Johannesburg, 19 Feb 2004
Paul Fick, MD of Spescom DataFusion, the contact centre solutions operation of JSE-listed multinational Spescom Limited, offers an overview of how technology meets the needs of financial services institutions.
The financial services sector has always been the forerunner in the implementation of the latest technology. The very nature of this industry demands a high level of customer service. Integration of systems internally is also essential in providing ease of communication with national and international branch offices.
In the past, organisations with multiple branches were limited to the choice of a scaled-down head office environment - always an expensive option - or running a 'thin client' solution off centralised systems. The latter held the potential of incurring punitive communications expenses as well as posing network management difficulties.
Growth through mergers and acquisitions in this sector is also common leaving in its wake a complex technical environment with the need for assimilation of inherited legacy systems.
The technology requirements of the financial services arena is therefore, highlighted by the need for reliable, cost-effective systems, not only capable of catering to a distributed business model, but also of being integrated in a manner that customers and staff benefit from a common service.
Furthermore, transparent integrated systems are required due to the ever-growing demand for unified messaging to provide a single access point for the various channels of communication used in modern businesses.
Financial institutions have historically depended on vertical hierarchies, which viewed IT and telephony as separate entities. More recently, the drive to be competitive by offering market-leading systems and services, has focused attention on solutions which demonstrate true convergence.
Fortunately, technology is ahead of the market requirements. Converged Systems are available that will handle as many channels as the customer wants, including multimedia. Systems are now capable of rationalising data and telephony onto a single network, offering cost savings on connections and network management.
The dominance of IP technology, increasing the use of virtual private networking (VPN) and the prospect of greater availability of VOIP (voice over Internet Protocol) are factors that support the expectation that customers will make greater use of distributed computing systems.
Financial services providers remain the leaders in the deployment of leading edge technology. Due to remote network management, such companies now find it possible to connect head offices, branches, mobile workers and clients on a network that combines all communication channels. The ensuing benefits like cost reduction in network overheads, increased productivity and vastly improved service delivery, speak volumes for the effectiveness of the technology.
It is predictable that enterprises in other vertical markets will follow this pattern also.
This trend will be business driven due to the cost benefits, improved reliability and productivity resulting in the delivery of a service that translates into competitive advantage.
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