85% of Customer Contact Automated in 3 Years - Goodacre UK

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Goodacre UK

Mar 21, 2017, 06:05 ET

LONDON, March 21, 2017 /PRNewswire/ --

At a packed Systems in the City Conference (SITCC) held at the London Stock Exchange, Microsoft's Richard Peers suggested that 85% of customer engagement interactions will be managed without people by 2020. Customers would interact with companies in a natural, conversational way, on the channel service that they choose, powered by automated intelligence. This he said would allow firms to engage with customers in a natural way, conversationally and in context.

He added that over 70% of customers expected a response to complaints within one hour of complaining. The vast majority said that valuing their time was the most important aspect of customer service.

Alex Hore, from the main conference sponsor IRESS pointed out that more than half of UK investors say the quality of reporting they get from their wealth manager impacts their view of them. He added that while regulated firms needed to ensure infrastructures were being adapted to meet the major regulatory challenges scheduled for 2018, pressure was now on investment firms to improve client reporting, a key opportunity to prove value to clients. Clients wanted to see their information anywhere, anytime, on the train, at home and any time soon, on the plane, he said.

John Ahern (Jones Day) explained what needs to be done now in the run up to MiFID ll. Specifically he pointed out how to cope with the regulator's Conduct of Business 'paper mountain'.

Roderick Cooper (Societe Generale Securities Services) led the panel session which outlined how Fintech should improve the customer experience. Equiniti's Mark Taylor reminded delegates of Steve Jobs' earlier advice: Start with the customer experience and work back to the technology not the other way around.

Don Randall MBE, the former Bank of England Head of Security provided a stark warning that cybercrime was now the leader in fraudulent activities. Scott Cairns from T-Systems provided some practical advice to improve systems security:

  • Educate the employees
  • Restrict corporate assets
  • Disallow USB media access
  • Centralise your security expertise
  • Establish board level reporting
  • Engage CISO in business plans
  • Be ready for GDPR 2018

Stephen Pinner, MD GoodacreUK, said, "Senior management at firms within the regulated investment sector must now accept that the control of systems cannot simply be left to the IT department. IT is now business critical and is the main driver for ensuring efficiency, compliance and customer satisfaction. The seniority of attendance at this year's SITCC evidences how seriously firms are taking their responsibilities".

Notes for Editors:

  • SITCC is organised by Goodacre UK, the specialist consultancy for the regulated investment sector.
  • 21 speakers featured at SITCC 2017
  • SITCC was supported by
    • IRESS (main sponsor)
    • Avaloq
    • BNP Paribas Securities Services
    • Clearstream
    • Dion Global Solutions
    • ERI Bancaire
    • JHC
    • Lanware
    • Pershing
    • Platform Securities.
  • Conference Chairman was Richard Peers, Director Financial Services Industry, Microsoft.
  • Ian Woodhouse, PWC and Phillip Bungey, COO, Seven IM presented on Digital Investment Management and Virtual Advice
  • Panel sessions were chaired by:
    • Roderick Cooper, Societe Generale Securities Services
    • Paul Austin, Enyo Law,
    • Angela Knight CBE, Chair of the Office for Tax Simplification and Associate, Goodacre UK.

SOURCE Goodacre UK