Journey to the Cloud: Concord Servicing Corporation

Recently, I had a conversation with our long-time Genesys customer, Concord Servicing Corporation — the recognized leader in portfolio servicing and financial technology. Concord has been around for more than 30 years and holds a strong vision to provide best-in-class customer experience. I spoke with Daniel Goit, Senior Director at Concord Contact Center, about the company’s migration journey from the on-premises Genesys PureConnect™ solution to the Genesys Cloud™ platform.

In this article, we look at how Concord Servicing Corporation handled the decision-making process, why it selected Genesys Cloud and outcomes the company hopes to achieve from the migration journey.

Key Decision-Making Criteria

Concord had been running the PureConnect platform since Genesys acquired Interactive Intelligence. But the platform required some updates; it lacked the capabilities needed to meet the demands of a modern contact center. Ever-evolving customer expectations and technology required a more efficient and agile way to do things. Concord pointed to five key criteria for its next contact center solution, the first of which was taking greater ownership when facilitating internal needs of the company — with minimal IT and back-office support.

The next criterion was operating with agility in business processes. Turnaround times for business continuity needs were slow, so it was critical that the new system let Concord make changes on the fly. Subsequently, the company also needed a system that could enable self-service for business users without the need for a dedicated IT staff. With cloud, the service provider maintains and manages software updates and advancements. And that frees up resources in the IT department.

The fourth criterion for the new system was to have a secure, modern and real-time-compliant solution that meets various local and federal regulations. Because Concord employees regularly handle sensitive financial information, it was vital that the new contact center platform meet top security standards and certifications. Through continuous upgrades and enhancements, security must be a shared responsibility between the provider and Concord.

Finally, Concord needed the new solution provider to have a reputation for reliability and be known for cutting-edge of innovation.

Selecting the Genesys Cloud Platform

In search of an upgrade, Concord conducted a thorough study to find the best solution provider. Although the company was already a Genesys customer, it wasn’t completely sure it would stay with Genesys. Concord evaluated over 10 vendors and finally chose the Genesys Cloud platform after an exhaustive 18-month search for the following reasons:

  • Ability to leverage and integrate proprietary software. Integration with the its custom software was a critical requirement in meeting the unique needs of Concord customers. Simplicity of integration was another key prerequisite when migrating to the Genesys Cloud platform.
  • Intuitive and robust. The Genesys solution is intuitive and easy to use; it allows business users to self-provision with minimal IT involvement.
  • Long-term solution roadmap. The Genesys roadmap and feature list matched the needs Concord had for an accelerated pace of innovation in the coming years.
  • Strong reporting and data analytics. The solution serves as a one-stop shop for the many strategies Concord plans to deploy to improve its operational efficiency.
  • Workforce management. Skills-based routing was needed to ensure the customer always gets the best agent to handle his or her need.

“Moving to the cloud will enable us take advantage of the newest innovations quickly while also providing added flexibility to scale our contact center as our business grows,” said Goit. “Additionally, with its extensibility and open APIs, the Genesys Cloud platform is both easy to integrate with our own proprietary software and customize to best address the unique and varying needs of our diverse client base.”

Benefits and Future Outlook

Concord is excited about the new capabilities that will enable it to deliver great customer experiences. One of the biggest benefits includes multichannel communication and having a platform that helps the company coordinate, document and facilitate more than just typical inbound/outbound calls with a live person on the phone.

Self-service using artificial intelligence (AI) is another critical attribute that’s expected to drive efficiency and reduce cost. It will allow the company to divert agents to higher-value interactions.

Goit also expects the move to cloud will save costs because it requires a smaller IT footprint to manage applications. “The control and flexibility, in the areas of licensing, was an area that drove a lot of cost before. We will see benefits from the traditionally high costs incurred, especially for business continuity related licenses,” he said.

By migrating to the cloud, Concord established a solid foundation for innovation, efficiency and reduced cost. Read this brief to learn how a move to the cloud could benefit your contact center.

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