inherent risks and ways to address them whilst adding capabilities and efficiencies into their existing contact centre operations on a largely cost-neutral basis.
Specific deliverables to the client included:
- List of inherent risks and capability gaps resulting in poor contact centre performance.
- A future-state capability model and broad benefit statements around how existing pain-points can be mitigated, and customer and agent experience enhanced.
- A short-list of platform options that would meet current and future needs. This short-list was the result of significant secondary research and is expected to be the input to a formal sourcing exercise.
- High-level TCO analysis given divisional and Group capability requirements and staggered over time.
- High-level roadmap demonstrating key sourcing, implementation and transition activities and indicative timescales.
Coeus’ recommendations have been welcomed by the Board for having not just helped influence and shape the overall change agenda but also identifying hidden risks the business was carrying along the way. We continue to engage at both Group and divisional levels to support the client’s multi-year transformation journey.
Find out more about Coeus in the Financial Services sector here.