Low rates, limited volatility and greater regulation have made it hard to grow for banking and finance companies. UCaaS is the way forward. Here's why.
A lot of companies in banking and finance have begun efforts to streamline operations and seize efficiencies. One way to increase productivity is to make it easier for employees to collaborate. Unified Communications as a Service (UCaaS) platforms help companies streamline communications by moving to the cloud. Here’s how UCaaS is ideally suited to support the financial sector.
1. Improved internal collaboration
Banks and financial firms require extensive collaboration across a range of departments. Wealth managers need to speak to research analysts while customer support staff collaborate across time zones. Effective collaboration requires software solutions that eliminate friction.
UCaaS makes it possible for diverse teams to collaborate and coordinate seamlessly. Since UCaaS operates in the cloud, team members can access information on any device, in any location. Call center supervisors can monitor progress on a smartphone in real-time. Research analysts can analyze data without ever being in the same room. UCaaS helps financial services companies get the most out of their human capital
2. More responsive and efficient customer service
Customer service and call center operations are undergoing a technological renaissance. In the past, customers called a centre, waited on the line, and spoke with a representative. High call volume would often lead to a significant decline in customer satisfaction.
UCaaS allows companies to provide and manage a wide range of communication channels efficiently. An integrated UCaaS solution will enable customers to reach agents via phone, email, chat, or other channels. Customers can also easily switch from a chat conversation to a phone call without friction. UCaaS makes it easy to manage customer relationships in a single interface and ensure customers are never stuck on hold.
3. The ability to dynamically scale resources
One of the most significant benefits of a UCaaS system is the ability to scale communications infrastructure dynamically. Traditional communications infrastructure such as desk phones or physical servers are a sunk cost.
Once purchased, it’s difficult to grow or reduce that infrastructure to meet demand. Banks and financial services firms don’t face consistent customer service call volume. Calls tend to be concentrated around specific periods (holidays, Christmas, etc.) and decline dramatically during other periods. UCaaS systems are cloud-based and allow companies to scale their resources up or down as needed quickly. That reduces costs and ensures the appropriate resources to provide the best customer service.
4. Secure communications
Banks and financial firms face some of the most significant security risks of any industry. They safeguard consumers’ confidential banking information and face increasingly frequent cyber attacks. These companies need to ensure their internal communications are secure and stay one step ahead of hackers.
It’s critical to ensure that any UCaaS provider adheres to rules and regulations required for your industry. Not all UCaaS services have the same security standards and performing the proper due diligence is critical.
Banks and financial firms need to rethink internal communications if they want to evolve. Silos between different groups and functions need to fall. Scalable UCaaS solutions can help boost collaboration while improving service and reducing cost.
The best solutions also ensure the highest levels of security as part of a cohesive cybersecurity strategy. UCaaS helps financial firms stay agile, flexible, and better able to respond to industry challenges.